Savings Accounts are usually considered the most popular Bank Account. Opening this account is also generally the first interaction most people have with the financial system. You can open and use it for various requirements. For example, you can use a Savings Account to receive and make payments, make investments, pay your Credit Card bills, and more.
Today, you can even browse different Savings Accounts offered by banks and opt for the one that fits your needs. When opening a Savings Account, you should be mindful of different things. One of these is the customer service offered by the bank. Here are reasons to consider customer service and other factors you should be mindful of when opening a Savings Account.
Importance of considering customer service
Individuals usually keep their hard-earned funds in a Savings Account with the bank only based on trust. If you have trouble or need assistance with any banking issue, the branch staff and customer care should be prompt and helpful. You should be able to contact customer support immediately and let them handle the issue.
It is of no use if the bank has an excellent line of products when its customer service is poor. Hence, good customer service is crucial when opening a Savings Account.
Other factors to consider
Besides customer service, you need to be mindful of the following other factors when looking for the best Savings Account for your needs:
- Minimum average balance
The minimum average balance is the average of all the closing balances you need to have in a month. Various banks generally have different minimum balance requirements for their Savings Accounts. This requirement can also differ based on the Savings Account you choose.
- Type of Savings Accounts
Most banks today offer various Savings Accounts. Depending on your needs, you can opt for a Zero-Balance Savings Account, a Regular Savings Account, a Senior Citizens’ Savings Account, etc.
- Interest rates
Opening a Savings Account with a bank lets you deposit your money and earn a specific Savings Account interest rate on the funds you deposit. Hence, you can shop for attractive interest rates when opening an account.
- Ease of availing credit
Banks generally offer attractive interest rates to customers who already have an existing relationship with them. So, suppose you plan to apply for a Loan in the future, it is typically better to establish a relationship with a bank that offers excellent rates to its customers.
- Understand the schedule of charges
Multiple charges are associated with a Savings Account. Hence, it is best to familiarise yourself with them by reading the fine print.
Conclusion
Now that you know the importance of considering customer service offered by your chosen bank and other factors like interest rates, minimum average balance requirement, etc., be mindful of them when opening a Savings Account.