Things to Consider When Opening a Zero Balance Savings Account

A Zero Balance Savings Account is a type of bank account that doesn’t require you to maintain a Minimum Average Balance (MAB). You can utilize the funds in your Zero Balance Savings Account without having to worry about the minimum balance requirement. Digital banks usually offer this kind of advantage. An account with N26 for example doesn’t require a minimum balance in order to maintain one. With leading banks, you can open a Zero Balance Savings Account online from the comfort of your home.

Here are the steps you must follow to open a Zero Balance Savings Account:

  1. Visit the official website of the bank with which you wish to open your Zero Balance Account.
  2. Fill in the Zero Balance Savings Account application form and submit it.
  3. Upload the digital copy of the required documents such as address proof, ID proof, income proof, etc.
  4. The bank will verify your details and you will be able to use your Zero Balance Savings Account shortly.

Now that you are aware of the process to open a Zero Balance Account, let’s have a look at some important things to consider when opening a Zero Balance Savings Account

Compare the interest rates offered by different banks

You can earn interest on the balance in your savings account. Different banks offer different interest rate on Zero Balance Savings Account. Therefore, you must compare the interest rate offered by different banks and settle for the one that offers an attractive rate. This will help you growyour moneyfaster.

Check the account-related charges

When opening a Zero Balance Savings Account, you must check the different charges levied by the bank such as ATM withdrawal fee, monthly maintenance charges, cash deposit fee at a non-home branch, etc. Making a note of these charges will help avoid any inconvenience at later stages.

Online banking Facility

Make sure that the bank with which you open a Zero Balance Savings Accountoffers mobile banking and net banking facility. This will not only help you carry outonline transactionsbut also allow you to keep a track of your transactions in a hassle-free way. You can also check your account balance, transfer and receive funds, enjoy online shopping, and invest easily with your Zero Balance Savings Account.

Doorstep banking facilities

You can consider opening a Zero Balance Account with a bank that offers doorstep banking services such as cash/cheque pickup, demand draft delivery, documentation pickup, etc. This will avoid the hassle of travelling to the bank branch frequently. However, banks usually charge a certain fee for providing doorstep banking facility.

Customer Service

Always settle for a bank that has efficient and reliable customer support team. To get a fair idea of the customer service provided by the bank, you can go through the online reviews of its existing customers. This will help you make a well-informed decision.

A Zero Balance Savings Account can help you manage and monitor your finances efficiently. So, don’t hold back, open a Zero Balance Savings Account, today. Lastly, when opening a Zero Balance Account, make sure that your preferred bank has good ATM facilities and network, and low transaction feesfor using other banks’ ATMs. This will make withdrawals smooth and hassle-free.