Factors to be Considered while Choosing a Savings Account

By Anupama Deshpande | September 4, 2018

(1) Higher-than-Average Interest Rates

It is the most important point for your consideration. You should earn better than average interest on your deposit with the savings account.

(2) Minimum Average Monthly Balance Requirement

There should be minimal requirement for maintaining average monthly balance in your savings account so that you can use maximum of your money, if needed.

(3) Best Customer Service

Majority of banks provide a dedicated relationship manager whom you can contact in case of any query or problem. Otherwise also, you should get the best customer service from the banking staff.

(4) Cutting-Edge Technology

The bank should have Cutting-Edge Technology which can be used by its customers for making any transaction.

(5) Minimal Transaction Charges

Minimal Transaction Charges should be levied by your bank such as IMPS, NEFT, RTGS charges, and more.

(6) Online Banking Facility

Online banking facility i.e. net banking facility to be offered by the bank so that you can transact from anywhere, anytime.

(7) Free ATM Withdrawals

Some banks also offer free ATM withdrawals without any cap. You can consider this point as well in case you need to withdraw the money large number of times.

(8) Mobile Banking App

It is very good if your bank is providing mobile app for making transactions like fund transfer, balance enquiry, etc.

(9) Other Facilities

Choose a bank offering other additional facilities such as locker facility, demat account, foreign exchange, etc. as you may need them at times.

(10) Special Discounts

Some of the banks also offer such as annual fee waiver on debit card, insurance cover, add-on account without any charge, etc.

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About Anupama Deshpande
Anupama is a Co-Founder of CodeForBanks.com. She is an MBA (Finance) and Chartered Financial Analyst (CFA). She also carries a Fellowship degree in Life Insurance Sector and is a Master of Computer Application (MCA). She is an expert in Finance Field with an experience of over 18 years on different managerial positions in finance industry including Stock Market, Depository and Mutual Fund Sectors. Apart from that she has remained for few years in the field of marketing as well. Her suggestions and advice for investments have been very useful to many people.
Her vast interest & expertise in the field of finance have encouraged her to write the articles so that others can also get benefitted out of them. She never loses any opportunity to learn and be creative. She is a valuable asset for CodeForBanks.com & important resource to all those around her.