Open Savings Account

A savings account is a type of account that is opened at a bank or other financial institution that earns a moderate interest on the balance maintained. A savings account is essentially opened to put aside money that is not required immediately. Banks place restrictions on the number of withdrawals that can be made from the account each month. The interest rates earned on a savings account are determined based on the minimum average balance maintained in the account. The rate of interest offered on the balance in a savings account varies from bank to bank

Why Open a Savings Account

Savings accounts, as the name suggests, is a great way to save funds for the future. Excess funds can be kept aside and used when necessary. Here are a few reasons why opening a savings bank account is a good option:
  • Savings bank accounts offer an interest rate slightly higher than the rate of inflation, in order to keep the real value of money stable throughout the years.
  • Modern savings accounts are feature packed and offer quick links to pay bills, make quick transactions, etc. to the account holder as soon as he / she logs in to the account.
  • Savings accounts can help cover any unexpected expenses that may arise in future.
  • Holding a savings account helps improve financial stability since the funds in the account have limits on the number of withdrawals made against the account.
  • Banks customize savings accounts depending on the general type of usage the account witnesses in its lifetime.