Are you about to open an account for carrying out your regular banking transactions? Well, there are a few factors you need to consider before opening an everyday transactions account. When banks create banking solutions for their customers, they tailor them to different customer needs, so it’s important you are aware of what to be on the lookout for when selecting the right account for your needs.
Remember, a savings account will not offer the same benefits as a transaction account, or even an online savings account. What you need, is an account that will help you to save money, easily access it, incur minimal transaction costs, and at best, pay no maintenance fees.
Continue reading to learn more about some of the top features a good transaction account should offer.
If you’re opening a transaction account, chances are you will be doing multiple ATM withdrawals per week. High ATM withdrawal fees will, therefore, eat into your savings considerably. Ideally-speaking, a transaction account should not charge you any ATM fees, which will allow you to easily and conveniently access your money, save more, and enjoy spending what you have earned, instead of spending money on banking fees.
When it comes to using your account, you will be accessing the transaction account mostly from the ATM. For this reason, it’s important to choose a bank that gives you easy access to ATMs across the country. When you combine that with zero ATM fees, what you get is easy and convenient access to your money when and where you need it.
A good transaction account will not charge you accounting fees each month, allowing your money to remain untouched unless you transact. Without transaction fees, you can come back after few months and will find that your balance is as you left it, if not more. Without these fees, you will be able to save more of your money or simply keep it safe in your transaction account for when you need access to your funds in the future.
No Minimum Deposit
When you open a transaction account, you should be able to access every dollar that you have saved without any issues. A transaction account that requires you to maintain a minimum deposit will limit access to your funds. Therefore, it is important that you only open a transaction account with a bank that does not require a minimum deposit so that you can stay in control of your finances.
Choosing the right account will allow you to earn interest on your savings over time. It’s a great feeling to find that your account’s balance is increasing as you earn more and spend less. There’s no good reason why you shouldn’t be able to earn some interest from your savings and increase your overall income. Consider opening an account that will reward you for saving more and capitalise on this opportunity.
Having a transaction account means, you will be able to use the account online as much as you use it offline. Therefore, you need protection from fraudsters who might try to access your account when you make online transactions. The bank should also be able to assist you in reversing unauthorised transactions and alert you when it detects suspicious activity in your transaction account. It’s crucial to protect your account that you utilise the security options offered by your bank.
Cheques and International Transactions
From time to time, you may need to write cheques, and possibly make international money transfers from your transaction account. A good bank should only charge you minimal fees when it processes cheques and when you make international money transfers.
Choose the Right Transaction Account for You
When opening a transaction account, the main factors to consider include accounting and maintenance costs, safety of your funds, and easy accessibility whenever you need your money. Overall, a good bank account should allow you to enjoy spending and saving your hard-earned money, without burdening you with costs for doing so.