Thursday, 26 May 2016

Why an investment savings account?

For people who have evolved enough to not put their money under their beds, there are a lot of ways to save money or get huge benefits on the money you save in the bank. The one thing that everyone has today is a savings account. Savings accounts are meant for people who want to save money for future use and don’t want to withdraw a part of it every day.
However, if savings is on your mind, then you need to learn about the next big thing that your bank can provide you with ensuring that you get maximum returns on your money – investment savings account. With this type of account, you get the best of both savings and security. And when it comes to your hard-earned money, what else matters?
So, if you are ready to earn the big interests on your saved money, then you need to learn more about investment savings account. If you have already invested money in other places, you need to invest a portion of it in an investment savings account, because some of the banks give you the flexibility of withdrawing your money anytime you want. And we all know how rare this scenario is when it comes to savings account.
Before you open an account with any banking company, you need to do your research and look for some of the important factors.
1.       High interest rate
A very obvious factor because if you don’t get high interest rate for your investment savings account, then there is no point in opening an account. The higher the interest rate, the bigger returns you will get on the money you have invested. However, you need to look in other factors to before making a conscious decision about an account. Some banks try to lure their customers by guaranteeing higher rate of interest but devoid them of any other benefits.
2.       Low fees
If you are stuck with a bank that extracts high fees from you, then you will be making no profit which defeats the purpose of a savings account. Go for the bank that asks for lower fees yet gives you higher rates of interest. Moreover, it is better to compare the fees and interest rates of every bank under the supervision of an expert. This way you will be able to avoid any hidden fees and know where your money is going.  
3.       The customer service
A competent bank is important to back you up when you are investing a lot of money. Checking the reliability of the customer service that you are applying for is also important. If you cannot talk to someone when something goes awry, then you need to look for other banks. Having a good customer service is paramount as you will need professional assistance on so many levels and you cannot talk to the recorded voice every time. With these factors in place, you will be able to choose the best bank for an investment savings account easily.