What kind of access do you need?
While interest rates are an important part of choosing a destination for your hard earned money, it’s also important to find an account that’s going to let you access your money in such a way that suits you.
It’s also worth remembering that there are savings deals that offer great benefits with certain restrictions. These restrictions include maintaining a minimum balance of a certain amount and withdrawal limitations. If you are likely to need your money during the specified time frame then it’s unlikely that this type of account will be worth while as the penalties typically associated with such accounts will outweigh any benefit earned from the higher rate. So, be careful when comparing them.
In addition to this, you’ll also need to consider how you want to access your money. If you’re comfortable with your computer then an online account is likely to be convenient and providers often offer the best returns over the internet. However, if you value a branch based service then this is something to look out for too as, while maximizing your savings is about getting the best return on your money, it’s only worth it if you have an account that you feel comfortable operating. Find savings accounts with online access.
Do you expect a monthly income from your savings?
Many savings accounts in Sri Lanka attract interest monthly, thereby allowing you to take income from your investment on a monthly basis. Some accounts on the other hand offer quarterly or bi annually interest payments. If you’re likely to need a monthly income from your money then this is definitely an important feature to consider when comparing accounts. Equally important is that there are accounts specific to children, professionals and senior citizens. Therefore, select your savings partner according to your specific requirements and don’t succumb to temptation.
Once chosen, can you stop and wait?
Once you’ve figured out what type of savings account is going to work for you it’s simply down to finding an account that matches your criteria, rightBETA.com’s handy comparison tables should only take a few minutes at most.
However, it doesn’t stop there. While it’s tempting to sit back and relax once you’ve made sure that your money is working hard, you shouldn’t get too comfortable as providers do change the accounts and interest rates do drop. By keeping an eye on the return your account is providing and strategically switching when it stops giving you the best deal, you can make sure that your savings continue to grow as fast as they possibly can.
