Tips to choosing the right account

So, you’re interested in opening a new bank account. Maybe you want to start saving more or your new job requires a bank account to send salary payments. Opening a bank account may not be as stressful as purchasing a new home or a car, but it requires the same amount of research before committing to where and how you secure your cash. Choosing the right bank account is one of the major steppingstones to achieving your financial goals.

Here’s a quick and easy guide to navigating our suite of savings accounts and choosing the right one for you.

Determine the purpose of the account.

We often make the mistake of saving and spending from the same bank account. This can lead you into hot water if there’s no accountability. It’s advisable to maintain separate accounts for saving and spending.

Accounts, like our Savings Plus account, get you into the habit of depositing rather than withdrawing by limiting you to a number of free withdrawals per quarter. The Time Saver account colloquially referred to as our resident “salary account” incurs a monthly maintenance fee but is one of the recommended “spending accounts” because of the unlimited access it provides to your cash reserves.

In-branch banking or digital banking?

With the ongoing pandemic, we have seen the rise of digital banking products and services across financial institutions, and customers’ desire to limit their in-branch visits. With this gradual shift, if electronic banking continues to be your preferred method of banking, the E-Free account is perfect you. There are no fees or charges once you continue to bank digitally.

Budgeting for fees

Let’s face it, no one likes to hear that their account is overdrawn, especially due to fees. A simple fix for this is budgeting for monthly fees and charges, or simply opening an account that rewards you with zero fees and charges once you do your banking electronically.

Savings accounts exist in many forms and offer varying benefits, so it’s understandable how choosing the right one for you can become a bit confusing. Savings accounts offer flexibility, accessibility and an opportunity to generate a nest egg for emergency situations.

If you have any finance or bank related questions that you’d like us to blog about or need general advice on the accounts mentioned, reach out to us via our social media accounts on Facebook, Instagram, Twitter and LinkedIn.