Tips on what to look for when opening a savings account

As it's a saving account then the number one consideration has to be the interest rate on offer. Check how long it is available for. Some are only for a set period, whilst others are variable rates following inflation, plus everything in between. Consider how long you want to tie your money up for and what happens if you want it back sooner. Generally you will get a better return on your money if you're willing to tie it up for longer. How easy will it be to access if you do want it, and will you have to wait? This can work in your favour if you are likely to borrow money from your savings when you probably shouldn't, but a real pain if you really need it in an emergency.

A good savings account will help you to SAVE your money. So they may have higher charges for transactions. That shouldn`t matter though because you shouldn`t be withdrawing your money, you should be saving it. My savings account is 1.25 per transaction. It is a good amount, so if I do need to make a transaction, it doesn`t cost too much. Savings account should not have monthly fees, and they should offer interest of course! Look for a savings account that pays a good amount of interest.

the first thing to look for is the interest.check how much interest the bank gives to depositors.next is convenience.check if the bank has a branch near your house or office.check if they have banking hours on weekends.lastly,check on the mode of savings and maintaining balance.check if the bank offers passbook savings and how much the monthly balance should be.