Savings accounts are one of the most common finance products available in the UK. We all aspire to put some money away regularly as an investment or perhaps for a rainy day. Like many other financial products however, the competition is fierce for such accounts in a crowded market. With that in mind, Moolr put together some advice regarding what to look for in a savings account.
Choice
There are several savings accounts that anyone can decide to apply for, and you need to know exactly which one is perfect for you. Do not assume it is just about the interest rate. There are multiple factors that you need to consider when deciding which savings account to plump for. To try and assist you, below are what you should be looking for in a savings account.
1. Few or No Fees
The best savings account should have minimal fees and if possible none at all. Some banks will charge you several small fees that accumulate to total a significant amount. Costs can include such things as maintenance, activity and withdrawal fees, service charges and monthly fees. Many banks do not attach fees to accounts, so there is little if anything to gain by paying for an account
2. No Withdrawal Limits
There is no logical reason why your savings account should have a withdrawal limit. It is your money, and you should be able to access it. A bank that has withdrawal restriction will probably have hidden provisions and charges elsewhere too. You need to be able to access your entire amount at any time with zero restrictions. An emergency may require such access at any time.
3. Type of Savings Account
There are several different types of saving accounts designed to suit different needs, and you should find the ideal one for you. When you are a student, for example, ensure you go for the no account-keeping fees student savings account and reap all the benefits. Sometimes you find students going for the regular accounts instead of saving the charge fees by going for the student accounts. There are suitable accounts for all.
4. Accessibility to Your Account
With the growing technological advancements, it is critical you go for a savings account that offers online banking and a mobile banking app. There is no excuse in the modern age for you not to have such features and instant access to your funds. You get not only access but also the ability to keep track of all the transactions easily. It is worth considering the number of ATMs and bank branches that are close to you when you want a good savings account with excellent accessibility.
Do not settle for the first savings account that you come across but rather do extensive research. Look around and see what is on offer. Check the terms and conditions thoroughly. Check for any small print. . You will probably use your savings account your entire life, therefore, making it important to pick the right one.
