6 Ways to Look for a Reliable Savings Account

Reliable Savings Account

When planning to save money, it is best to open an account rather than saving it at home. Your money is safe, and you can save conveniently at the same time.

However, not all banks are right for you. You should consider your needs and preferences before opening a savings account with a bank.

Find out more on https://www.roshi.sg/savings-accounts/

Here are the six ways to look for a savings account to keep your money safe:

1. Consider the Minimum Opening Deposit Fee

The opening deposit fee differs from one bank to another. Other well-known banks are asking for $25, but others are asking for higher fees. Although it is a small amount, you might still want to look for a bank that doesn’t require minimum opening banks.

Other banks also ask for a minimum deposit fee, but they will not deduct it from you. Instead, the money will go directly to your account. However, you can’t withdraw it right after since most savings account comes with a maintaining balance.

2. Look for Savings Account with Higher Rates

Although this sounds absurd, there’s nothing wrong with searching for banks with savings account giving higher rates. That could be rare, but it is still possible. Mostly, banks only offer a 0.01 percent rate—too little which makes it unnoticeable.

Having a savings account with higher rates will make it seems like hitting two birds with one stone.

3. Search Through the Bank’s Monthly Fee

The goal of opening a savings account is to save money, so looking through fees or hidden charges is essential. Some banks with higher interest rates might charge monthly fees. But the usual condition banks have is maintaining balance.

In this case, the bank will charge you $5 or more as the penalty for not maintaining $300 on your account. So, this is what you need to keep in mind. They might also suspend your account if you don’t put funds in it.

If you are searching for banks without a monthly fee, you might go with an online savings account. However, keeping funds online has its pros and cons.

4. Check the Bank’s Convenient Services

A reliable bank should make withdrawal and deposits easy. One of the essential features banks should have is automatic transfers. That will help you to save and budget your money instantly.

Make sure that the bank doesn’t charge with this type of service.

5. Research the Bank’s Updated Features

As we live in these modern times, we are looking for convenience. One of the latest features of other banks is the mobile check deposits. Once you receive a check, you can take a shot of the check’s front and back, then, send it on the bank’s application.

6. Consider the Number of Bank’s ATM Machine

When an emergency occurs, you surely don’t want to ride a 1-hour long ride to withdraw the money. That’s why it is essential to look for the bank’s ATM availability.

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