Get savvy and know which bank is best for saving account

 Never mind how pro you are at money matters and how many accounts you may hold. But when someone asks you ‘which bank is best for saving account’ you do tend to get frazzled. But wait, instead of just mumbling something, hand him over the tips we bring for such situations.

While opening a savings account the smart thing to do is look for ways to ‘save huge’ and there are remarkably easy ways to do so.  But the big question is ‘where do we start?’ and this could be a tricky question. So, here are a few suggestions one must look for while opening a savings account.

Shop around:

1. Look for one that gives plenty: Look for banks where your savings will grow is with a competitive interest rate. Higher rates give quick pennies. Look for bonus interest rates offered over the base rate when a specific criterion is met. Scan the terms carefully as bonus rates are often for a limited period. Also, while identifying which bank is best for saving account look for those that offer impressive promotional interest rate to new account holders, but it is up to you to decide if you want to go in for them as they are valid for a couple of months.
2. No minimum deposit or balance: Some financial firms require its prospective account holders to make minimum deposits or maintain a minimum balance to cover costs associated with setting up the new account and maintaining it. The catch is that if the account holder fails to meet the requirements, the bank will lower the interest rate or pay no interest for that month. Such accounts are a deterrent for any saver. There are plenty of financial institutions that offer no minimum deposit or minimum balance account. Be patient and scan for them.
3. Prime facilities: Netbanking and mobile banking, debit cards are some of the prime facilities that most account holders look for and do not require a personal trip to the branch.  Customers can send and receive payments by logging in online or using the app on the mobile or tablet. This makes banking activities very convenient from any part of the world 24x7.
4. No hidden account fees: Many banks have no account fees for operations like ATM usage, monthly account fee, branch deposit fee or over the counter fee. Hence, it is important to read the fine print and look for sundry charges before signing the form. Most banks charge for cheque books, SMS alerts, etc., but then there are many banks who offer free services.  

With these tips, take your time to find which bank is best for saving account and helps your money grow by leaps and bounds.

Stay with us at https://savingaccount.in/ for more information.