5 Questions to ask a Bank before you open an Online Savings Account

 

In order for their wealth to increase, people need to invest their savings in a bank to achieve financial growth. Hence it comes as no surprise that people open savings accounts to get interest every year. This is a good way of building your savings as well as keeping it safe. But before you go on to open a savings account, ensure that you check a bank and the quality of its services thoroughly. Most banks have made opening a savings account easier for people by providing online banking services. But you must ask a few questions to a bank before opening an online savings account there.

1.Do I need to keep a certain amount of money in my account?

Banks ask account holders to maintain a threshold amount of bank balance to enjoy the services they provide. Some banks ask their account holders to pay fees if they are unable to maintain that threshold bank balance. While other banks offer special schemes in which account holders need not maintain a threshold bank balance. These online savings account schemes are available for salaried employees only.

2.Can I use ATM services for free?

Banks usually offer a debit card that you can use at ATMs. You can use it to withdraw cash at an ATM. Banks do not charge fees when account holders withdraw money from their ATMs, but this service is free for a limited number of attempts within a month. Such services cannot be generally availed from ATMs of international banks but can be availed from ATMs of domestic banks.

3.Is there a fee charged on various banking services?

Banks offer some services like online transaction channels like NEFT and RTGS for free. They also offer other services like UPI money transfer and scan and pay methods for free. On the other hand, banks charge fees for services like cheque books, doorstep cash deposit and withdrawal services, and so on. Ask a bank about the services they provide and how much they charge for those services.

4.Is there a branch near me?

Even though most monetary transactions today happen electronically, people may need to visit a bank office to pay cash or use some other banking service. So, a bank must have its branches in every nook and corner of the city; they need to have their branches spread evenly in their operational region. Ask a bank about the total branches they have and the places where those branches are located before you open an online savings account there.

5.Can I access my account information online?

If you travel to a location where there is no branch office of your bank, you will have to rely on online banking services. With online banking services, you can check your bank balance, pay utility bills online and do much more. But please be careful when you use these services in order to avoid online hackers. Ask the bank about the robustness of the security protocols of their online banking services.

So, these are the 5 questions you should ask before you open an online savings account. Have a nice day!

Read More :- The payment and transfer features of a mobile banking app

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