Choosing the easy savings account
Getting the Best Savings Account for Your Needs
13:33 12 February 2014
In a dilemma over what type of savings account to open to stash your hard earned money? You have to know more about each type of savings accounts that your local bank is offering so you can choose the type of savings account that will give you the best rates and good terms which will guarantee the safety and growth of your money while it is in their care.
An account that totally suits one individual may not necessarily be the best account for another. In short, you will have to open an account that meets your requirements. Some people can leave their money untouched for years while others might need to withdraw from their account from time to time. Some people may prefer to transact their business with their branch personally while others might prefer online banking.
The easy access account is ideal for savers who need to get their money without being penalised and the number of times they make withdrawals is not limited. Therefore, if you do not have an emergency fund readily available or is dead set on saving but might have to withdraw the cash at a moment’s notice, then the easy access account will be your best bet.
To maximise the earning power of your money, look at all the terms and conditions of the savings account you would like to open. Ask for all their available financial products and ponder on the various offers to get the best deal.
The interest rate is just one of the factors to consider when deciding on the type of savings account. Restrictions on withdrawal and resulting penalties should also be considered because frequent penalties can eat up into your capital and totally negate whatever earnings you get from interest.
Being loyal to your bank is good but do not be too complacent. Look at what other banks are offering at least yearly to check on the rates. Depending on the revival of the country’s economy, you can look at seeing other deals and better savings rates.