There are several savings accounts that you could choose from, and you need to know exactly which one is right for you. It’s not always just about the interest rate; there are several factors that you need to consider when trying to choose a savings account. To make it a little bit easier for you, below are what you should be looking for in a savings account.
1. Few or No Fees
The best savings account should have minimal fees and if possible none at all. Some banks will charge you several small fees that when put together over an extended period creates a massive dent in your account. These costs include maintenance fees, activity fees, withdrawal fees, inactivity fees, service charges, and monthly fees. Do not go for banks that offer you a savings account with several of these small fees because there are a lot of banks that charge almost nothing.
2. No Withdrawal Limits
There is no reason why your savings account should have a withdrawal limit because it is your money. A bank that has withdrawal restriction will probably have hidden provisions and charges everywhere, and you should avoid them. You need to be able to access your entire amount at any time with zero restrictions because you may just have an emergency.
3. Allow You to Pick a Denominated Currency
A good savings account should allow you to pick a base currency of your choosing and not limit you to one currency. You may not always use the U.S dollar, and you just might need your money in either the Australian dollar, Danish krone, Mexican peso, Indian rupee, Japanese yen, South African rand, British pound, Canadian dollar, and Swiss Franc. Your savings account should also be able to receive deposits from the different currencies without creating any difficulties or technicalities.
4. Type of Savings Account
There are several different types of savings accounts designed to suit individual needs, and you should find the right one for you. When you are a student, for example, ensure you go for the no account-keeping fees student savings account and reap all the benefits. Sometimes you find students going for the regular accounts instead of saving the charge fees by going for the student accounts that they are eligible to get.
5. Accessibility to Your Account
With the growing technological advancements, it is critical you go for a savings account that offers online banking and mobile banking app. You will be able to not only access your money at anytime from anywhere, but also keep track of all the transactions easily. It is critical to think about the number of ATMs and bank branches that are close to you when you want a good savings account with easy accessibility.
Do not settle for the first savings account that you come across but rather do extensive research. A good place to start is by looking online before visiting the banks for further clarifications. Go into every detail to ensure you pick the best savings account that suits your individual needs and do not settle for anything less. You will probably use your savings account your entire life, therefore, making it quite crucial to pick the right one.