A guide to choosing and opening a best Savings Account

We don’t open a savings account every day. So, if you are looking to open a new account or upgrade the service, you need to ensure it is the best savings account for your financial and lifestyle needs.

Here are some crucial factors to consider when comparing different saving bank accounts.

Balance requirement 

Different accounts have varying minimum balance requirement depending on the features they offer. While the idea of a zero balance account is attractive, these are usually ordinary accounts with little benefits. Therefore, it is important to gauge the value of services and add-on benefits with respect to the minimum deposit amount required.

Interest rates

One of the primary factors to consider is the interest rate banks offer on the savings account balance. The interest rates are at the discretion of financial institutions and will vary depending on the balance maintained and duration of holding. If the account pools a significant amount of your income and savings, you should consider high yield savings accounts that allow your money to grow and compound.

Ease of access

A contemporary savings bank account should be accessible whenever and wherever you need the service. The bank should have a well-established network of ATMs. It should offer a robust digital banking platform and a fluid, feature-filled and intuitive mobile app that allows you to conduct basic transactions, make investments, pay bills, shop online, scan QR codes at an establishment, etc.

Schedule of fees and charges

Before choosing a savings bank account, ensure you understand all the terms and conditions and the list of charges associated with various functions. For example, how many free transactions are permissible at ATMs every month? What are the currency conversion charges on foreign transactions? What are the DD/NEFT/online transfer charges?

Service quality

Over the long term, service quality plays an important role in your banking relationship. Service quality encompasses everything from regular transaction alerts on your account, accessibility across communication channels – app, phone banking or in-branch, and timely turn-around for resolving queries and complaints. Speaking to existing customers will give you a fair idea of the service quality.

Card benefits

Banks offer a host of cash and value-added incentives for using the debit card. These include discounts and cashback on purchases, preferential pricing at partner merchants, and travel, shopping, dining, and entertainment benefits. The variety of value-added benefits can be a key differentiating factor when selecting the best savings account for your needs.

One account that packs it all

IDFC FIRST Bank offers a feature-loaded savings bank account that guarantees an excellent banking experience. Get up to 7% interest on your savings account balance with monthly interest credits that allows you to compound your money faster. Avail over 150 banking benefits such as free and unlimited access to ATMs across the country, higher withdrawal and spend limits, around the clock accessibility through internet banking and mobile app, complimentary personal accident cover, and more. The savings account also opens the door to over 50 lifestyle benefits across categories such as shopping, dining, movies and entertainment.

Don’t wait anymore; open a savings account with IDFC FIRST Bank today and embark on your successful financial journey.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.