Bank accounts are the medium to store money for security purposes. They play a vital role in the economy and financial system. In this fast-paced life, it is hard and unsafe to handle cash. Banks play a crucial role in allocating money from savers to borrowers in an economic way. There are certain things to be noted to find the best bank account that suits your requirements.
Choosing the right bank account
Account type
Choose an account as per your need. Different bank accounts have different perks. So, one has to decide on the type of account they are looking for and decide which service will benefit them the most before choosing a bank account.
Check: Current account vs Savings account
Fees
Few banks impose a fee to maintain your bank account. There are many fees levied like low balance fees, overdraft fees, ATM withdrawal fees, etc. which the bank imposes on its customers and it varies from one bank to another. So while choosing a bank account understand the fees levied and opt for the one that is reasonable for you.
Interest rate
Check if the account you chose is paying you any interest. Especially if you are going to get a savings account it is required to compare interest rates of different bank products.
Maybe interested: How to choose a Bank to open a Savings Account?
ATM services
Most of the banks provide debit cards or ATM cards to withdraw cash from the accounts. Check the domestic and international cash withdrawal fees that will be charged. Usually, banks offer free cash withdrawal at their ATMs. Go through the ATM fees and the places it is located at.
Online banking
Online banking comes handy anytime. You don’t have to visit banks to transfer funds or check your account balance, pay bills and also can get free e-statements. Some banks also offer free internal remittances on online transfers. So, check which banks offer the best internet baking facilities. Also, check if there is a mobile app available for the bank you have chosen. So that it will be easy for you to access your bank account information via mobile.
Other charges
You will be charged a certain amount of fee if you withdraw the amount from your bank account on a regular basis. Check if there are any extra fees on online banking. Since most of the banks issue a free checkbook for the first time, but you will have to pay for the next ones. Few banks charge you if your debit card is stolen or lost. So check what are charges that would be imposed on you.
Apart from the above-mentioned features, a good bank will have features like progressive administration, uniform policies, coordinated system, mobilization of savings, etc. You must not overlook the importance of cash. The bank account is indeed essential to keep the cash secured. It will help you access your money in any unforeseen situation. Hence, compare all the available options and decide the one that best suits you.
About the author
Anala is a young and spunky guru on financial matters, who tells you like it is; everything from managing debt to managing savings accounts. While books and movies keep her brain ticking, Anala pursues swimming and dancing to keep fit. A lifelong explorer and learner, Anala believes in giving back, and volunteers with the Bright Spark Education program at the NGO Youngistaan Foundation, where she opens up children's minds to the innumerable possibilities of a happy and successful life!
