A savings account is a common bank product that provides customers a secure place to store their stored money at the same time earning a particular profit. Not all persons obtain savings bank account because some receive salary or income in the form of cash unlike worker working in a company who are receiving compensation from their salary account which can also be a savings account.

If you want to open a savings account, there are few facts you should know to choose the best savings bank account that suits for your necessity. Basically, it’s not difficult to apply for an account as long as you have the required documents the bank is looking for.

What to See for in a Savings Account?

There are multiple facts in the Online network you may get to help you decide what savings bank account is the best in terms of several criteria. It’s up to you to determine what are the most important. I recorded few facts you should know prior to selecting a savings account.

1. Interest Rate

Interest percentage is by far the most important consideration when selecting a savings account. The greater the profit rate, the more excellent is the savings bank account since it may acquire more money on the main amount you invested. A 0.01% gap in interest is a large amount when compounding is considered.

2. Initial Beginning Deposit

Added valuable task you must know when choosing a savings account is the first opening deposit. It is the initial deposit you should place on your bank account as a recent depositor. Each kind of bank account has its own first deposit, some are costly and several are low depending on its motive or use.

Several banks give really small first deposit for low-salary earners and kids who like to keep funds on the bank.

3. Sustaining Balance

All savings account has maintaining balance that is the least price of money your bank account must have at any given period. If, for example, should your account fall less than the sustaining balance, the bank will bills your account a specific cost and this may carry on monthly till your bank account achieve the set maintaining balance.

For that reason, it is better to choose a savings bank account with the lowest sustaining balance possible and keep your bank account consistently above it to avoid fees.

4. Customer Assistance

Make sure you are choosing a bank with a good consumer support in times you need assistance or you want to question about something connected to your account. It must have a 24/7 customer service office and is quick in responding to troubles.

As much as achievable, you may communicate with them in all forms of communication like email, mobile, phone and Internet calls.

You may as well want to learn which other persons are telling relating to the bank you are after by seeking some customer feed backs through online search.

5. PDIC Covered, Additional Benefits and Freebies

Philippine Deposit Insurance Corporation (PDIC) is the company of the Philippine administration that insured the money of depositors of PDIC affiliate banks up to P500,000 while the bank went to nonsuccess. Not all banks in the Philippines are PDIC members so you should know first if the bank you are choosing to have a savings bank account is a PDIC affiliate.

Most banks give some bonus for its recent client like an online banking linking to your savings bank account at the moment you apply for the first time, lower interest rates for loans and a lot more.

Conclusion

Your aim in applying a savings account is to get a secure location for your saved money and at the same period earn from it through the profit the bank offers. It is your job to pick which criteria is the best for you when selecting a savings bank account.

Is it high profit percentage? A reliable customer aid? A low maintaining balance and first deposit? The decision is yours because it is your cash after all.

Gily Tenorio is a personal finance blogger who likes blogging on saving, investing, stocks, mutual funds and make money online. To get more information on how to open a bank account at BDO Philippines, you may visit to Financial Management blog.