Financial savings is an integral part of every individual’s life and one must select a savings account wisely.

A savings account is a basic financial need. It is imperative for every individual to have at least one savings account if not more. When you plan to open a bank account on your own, you need to ask a few questions before you choose a bank and a savings product to avail greater facilities and benefits. So, before you proceed to open a savings account, here are some of the questions that you should ask the bank first.

What savings account options are available?

It is crucial to know beforehand what you are actually looking for. Regular or basic savings accounts come with basic features and if the customer wants to avail additional services, he has to pay charges for those services. Privilege accounts come with several features like international debit cards, accidental coverage, unlimited transactions through ATMs, higher withdrawal limits, a dedicated relationship manager, and much more. Choose the account that would meet all your requirements.

What is the minimum balance requirement for the account?

Before getting your account opened, check whether the account to be opened is a zero-balance account or a minimum amount of money has to be maintained in the account. The bank charges a fine on an account if the money deposited in the account falls below the minimum requirement. Ensure that the account you open is a zero-balance account or has a low minimum balance requirement if you are not confident of maintaining a certain amount of funds in it.

What is the interest rate offered by the bank?

The interest rates on savings account vary from bank to bank. While traditional banks offer lower interest rates, online or digital savings account offers higher interest rates. A higher interest rate means that your savings will earn more interest which will help you to grow your money. For instance, a savings account with a 5% interest rate will earn you double the returns than a bank account with a 3.5% interest rate.

How easy would it be to avail credit from the bank?

Many banks offer loans at lower rates of interest to customers who already have a relationship with the bank. In case you plan to take a loan from the bank in near future, look out for the bank that offers loans at lower rates of interest to its existing customers.

What online services does the bank offer?

It is significant to check what online services will the bank offer you. Note that online services like accessing accounts through internet banking, mobile banking, and the availability of other payment gateways for online fund transfer and payments are vital.

Ask these questions before you open a savings account so that you can reap the maximum benefit out of your savings account.