Opening a bank account is considered as an arrangement, a deal with a customer and the bank where the customer is able to deposit and withdraw using their facility. Bank accounts are used as savings, payroll for personal or business use. And this is the start of how people save money, withdraw when needed and accumulate some interests if there are any.
People are encouraged to save, in fact, a person needs to have savings not just for the rainy days but also for investment and retirement. Financial freedom is what banks are selling to their customers and if you save religiously, having that financial freedom is not a long shot. But in order to do that, you have to open a bank account first and that is something that this article will discuss.
It’s not as easy as you thought: If you’re thinking that the challenge is completing all the requirements when you’re opening a bank account, you are wrong. Why it’s not easy? Because in order for you to fulfill your lifelong dream to be financially free, you need a bank that:
- Has a good record with depositors
- Has your safety in mind
- Has online banking
- Transactions are easily processed
- Good customer service assistance
- Has more available ATMs in your area
- Near your residence
- Low maintaining balance
- Higher interest rate
- Has a good financial status
The interest: You need to do some bank shopping on this or call a ton of banks to know their interests rates. Why is it very important? Because interest rates can help your money grow. The higher the interest rates are, the better. Let’s say a bank has a .5% interest rate annually, now if your deposits in the banks are just (let’s say) average, this annual interest won’t be much, but if you invested thousand to millions, the interests rates are pretty interesting.
Exclusive deals: Although this is not a savings friendly feature, having promos with groceries, travel or restaurants is a good value-added service. Not only will you ever to go to a famous restaurant that you don’t want to go before because it’s too expensive, but because of these deals you can at a lower cost. Or how about lesser hotel rates on a very luxurious 5-star hotel. These things are bank exclusive deals and promotions, the more promotions, the better.Opening a bank account might look easy, but if you think really hard about the future you will realize that it’s not as easy as you thought. And for something that can help you be financially prepared should not be taken lightly, that is why there are various considerations that you need to make, aside from that look for a bank that has an interest or a higher interest and for add-ons, make sure that it also has the best deals. It might be a tough criterion, but it’s not impossible. If you’re having a hard time finding one, apply for new bank account here.