Opening a bank account: The basics

girl on laptop

Opening a savings account for the first time

Opening a savings account for the first time can feel pretty overwhelming, and who can blame you? Stepping into a bank on your own as a young person can be quite intimidating.

It’s easy to opt out and avoid the process altogether, but we are here to ensure that you know exactly what you are getting yourself into when planning to open a bank account 🙂

Convenience

You should always look towards going to your nearest bank – not only will it reduce transportation costs but you can minimise your time wasted during the day. It is critical to always keep in mind the location, accessibility and most vitally, what services the bank offer.

Interest rates may vary respectively between banks

Interest rates differ between different banks just as how intentions for bank usage vary between contrasting individuals. Master the art of comparing and evaluating.

Mirror your distinct lifestyle

A lot of banks provide different services that cater to differing needs. It is crucial to plan ahead as it will save a lot of effort in the future! Plan for the future – in case you aim to have kids, or even if you plan to spend your whole life alone.

Do you have an active lifestyle? Check out a bank that gives you access to mobile banking services to mirror your speedy style of living. It will entirely transform your thoughts on the whole physical-banking crisis.

Kill two birds with one stone and open a savings account while you’re at it

piggy bank

You will be ecstatic to see how much you’ve saved in your savings account over a prolonged period! It wouldn’t hurt to open another account too, as you can stand to gain more.

Call up your designated bank and ask questions

  1. The simplest and most straightforward remedy is to ask and clarify any queries you may have.
  2. Wonder how many branches they have? ASK!
  3. Are there any additional fees? ASK!
  4. Always practice the art of asking effective and comprehensive questions.

Conclusion

If you follow all the steps above, the whole process will be simplified! Fret not; it isn’t as burdensome as it may seem!