There are many types of savings accounts that are offered by the various types of financial institutions. Unfortunately, none of them tell you how to choose a savings account. Instead, they focus on explaining why you should choose one of their products. The infographic below explains how to choose a savings account, by explaining some of the factors you should pay attention to.
The infographic identifies ten important factors that you should bear in mind when choosing a bank account. They include knowing your rights as a consumer, understanding the different types of financial institutions, being knowledgeable about the types of savings accounts, having a clear savings goal, being able to access your money when you need it, the amount of interest you will gain on your savings, the stability of the financial institution, the number of customer service channels and the quality of the service, the minimum and maximum deposits allowed and the fees that are attached to the particular savings vehicle.
Have you ever used these factors to choose a savings account? What are some of the other factors you considered?
In addition to your regular savings account, you should have an emergency fund. Read how one family’s emergency fund helped them through a difficult period.
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