There are more to just high interest in a bank account


A bank account is more than just a safe place to store your money. It`s a financial tool that can be helpful in managing your finances. By keeping your money in a bank account, you can earn interest on your balance and easily access your funds 24/7. It helps you pay for multiple expenses, make investments, and save for the future. Thus, before you open a bank account, it`s important to look beyond just high-interest rates and find an account that offers important features to make your daily banking tasks much easier. Here are five other crucial things to look for in a bank account.

  • Minimum average balance requirement

Many banks require you to keep a minimum balance in your account. This minimum balance can vary depending on the type of account and the bank. It is advisable to either check online or contact the bank directly to find out their minimum average balance requirements before opening an account.

  • Fees and charges

Many banks charge fees for various ancillary services such as SMS alerts, cheque books after the minimum free quota, duplicate ATM cards, etc. So, it`s important to understand these fees beforehand and select a bank that is transparent about its charges. Make sure to read all terms and conditions carefully to understand what you are being charged for.

  • Advanced banking solutions

A responsible bank should provide various advanced services that simplify banking, such as an easy online account opening process, online transactions, doorstep banking facilities, email and phone alerts, a user-friendly website, and more.

Also, check if the bank provides a robust mobile banking app that offers more than just checking your balance and recent transactions. For example, the IDFC FIRST Bank mobile banking app offers useful banking features, such as the ability to add funds instantly, open/download statements, mutual fund investment, and even open new FD accounts in 2 minutes.

  • Savings account interest calculation

Before you click on the ‘open new bank account online’ option, it is important to assess how the bank calculates the interest rate. Many banks like IDFC FIRST Bank offer a savings account interest calculator to help you estimate the amount of interest you can earn on your savings account balance. To use the tool, simply input your account balance and the interest rate your bank is offering. Once done, the calculator will estimate the amount of interest you may earn over a set period, typically one year.

  • Customer support

Whenever you have a question or a problem, it`s good to know that you can rely on your bank`s customer service for help. Make sure the bank has multiple channels for support, such as phone, email, live online chat, and social media handles. Look for reviews of the bank`s customer service online or ask friends and family to learn about their experiences with the particular bank you are considering.

To sum up, it is wise to analyse all of the above-mentioned factors apart from high-interest rates before opening a bank account. This way, you can have a transparent and long-lasting relationship with your bank. Once you have found the right bank, you can visit their website or give them a call to learn how to open a bank account with them and proceed further.

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