Multiple Benefits Of Having A Bank Savings Account
Bank accounts are one of the most basic things which an individual should have when it comes to managing their finances. It is a basic method by which the cash flow is determined and one can keep a track of their finances. So opening a bank account is important and you should open a bank account carefully.
The bank account is mostly open to keep your money. You can save your money and keep them safe in the bank account. Now, there are several banks which will try to convince you to open your account in their bank with various schemes under different plans but you should be careful before choosing the plan and opening a bank account and consider your requirements and finances well.
Some basic points to be considered before opening a bank account:
Before opening a bank account and starting to save your money over there, you have to check if your money is actually safe and secure over there or not. You need to see whether your bank is trustworthy or not. You should first check the background, history of the bank and whether it has all the necessary certificates of approval from the government or not.
You can choose your bank with its annual rating. The bank with a higher rating is generally the best bank as it has the maximum number of customers with them. This is the best way to check the trustworthiness and the popularity easily. In fact, the ratings offered to the banks are calculated on the basis of several factors which are related to the bank’s performance, service standards, customer complaints and the facilities offered by the banks.
Maintenance of Balance
Before opening an account you should check whether they are offering you a zero balance account or not. If they are offering you a zero balance account then you should understand all the terms and conditions of maintaining a zero balance account. Generally, banks offer you a zero balance account for 1st year of your account and as soon as your accounts get older your zero account balance is turned into a minimum amount of balance account which means you have to maintain a fixed amount of money in your bank account every month. The minimum deposit amount keeps on increasing every year and if you fail to keep the fixed minimum balance in your account then you will be charged with a fine.
Some kinds of additional fees are charged by the banks which are related to the services like issuing of a chequebook or a debit card, return of any bounced check, issuing any statement or services like paying your bills automatically, lockers and many others. You can check all the details of the charges by the bank and compare and evaluate which bank is charging fewer amounts and then you can choose your bank accordingly.
Banking Stationery Kit
All banks give a chequebook and a debit card whenever and wherever you open an account but now a day’s some banks offer credit cards and some discounts which is beneficial for you. So the next time you plan to open an account, you need to confirm all these things and open your savings account in that bank.
Banks offer many facilities with a saving account like online banking, offering loans, foreign exchange facilities, safe deposits, investment advisory services and many similar facilities. You can check online whether your bank is providing you with these facilities or not and even you can check the customer’s rating for these services and then open your bank account easily.
The most important thing to saving money in the bank is to get interested in the amount of savings kept in the bank. Banks give interest according to the amount deposited in your account and the type of account you have with your bank. So you should check the interest rate before opening a bank account and see whether they are offering you a good return or not.
Always check all the details and terms and conditions with all the facilities and charges offered by the bank well before opening a savings account so that later you don’t have any issues regarding the deductions and cost of services which are charged by banks.
Bank accounts also confirm your credibility to some degree as well. In fact before opening your account, the bank checks on the details and the documents provided by you. Till the time the verification is complete your account will not be activated and the debit cards offered will not work. However, it makes great sense to open a bank account with the banks which offer you maximum facilities related to the transactions you make and offer you returns which offer you some reason to park your funds at the banks.
There is stiff competition in the banking space and the banks are ready to offer all the facilities to the individuals ready to open accounts with them. Opening a bank account is seen as a way of building a relationship with customers. In fact with the introduction of online banking, banks get more time to focus on the other services different from the core banking procedures. Asking the customers to take to the additional services offer a lot of earnings for the banks and if you are an existing customer, these requests will definitely come your way.