5 Features to Look for in a Bank Before You Open Savings Account

5 Features to Look for in a Bank Before You Open Savings Account

Whether you are shifting your already existing bank account or opening a new one, it is necessary to do a little research. Almost all banks appear the same from outside, but that's not the case. Different banks cater to different needs, some might match your requirements and some might not. Therefore, it is crucial that you take a closer look and find out what the bank offers and what it doesn't. Also, no matter what your requirements are, always make sure that to look for these five features in your bank.

  1. Check Schedule of Charges and Fees

Banks have a schedule of charges for the services they provide to their customers. From facilitating online transactions to giving bank statements, everything is charged. Customers usually get disappointed with banks when they are not aware of these charges, and it later comes as a surprise. Thus, as a first step, it is important to check the fees and charges for services that may be important to you in the future.

  1. Non-bank ATM Transactions

It is hard to avoid using an ATM at times of urgent cash requirements. Also, it is impossible for every bank to have an ATM at every location. Most banks charge a fee for using other bank's ATM above a specific limit.  Look for a bank that either has a vast network of ATM and branches or offers a higher number of free non-bank ATM withdrawals. This way, you will not have to pay extra charges for using your debit card for cash withdrawal.

  1. Check forMinimum Balance Requirement

Finding a bank that has no minimum balance requirement can be tough. Although some banks do have zero balance accounts. However, they do come with certain limitations usually. If you are not sure of maintaining a balance in your account, look for a bank that offers either zero-balance or low-balance accounts. Also, banks charge a fee when your balance drops below the minimum mark. Shop around and look for a bank that also charges a low price for such situations and makes sure there are no hidden costs.

  1. Interest Payout Interval

Banks pay interest to their customers on the balance they keep in the savings account. This interest can be paid out yearly, half-yearly, quarterly, or monthly. A higher frequency payout interval such as monthly ensures you can keep better track of your savings and benefits.

  1. Interest Rate on Your Balance


Higher interest rates are indeed an important feature to remember when looking for a bank. When you do your research, you will come across various banks and the interest they offer on the balance maintained. As per RBI guidelines, this is calculated daily. Along with all the other essential benefits, make sure you only settle for a bank that offers high interest when you open a savings account.


Before you begin your search, keep in mind your requirements. Whatever the reason might be behind you are looking for a new bank account, it is essential to make sure that the bank you select values its customers. Also, keep in mind these important features, so you can pick the right bank and make the right decision.

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