7 Easy Steps to Open a Savings Account

7 Easy Steps to Open a Savings Account, Want to open savings account in your nearest bank? With these seven steps, you'll be able to open your first account and save for the future.

Do you remember opening your first savings account? It was probably your first interaction with the financial system. A savings account is the most basic type of bank account. Everyone has at least one savings account. It can be opened by an individual or more than one person together.

It’s an ideal solution to keep your money safe, keep an emergency fund, and also to collect money to put in smart investments later. If you are planning to open a new savings account, you might not know where to start. Or you may also get overwhelmed with all the options available. Consider this post your step-by-step guide on how to open a savings account. Let’s get started!

How to Open a Savings Account?

Opening a savings account is easier than you think. However, it does involve a lot of steps and formalities to be completed to open the account. Let’s see all the tasks involved in opening a savings bank account step-by-step.

1. Compare the Facilities & Charges of Banks in Your Area

Let’s admit that it’s a daunting task as it seems. But if you open a savings bank account without weighing all your options, you may miss out on a great deal. Moreover, it’s not every day that you look to open a savings account. So your loss will be long-term.

Some aspects which you must always compare between different banks before opening a savings account are as follows:

• Interest Rate: The interest rate of a savings account matters in the long term. Different types of savings accounts offer different features including interest rates based on their purpose. Therefore, you must strive for the best interest rate available. If you are interested in technology and modern form of banking, then you can get higher interest rates and other benefits such as reward points by opening a savings account online. These accounts are also known as digital savings accounts.

• The Minimum Deposit Requirement: You may not have a high salary or want your fund to be diverted towards investments as soon as you get your income. Maintaining a high balance in your account could be a hassle in such scenarios. Therefore always enquire about the minimum deposit or balance requirement of the bank. Choose the bank with the minimum or zero balance savings bank accounts to get one concern off your shoulder.

• Fees & Penalties: There’s an annual charge or fees you pay to banks annually for using their ATM cards and other services. There are also penalties for violating the minimum balance requirement, a bounce of cheques, etc. Ensure the penalties are nominal and not high enough to make a hole in your pocket.

• Online Banking Features: Every bank offers 24×7 online banking features. But you need to check how user-friendly and extensive they are! In fact, upon enquiring, the bank officials may guide you on how to open a bank account online and not engage in any bulky paperwork offline.

• Customer Service: Research the kind of customer service and support the concerned bank provides its customers. Is there someone available to talk over the phone or chat online? Does the branch has a customer service section that works efficiently? Open your savings account after enquiring about this feature only.
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2. Select an Individual or Joint Savings Account as per Your Need

As stated at the beginning of this article, more than one person can own a savings account. You can open the account with your close friend or family member if you want. But doing this will give the other person access to the funds in the account. So if you’re going to open a joint account, do it only with a trusted person.

3. Keep the Required Documents Ready

Every bank requires more or less the same list of documents or information for opening a savings account. Still, it helps to have a checklist. If you are co-owning the account with someone, their information will also be required. The general list includes your identity and address proof (driving license, passport, social security number, etc.)