It is difficult to determine which is the best savings account as there are various options which you might not think about taking into consideration. When it comes to choosing the best account, the rate of interest becomes the top priority, but a rate of interest is not the only thing to be considered while taking the decision about investing your money. Banks have much more of the offer than just good return, though the return is important it is not the only determining factor. Before jumping to any conclusion at first surprising rate of interest which comes on your way take the proper time to determine the other costs and features that may affect the bottom line.
Choosing the best savings account
The rate of Interest: Th first thing that you will see while looking at the account is the rate of interest. These are normally highly promoted, boldly printed so you can’t miss them easily. What you may miss are the alarming messages that are printed in small letters below the rate of interest. Eye-catching interest rates always for promotional purposes which only last for a certain period of time, to ensure the standard rate is also fair as that is what your rate will come up after the expiration of introductory time. Those advertised rates are only available if you keep a minimum balance.
Fees: Fees are very important while choosing the best account for the money. There are many online banks that offer free account maintaining services if you can refrain from traditional banking practices such as counter services and paper statements. There are low fee options in traditional banks which may be worth the cost if you are availing unique services and a decent rate. Search specifically for maintenance and annual fees and account maintaining fees.