If you already didn’t know, there are different sorts of bank accounts that serve different purposes. Whether it’s your first time opening up the best savings accountor you have gone through this process before, you must understand the difference in bank account types.
For savings accounts, you especially need to be extra careful. The name basically entails that you save a portion of your money in a savings account. However, based on this main idea, there are different kinds of savings accounts. Today’s article will give you a comprehensive guide to different sorts of bank accounts.
Regular Savings Account
You might instantly think of traditional savings accounts when thinking about where to put money away. These are the standard savings accounts offered by traditional banks. Even though they often pay less than other savings products, these kinds of savings accounts typically let you earn interest on your money. You can open a standard savings account with a small minimum deposit at many banks and credit unions.
You can often withdraw money from a traditional savings account up to three or five times per month without paying a modest penalty. You may be able to manage your account with a bank over the phone, online, in a branch, or through mobile banking. Most of the people who go to the bank to open savings account, it is typically a regular savings account. With 7% per annum interest, if you wish to open a savings account that eliminates all the hassle of mundane paperwork, check out IDFC FIRST Bank today!
Instant Savings Account
This type of savings account is basically a little identical to the traditional savings account. However, the one notable difference is that an instant savings account gives you much more flexibility. When trying to open a traditional savings account, you must visit the bank to proceed with paperwork and other formalities. However, with an instant savings account, you may open your much-needed account from the comfort of your home with a few clicks on your smartphone. E banking truly made it easy for people!
Zero balance savings account
Won’t it be just great to open a new account without worrying about maintaining a low balance? Well, that is where zero-balance savings accounts come in! The account holder can open these accounts with no money put in, and they are not restricted to maintaining a minimum average monthly balance. The bank limits these accounts, such as the number of ATM withdrawals allowed, the type of debit card that can be used, the absence of a chequebook feature, etc., because there is no MAB requirement.
Family Savings account
Family savings accounts are a particular kind of account that lets everyone in your family use a single platform to handle their various banking needs. Compared to standard accounts, it provides a number of advantages to account holders.
Wrapping Up
Whether we are talking about an e-banking app or savings accounts, the key is to know your requirements first. With that established, you can take a look at the different options you have for yourself and pick the one that suits you the best.
