Some of the factors to take into consideration when opening a savings account are;
- Interest Rate
- Minimum Cash Balance
- Wide reach of bank
- Service Charge
Some of the factors to consider when opening a savings account are;
1) Interest Rate; Savings accounts usually pay the lowest interest rates when we compare to other investment means. This is because some pay interest rate of around 6% annually while others pay lesser. Thus, it is very important to choose the bank wisely.
2) Minimum Cash Balance; Some banks require a particular minimum balance to open a savings account. Thus, it will be wise to look for a bank that doesn't require too much initial minimum opening balance.
3) Wide reach of bank; Although many transactions can now be done online but yet there are times we have to go to the banks physically and so it will be good to go with a bank that has many branches.
4) Service Charges; Banks usually have some charges which are called service charge and they range from ATM card charges, SMS charges, transaction charges. Thus, it will be good to have an idea of these charges before opening an account.
The information required to be provided to open savings account are;
- Government issued Identification Card
- Social Security Number
- Date of birth
- Address
- Contact Information like phone number, email e.t.c
- Bank account information
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