Opening a savings account should be top of your financial planning to-do list. Depositing your extra cash into a savings account is safer than keeping it lying around at home. And that’s not even the best part. Whatever money you deposit into your savings account will keep earning interest for as long as it stays in the account.

Every bank has different eligibility requirements and different terms and conditions. In order to get the benefits of a savings account, it’s important to find an account that suits your purpose and your goals.

Asking your bank these questions before opening a savings account will help you make an informed decision.

How much interest will my money earn?

Banks pay you interest for keeping your money with them. They make their money by loaning this money out to borrowers at a higher rate of interest.

Although rate of interest is not the only factor that goes into choosing a bank, it is one of the key factors. Ideally, you want to open a savings account in the bank that’s offering the highest rate of interest on your money. The higher the interest rate, the faster your money will grow.

When asking about interest rates, don’t forget to check the rates on both low yield and high yield savings accounts.

What is the minimum initial deposit requirement?

Most banks will require you to make a minimum deposit to open a savings account. This initial deposit amount can vary widely from one bank to another. You will need to have sufficient funds to cover this initial deposit requirement.

Every bank will also have different initial deposit requirements for low yield and high yield savings account. Most banks make it easy for you to open a low yield account by asking for a low initial deposit. However, you will be required to make a much larger initial deposit to open a high yield account.

Are there any minimum balance requirements?

In addition to the initial deposit requirements, many banks also have minimum balance requirements. This is the minimum amount you are required to maintain in your account over a specific period. You may be charged a fee if your balance during the specified period falls below the required minimum. Most banks calculate the fee based on the average balance in your account for the money. Some banks may waive these fees if you can provide compelling reasons why your balance fell short during that period.

Low yield accounts have a lower minimum balance requirement as compared to high yield accounts. Before you open a savings account, speak to each bank. Find out details of their minimum amount requirements and the fees they charge if the balance dips below the required minimum.

How many withdrawals am I allowed to make in a month?

It may come as a surprise to learn that banks limit the number of withdrawals you can make through a savings account. Some banks specify a certain number of withdrawals every month. Others allow a specified number of withdrawals in a year. Find out each bank’s withdrawal limit.

Equally important, find out how much the bank will charge you if you exceed the number of withdrawals allowed.

Do you charge an overdraft fee?

You can withdraw any amount of money from your savings account at any time, provided the balance meets the required minimum. Sometimes however you may spend more money than you have in your checking account. Withdrawing more than the balance in your account is known as an overdraft.

Some banks will allow your overdraft transaction to go through but they will charge you an overdraft fee. Others may prevent you from withdrawing more than your balance by declining the transaction when you swipe your card.

Ask the bank if they offer any overdraft protection. If they do, ask if they charge a monthly fee for these protections.

Do you charge transfer fees?

Most banks allow will allow you to pay bills directly from your savings account without charging any transfer fees. However, you may be charged a transfer fee to wire money to an account holder in another bank. This is regardless of whether the account holder is an individual or a business.

Ask the bank if they offer a person-to-person transfer service. If they do, you will also be able to send money to family or friends without paying any transfer fees. This person-to-person transfer is usually done through online banking or using a mobile app.

Can I access my account information online?

It may seem like a strange question to ask at a time when almost everything is done online but ask anyway. Being able to access your account information online is especially important if you don’t have easy access to your bank branch.

With online access, you will be able to check the balance in your account at any time. This can help you top up if the balance has dropped below the required minimum. You will also be able to pay bills online and transfer money to anyone anywhere in the world.

Where are your ATMs located and are they free to use?

Does the bank have an ATM located in close proximity to your home, office, or any place you visit regularly? One of the benefits of opening a savings account is that you can withdraw money at short notice. If your bank doesn’t have an ATM located conveniently for you, ask if there are any affiliate ATMs nearby.

You may see ATM machines around almost every corner but don’t make the mistake of presuming anything. ATM withdrawal facilities vary from one bank to another. Some banks may charge you if you withdraw money from an ATM operated by other banks. These fees can add up quickly. Ask prospective banks about their ATM network and which ATMs you can use without paying any withdrawal fees.

Getting the answers to all of these questions will help you choose a savings account that’s best suited to your financial and personal circumstances.