5 Questions To Ask Your Probable Banker When You Open A Saving Bank Account

By Author: John Judge
Total Articles: 1

While managing money can be challenging, saving can prove out to be even more arduous. Having an adequate savings account can provide you with the required potential to handle the latter. However, with a large variety of banks offering savings account available, choosing the best necessitates more thought and research than you may realize.

It’s important to be well informed about every kind, what they provide, and how you can gain the utmost benefit out of it. Below mentioned are some of the questions to be asked that will help you choose the best kind of account for your hard-earned money.

What’s the Interest?

One of the most valuable characteristics of a savings account would be the interest rate that it offers on balance. While navigating through the options, you may come across below the bar interest rates, which can be quite frustrating. You won't be able to grow your money if the bank is offering minuscule interest. While most banks offer 4% interest rate, some offer 6% or even more. So, make sure that there are no negotiations or compromises over this aspect.

Are There Monthly Fees?

Even though banks or financial institutes would be providing a low-interest rate, you may think that there might be no additional charges. With this perception, you may be in for a lot of surprises. Many banks charge monthly fees in case you fail to keep your balance up to a certain amount. However, some types of savings account enable you to keep the balance as low as zero without paying any charges. Make sure you ask this question to the banker when selecting a bank or type of account.

How About Additional Charges?

In case you're wondering, a monthly fee isn't the only factor you must be keeping an eye on. Instead, several other additional charges may make their ways towards you. Thus, you'd have to make sure that the bank isn't going to dig deeper into your pocket by charging you for:
● Online transaction fees
● ATM withdrawal fees from the same bank ATMs and other banks’ ATMs
● Over-the-counter transaction fees
● And more of the kind.
Make sure you go through schedule or charges before selecting a bank or the type of account.

Is the Withdrawal Easy?

What if you’d require quick access to your money from your savings account, to fulfil an emergency need? If the institution has ATMs spread over your area, things will be easier for you. However, in case the banks don’t have enough ATMs, they should at least provide you with a higher number of free transactions from other ATMs. Ask your banker for the number of ATMs or the number of free transactions allowed.

Is It Easier to Make Online Transactions?

Considering how everything is moving online, including the banks and financial institutes, how would you feel if you cannot make an online transaction through your saving bank account just because your associates don't allow it? Of course, that would be terrible. So, before you sign up, make sure that they enable seamless online transactions through the website and app.

Open a Savings Account Wisely

Before you take a plunge, your knowledge should be updated enough to make a better decision. Likewise, while choosing a savings account, make sure you don’t leave any significant aspect and then regret later.