- Date : 24/01/2023
- Read: 3 mins
These banks are offering a higher interest rate on savings accounts.
Your financial journey mostly begins with a savings account. You get banking services with a savings account and interest on top of it. Choosing the right savings account is essential as it will determine how much interest you'll earn on your deposits. The right savings account will also fulfill all your requirements. Your money's safety is another reason you might consider having a savings account for yourself and your family. Opening a savings account is fairly straightforward. You must fill out an application before the bank evaluates your KYC. You get an account number, debit card, and a bank passbook once your account is activated.
Also Read: Understand your savings account
Advantages of a Savings Account
Here are a few advantages of savings accounts:
1. Money Is Safe
Your money is safe in a savings account; you even get interest on your deposit money. These are the main purposes of owning a savings account.
2. Availability When You Need It
You can access your funds whenever you need. You get many benefits with savings accounts. The best function is that you can access the funds and even earn money just by storing the money in a savings account. Banks offer interesting freebies to new customers to lure them into having a savings account with them.
3. Many Facilities With One Account
You get several facilities when you open a savings account. You don't need to pay the extra money; you get facilities like mobile banking, passwords for banking, a checkbook, a passbook, etc. Banks even offer additional services to senior citizens.
4. Funds For Emergency
You can access your money whenever you want with a savings account. However, if you keep it with the bank, you earn interest. Having a contingency fund is always a good plan. If you keep your money in a savings account, you not only have 24/7 access to it, but you can also earn money on it.
Banks and Their Interest Rates
Here are the interest rates on offer:
You get services like a checkbook, withdrawing cash, and other services once you open a savings account. The primary feature of a savings account is that you can easily access your money whenever you need it. You can keep the money for emergencies or as a contingency fund, as you can withdraw it as and when possible.