Bonuses of Savings Account
When you were a child, did you encounter to save money in piggy banks or coin cans? Saving coins is one of my memorable memories during my childhood days. I don’t have piggy banks, I only have a part of bamboo tree with small slot where I put my extra over coins.
I still remembered my parents used the bamboo post of our home as their saving deposit since our former house was made from bamboo and leaves from ‘sasa’. In those days, there were scarce banks and they have big first deposit before you can open a bank account. My parents cannot manage to request for bank savings account for that reasons.
Way back 20 years ago, the banking practice is completely difficult and was available only to the middle class and wealthy people who can afford high first deposits and maintaining balance. Nevertheless, as the time went by, banking system changed for good for those who want to avail the perks of saving in the bank.
Savings account offers a lot of comforts and bonuses to the depositors. These days, it is very simple to apply for a bank account provided that you have the complete requirements like two valid IDs, proof of address and first deposit.
Almost all of the big banks have small first deposit and maintaining balance in comparison 20 years in the past. Almost of the banks are fast in processing savings account application which can be completed from 2-3 days until you get your ATM card or passbook.
There are many perks of savings account that can be very beneficial for the depositor. Here are several bonuses you can have:
1. Sure or secure place for your saved money
2. Interest profit every month or year
3. Admission to bank’s services and products like bank loans, investment funds, time deposits and more
4. credit card application
5. detailed transactions of funds and withdrawal of funds
6. pay bills online or offline like utility and electricity charge
Savings account is a very helpful financial instrument to assist us to save money in safe and normal means. With savings account, you can earn interest of your principal money, access your account online with Internet banking and a lot more.
Gily Tenorio is a personal finance blogger who likes blogging on financial management, saving, investments and Internet banking. To read more information on how to open a FirstMerit Online Banking account, you should go Online Banking blog for helpful articles on saving, investment and make money online.
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