As they say, ‘Being in control of your finances is a great stress reliever’. But now the question arises, where to put the savings? Piggy bank or bank? In my opinion, bank remains the best option to put your savings in, but you ought to know some facts before opening a savings account in the Philippines. Scroll down, to know more:
- Interest rate
The interest rates offered by banks vary. So, before finalizing the bank with which you’ll open your savings account, do your share of market research wisely.
- Minimum balance
Every bank has a different minimum balance requirement, which generally ranges between PHP 10,000 and PHP 15,000.
- Internet banking
Don’t forget to activate internet banking services when you open a savings account. Internet banking will ease the process of monitoring your finances. Try to find out which transactions can be made online and which are restricted.
- Account type
Savings account come with two types, either ATM or Passbook account. You can choose either of them or both.
- Ease of access
Go for a savings account with a bank which is just a few steps away from your house or place of work so that it is easy to access your account on regular basis.
- Savings account as an Overdraft account
Yes, you can overdraw your savings account!
- To yield best interest rate
Choose online savings account to avail the benefit of the best interest rate.
The feeling of putting in your savings into a piggy bank is inexplicable, but a savings account comes with its own set of perks!