Northern Ireland unveils new economic plan

Reviewing and revising an economic plan is a great step towards a growing savings account.

09:36 19 June 2013

Northern Ireland is unveiling a new economic plan, and like Northern Ireland we should review our budget to find out how our own finances are doing. Establishing a savings account is just one key to successfully handling economic strains.

 

Here are a few things you should consider when you set up a savings account.

 

• Banking institution—if you already have a favourite banking institution you might feel most comfortable just checking with the bank for a savings account, but you may not get the best interest rate.

For some people the banking relationship is more important than how much is earned in interest, but if you are really keen on watching your savings account balance grow, you will want to look around.

 

• Comparisons—there are quite a few things you can compare between banks, which might sway your decision one way or another for where you open your savings account.

 

1. Hours of operation
2. Online banking availability, and whether or not it is free
3. Debit cards available for a savings account
4. Fees involved with the accounts or activity
5. Minimum amount to open an account
6. Balance requirements for accounts
7. Deposit frequency requirements
8. Interest rates for a savings account
9. Withdrawal requirements and timeframes
10. ATM access for the savings account

 

• Reputation—if you talk to friends and relatives you may get a better idea of which banks provide good service and a good savings account programme for their customers. Satisfied customers will be happy to recommend their bank to others.

 

•  Variety—you may want to look for a banking institution that is offer to able you the kind of variety you want with products and services in case you want to establish more than just a savings account at that bank.

 

• Qualification—make sure your bank officer has the right qualifications to offer you legitimate financial advice for your savings account.