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When it comes to your money, it is important that you consider how you save and more importantly where you save it. Whether you are saving for your future, your loved ones, a new car purchase or a home, you need to make your money work hard for you and that means finding a savings account in Pakistan that offers best retruns that you need.
A number of potential options are considered when finding a best saving account, such as you should be looking for a savings account that has a high interest rate offering for a fixed period of time. You may also need a saving account that allows you full flexibility and does not charge penelties upon fund withdrawls. Additionally, you may also consider an account where your money is locked away for a certain period of time which can often give you a higher rate.
All of these considerations come down to knowing what you want and comparing savings accounts using Mawazna.com. So, to find the best savings accounts, read the tips below.
Understanding the accounts that are available
Of course, before making a decision, you need to know what you require. There are many different savings accounts available in Pakistan offered by different banks and many will come with their own exclusive features. The accounts that come with improved features will often come at a cost because they will offer things such as an increase in the withdrawal limit or overseas use. Therefore, you need to choose the account that meets all of your requirements.
The interest rate
This can differ between banks but it is important to get the best rate available to you. However mostly you will find the interest rates on offer are pretty much same however additional features and benefits are important to be aware of. Along with this, banks such as Standard Chartered offer a rate of 3.75% but others could offer more or less driven by State Bank of Pakistan KIBOR rate offers. If you want to earn as much as possible and have no plans to access the money you should look for an account that offers a good interest rate that is fixed over a period of time also called a term deposit account.
Additional Reading: Get best interet rates by comparing bank accounts online
Will the account come with a debit or a credit card?
The majority of savings accounts will come with a debit card that can be used at ATM’s and in retail outlets, providing instant access to your money. Of course, having a card is down to you because you may not have any intention of spending your money, instead opting to leave in the account where it will continue to accrue interest.
Is there a minimum balance required?
Prior to opening the account, you will need to find out whether the account needs a minimum balance to keep it open. It is important to be aware of the fact that should you open a minimum balance account, you will have to ensure that this amount is in the account at all times or else you could be penalised. The HBL PLS Savings Account is a great example of this whereby just Rs. 100 is required to open the account. However most of the basic and Asaan saving accounts currently being offered by Pakistani banks are coming into this category where just Rs. 100 are required for a fix
Keep track of your account
While it helps to have access to a bank where you can speak to someone about your account, online banking is now the way forward. Opening a savings account that provides access to online banking will enable you to manage you money, make payments and move money around.
Can I earn rewards?
In general, savings accounts will not provide you with rewards as such. However, some banks will provide you with a credit card that can give you access to some fantastic rewards. This could be cash back on spends made are certain retail outlets, air miles and cash back on fuel spends. But this also may depend upon the amount of funds that are being deposited into a new saving account.
Are there charges for transactions I make?
This is something you should consider if you plan to use the account on a regular basis. Some savings accounts will only allow you to make two withdrawals every month which means you could be charged for any subsequent withdrawals. The HBP PLS savings account will charge you for Interbranch cash withdrawals at price of Rs. 370 while international withdrawals will cost you 3-4% of the total withdrawn. Therefore, it is important to understand how you will use the account and where you plan to use the account.
As you can see, there is a little more to opening a savings account than simply opening an account. There are many considerations to make but more importantly, you need think about what you need before you compare savings accounts on Mawazna.com.
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