Savings accounts are important on many different levels. While savings accounts are mostly used for everyday banking, the reality is that these accounts will probably cost you more than they make you. A lot of people complain about the fees on everyday banking but in truth its a service that you pay for. The bank handles your money and allows you a lot of different services and conveniences. After all, you cannot put your money under your bed, right?
When it comes to investing, savings accounts are slightly different. It allows you to earn "pretty good" interest while having the safety and security of a savings account. The ability to have instant access to your money is something that most long term investments won;t allow you which is why this is a great option. Regardless of your investment plan, this should be a portion of your plan.
So, what are the most important aspects of an investment savings account? Here are 3 important things to look out for.
1. Low Fees
Obviously fees will eat into your interest. Your goal is to keep your fees as low as possible. Its important that you talk to someone as there are so many hidden fees and knowing exactly what you will pay for and when you will pay for it is critically important.
2. High Interest
It goes without saying that the higher the interest the higher your return. The problem is that high interest often lures people in and institutions often make up for this with high fees. Always compare the fees against the interest to make sure you get the best deal.
3. Customer Service
When it comes to investing your money you really need to have competent people behind you. Customer service is important and being able to pick up the phone to talk to someone is not a luxury. Its necessary and something that you need to look for. If things go wrong then you really need to be able to speak to someone who is competent and willing to help you sort things out properly.
Finding the best account for your needs will typically be one that is fair in all 3 these areas. No account is perfect and while many bankers will claim that they offer the best you need to do your own homework. Decide what's most important to you and tailor your investments accordingly.
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Read more about ISA savings accounts and learn more about why you need an investment savings account ...
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