Saving money is a good habit, but storing it in your house will be of no benefit to you. If you want to put your hard-earned savings on work, then you must invest it in some form of investment.

While there are multiple investment options where you can invest your money, but if you want to access your savings in the form of cash, then a savings account will be suitable.

Currently, there are a variety of savings accounts offered by different banks. So, choosing the best one for yourself will be a difficult task. But things will become easier for you if you consider the following points.

Compare the interest rates

Different banks offer savings accounts with different interest rates. So to decide better, you must make a list of savings accounts offered by various banks and compare their interest rates.

Apart from making a list, you can compare the interest rates of different accounts through online tools too.

What are the fees charged by banks

If the interest rates are important, then fees charged on the savings account by banks are no less important. The banks charge fees to maintain your account on a monthly or yearly basis.

Some of the other common fees charged by the banks are:

• ATM withdrawal fees
• Online transaction fees
• Cheque book charges

Type of account

As mentioned above, there are many types of savings accounts offered by various banks. So you must be sure as to which one to choose amongst these which suits you the best.

For instance, if you are a senior citizen, then you must open a senior citizen savings account, which will offer you various benefits rather than a regular account.

Ease of operating the account

Nowadays, most of the account holders do not visit the bank but prefer to use net banking and mobile banking app for banking purposes. The reason for this preference is that it has helped in saving time, and banking work is done with ease.

Make sure to ask the bank whether it provides net banking and app services on the savings account or not, which have become essential these days.

Rebates in fees transactions

It is useful to know how many free transactions apply, or fee rebates provided by the savings accounts before you consider taking it.

Certain banks provide free transactions on the usage of ATM cards, and it varies according to banks.

What are the penalties?

Banks offer interest against the balance in the savings account, but if the minimum balance is not maintained, then a penalty is charged. The requirement of maintaining a minimum balance is important, and it is decided by the banks.

Only open a savings account from a bank whose minimum balance you can maintain.

Others features of Saving Bank Account

While scanning for banks that offer savings accounts, do not ignore the features like online security while net banking, customer services, and the account’s special features. It can bring a big difference while operating the account.

For instance: if you want to open a savings account for your kid, then it is preferred to open a kids savings account, which will come with added security and special benefits for your kid.