6 Things you want from your savings account

Posted by Felix Okoli on Thursday June 5, 2014 at 16:22:48:

A savings account is the most common type of account we have today. It is an account that allows the account holder to keep money in a savings while the money accumulates very little interest on monthly basis. Saving account is also the easiest type of account to open as it requires just little minimum balance with little formal procedures in opening the account.

What are those things you'd want from your bank?
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1. Instant access to your money: this type of account is different from a fixed deposit account where you have to give notice prior to the time you need withdraw your money. As a savings account holder, you want instant access to your money anytime you need it that is why you are issued ATM cards and withdrawal slips.

2. Monthly interest: Inasmuch as the interest rate may be too small when compared to that of a fixed deposit account, you still want little interest on your savings.

3. Access to Loan: as an account holder, you will want access to loan facilities, even if it is just a soft loan.

4. Monthly update: you need monthly update on happenings and changes in the bank generally, it will help you make future decisions on your savings

5. Monthly bank statement: as a savings account holder, you will want to be issued your monthly bank statement so you will know what transactions took place in your account during the month.

6. Investment opportunities: you will want information on available reliable investment opportunities from your account officer.