This can be solved when you are sure of the features and benefits you need. There are certain things to compare between one or more banks when getting a savings account, such as:

• Interest Rates: The main feature and equal benefit of a savings account is the interest rate provided on the minimum balance maintained in the account. Banks offer competitive interest rates on savings accounts. When choosing a savings account, it is important to compare the interest rates offered by different banks.

• Initial Deposit: When opening an account, the account holder must deposit an amount initially. Check with the banks before applying for the account.

• Minimum balance: Savings account holders must maintain a minimum balance in their accounts. The minimum balance criteria varies among banks. Some banks offer zero balance accounts where the account holder does not need to maintain any minimum balance in the account. Some zero balance accounts offer interest rates on the balance maintained in the account, which is an advantage.

• Fees and Charges: Various fees and charges can be added to a savings account. From account maintenance fees to withdrawal fees. It is important to compare account maintenance fees, cash withdrawal fees, outgoing transfer fees, and fees for not maintaining the minimum balance, among others.

Translated by: A.M