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You have acquired a job, put in yourself entirely in to it. Your great pay package your sweat invested into overtimes has finally landed you up with hefty savings that can be channelized into savings. Investments needn’t always be about stocks and mutual funds and the various other avenues that come with a high risk factor.


Having the right bank account with good investment offers and services such as decent fixed deposit interest rates also does a great difference to your savings. Let us check the various attributes to pay attention to before selecting and opening a bank account.

Purpose of Use
Many decision are need driven similar is the case for having a bank account. You decide to open an account when you wish to save your hard earned money or write cheques. There is a savings account for personal money transactions and a current account for business related accounts. It is always advisable to keep your personal and business funds separate.

Convenience
“How easy and fast can I get a hold of my money?” is the key questioned to be asked when opening a bank account. As each bank have different working timings and different policies. Also comes with transaction limits and time. The other factor to keep in mind is the presence of branches of the bank in the city. If not many branches are there ATMs of the bank. Also mobile banking and internet banking are a must features that every bank must provide these days, in order to give you the feasibility of banking during your working hours.

Freebies
In the banking sector or for that matter in business nothing is for free. It’s a tactic used by finance institutions to lure customers. However in the course of time they do redeem the cost through various services on offer. They may add you to various other offers that aren’t necessarily free. So always be cautious about the various lucrative offers banks have to offer.

Add-on Membership Offers
As the name goes they are extra offers given to individuals on opening an account in a certain bank or financial institution. For example a bank may offer you a safe vault to keep your precious possessions along with the account opening facility. Therefore it is always a safe bait to have an association with such banks. And there are many such add-ons you should look for. If a bank has to offer the best fixed deposit rates in India than vouch on it.

Protection

According to the Federal Reserve System any legal bank or financial institution that offers any type of checking, savings, money market or CD account insured up to $100,000 for each individual. So if you open an account with a well-known bank, you can be sure that it has the legal insurance from FDIC. 

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