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6 factors to consider while comparing savings accounts
When opening your savings account, you must compare different savings accounts offered by banks. It is best to compare and make an informed decision instead of choosing a bank which doesn’t give proper service or returns.
Here are some important parameters to consider when comparing savings accounts.
Maintenance fee or no fees – The most important thing to look in a savings bank is the maintenance/annual/monthly fees. This is because even if your interest is 0% you will tend to lose money on the fees.
Interest rates – The next important thing, is the interest rates. We deposit money in the bank for interest. Companies offer 1 to 2% of a capped amount. Some companies offer up to 12% on $500 or less of money in the account.
Withdrawal limits – Saving accounts should not have withdrawal limits. Some banks put a limit on four withdrawals per month or quarter. If you require withdrawing money often try opening a checking account.
The reputation of the bank – This might be obvious, but people tend to go for smaller banks and credit unions due to the interest offered. However, a strong bank must be able to weather market fluctuations without losing the money of the depositor.
Future plan – Some banks offer no-fee high yield account and everyone should aspire to be the high yield saving account customer. If you are going to be earning well in 3 to 6 months, it is best to start looking for a high yield saving account with zero fee and good interest rates.
Minimum balance – It is essential to know the minimum balance requirements of the savings account. You should also not the penalties if they minimum balance is not maintained. Some banks offer $0 or $1 as minimum balance requirements where others with $100 or $500.
Other charges – Before opening an account, one must fully understand all the charges involved like checkbook-issuing charges, charges on the return of financial instruments etc. It is essential to know if the bank charge ATM fees for withdrawal of cash.
Eventually, compare different savings accounts and choose a bank that meets all the above criteria with the mobile and internet banking.
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