When it comes to choosing a Saving account or term deposit, its vital to choose the right choice. There are number of important things to consider when choosing the right account. Read out what features are important when looking for a Saving account.

First, let me introduce you to the different types of savings accounts.

Basic or Regular Saving account

this is probably the most common type of savings account, and the simplest to use. You can usually open a basic or regular Savings account, with a small amount of money. This type of Savings account will typically have no minimum balance requirement, or low one, and they will provide you with easy access to your money, though you might be limited to how money, withdrawals you can make per month without being charged fees.

Term Deposit

A Term Deposit an account that you put money in for a set or period of time. You agree not to use the money in your account for a specific period of time in return for a fixed rate of interest earnings.

High Interest Savings Account

The use of “high-yield”, or “high – interest” in high –  yield savings account is for differentiability

High – interest savings account, or any savings account that are given special rates because the deposit has many assets deposited in a financial institution.

Online Savings accounts

these accounts are sometimes referred to as high – yield savings accounts for having high interest rates. Online savings accounts, can offer better interest rates because of their low operating costs, and have little to no minimum balance requirements.

Cash Management accounts

A Cash Management account is a combination of money market fund and a brokerages investment account that lets you write cheques, Cash Management accounts, also give customers access to a debit card, and allow them to buy and sell stocks, bonds, options and commodities.

Kids Saver account

There are savings accounts specifically for children that reward them for making regular deposits.

The accounts above mentioned is common types of bank savings offer through financial institutions.

How do I select the right account?

the type of bank account that’s right for you depends on what you need and how you bank.

Here some of the tips to consider:

• talk to your bank

            if you’re already got a relationship with a bank, talk to them about your needs, and what products and services they can offer you.

• Transaction fees and charges

            find out the account transaction fees and other charges. Some accounts might have limited transaction account and limited withdrawal limit.

• Interest rate

            some accounts might have high interest rate than offers.

• Minimum and maximum account balance

            some accounts do required to keep minimum balance level in order to avoid extra fees and charges.

• Whether a limited account is required

            linked account gives you the flexibility of opening minor or custom accounts that are limited to your primary account.

Before choosing a saving account you will need to decide what facilities you want from a saving account.

What kind of Savings account do you have?