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How to open a saving account

If you are just about to open a saving account for the first time then we can help you to choose an account that will work for you.  Depending on what type of services you need there are various account types available.

If you are beginning from scratch then the best option for you is a current account.  These accounts are really flexible and don't require you to have a minimum balance meaning that you can withdraw money whenever you need it and lodge it whenever you don't.  They also include a debit card that gives you access to ATM's and allows you to make purchases online and in many shops.

If you have a lot of money and wish to get the maximum return for your money then you would be wise to open a fixed term savings account.  If you choose this type of account then it means locking your money away for a fixed term of at least a year.  Should you need to withdraw this money at any time then you will be breaking the term contract and will have to incur a penalty fee thus eating into any interest you may have earned.

Once you have decided which type of account you want then the next step is to compare account benefits with all the banks in your area to find yourself the best deal.  Make sure to pay extra attention to the fees and charges each bank charge as these can eat into your savings if they are any way excessive.

When you have decided on which bank to open a saving account with then you will need to bring 2 forms of identification with you as the bank must verify your identity.  You will also need to bring along proof of address so they can verify your address.  Any bill or government document in your name with your address will suffice here.

Your new bank will process your information and you will be the proud new owner of a bank account so you can start saving immediately.

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