How to choose a bank for your savings account

Having a savings account is very important today. Because of COVID-19 pandemic, many services now are cashless and shifted away from traditional payment. It is really difficult now to buy any stores without a credit/debit card or e-wallet.

My focus today is to share to you the different features that you need to look at whenever you decide to open a savings account in a bank.

1. Low maintaining balance fee

A few years before, you can actually open a savings account without a maintaining fee. You just need to pay for the card processing fee. However, today is very different. You can rarely find a bank that will allow you to have a savings account without a maintaining balance.  Knowing this, let’s try to choose a bank that has a maximum of 2k maintaining balance.

2. Choose a bank that incorporates online banking

This is very important. I am telling you that you need to put this as prime consideration. Gone are the days that you need to go to the bank to know your balance, make a deposit or transfer cash to someone.  We are in modern period. It is impractical to stick to any traditional bank.

3. Choose a bank that allows bills payment by linking your account to your biller.

You don’t need to spend your time going into crowded payment center. You can use your saving account to pay your bills.  Find a bank that has this features. You will surely enjoy this advantage.

4. Choose a bank that has a bundled feature of Savings plus checking account.

This is actually optional.  But for those people who also want to have a checking account at the same time, then this is good feature to look at. There are banks that allow you to open a savings plus checking account. Though, you need to pay for  a higher maintaining fee but it has a different advantage.

5. Choose a bank that has an investment option

If you have spare money with you, it is also good to choose a bank that has investment option. The idea of investment is really popular now. Do not miss the chance of investing at this low market stock price because of the recent lock down.

These are the features that you may want to look at before opening a savings account in any bank.  I hope that somehow you’ll appreciate all the guides I shared here.

If you know other features that I miss to include here. Feel free to comment it below. Thank you so much!

• This topic was modified 4 years ago by Lisa Dana.
• This topic was modified 4 years ago by Lisa Dana.