Advantages of Opening a Savings Account

Dubai, UAE -- ARAB NEWSWIRE -- Emergency situations and the need for extra money can crop up at any time. To tackle any such unexpected circumstances without getting worried, one can rely on savings. Savings can help face dire situations and also let one fulfil different needs, such as buying home decor or renovation items, buying a car, jewelry, paying fees for higher education, and so on.

All in all, it is a good and healthy habit to start saving, even if it means a small amount each month. Though there is no definite rule as to when can one start saving, ideally most people open a savings account in a bank when they start earning money.

A savings account comes with benefits too. For instance, when one opens a savings account, he/she can earn interest each month, withdraw money whenever required, access online banking services at any hour, and more. Read along to know about the multiple benefits.

Easy to Start
To open a savings account, one does not need a lot of planning. Most banks such as Citibank have a fairly simple process that does not involve a lot of steps or technicality. To open one a savings account, an individual can visit any branch of the bank and check the interest rate offered, eligibility criteria, and other related details before applying. Once the documents are approved, the account will get activated in no time. The bank will also send the debit card and other necessary details so that one can withdraw money and use the online banking services whenever needed.

 

Get Immediate Access to Your Funds

Having a savings account is one of the most convenient investment options. While most investment products have a lock-in period during which individuals cannot access their money, with a savings account individuals can access their money any time they want.

 

Earn Interest
Keeping a portion of one's earnings at home may feel like a convenient option. A savings account lets one earn interest. The extra amount earned can help an individual in many ways. Different banks offer different rates of interest. One can compare and check these details before applying for a savings account.

Safe Place for funds
A savings account is a safe place to keep funds. Not only does it store the funds securely, but it also lets one earn interest. Individuals can withdraw their funds from ATMs at any point in a month, and utilise them as per their requirements. Also, it is a wise option to keep funds in a savings account rather than stashing them at home in a locker.

 

Conclusion

For those who want to start investing their money and maintain a low risk profile, a savings account in the UAE can be a blessing. One can save the funds each month and also earn interest. To open a savings account in the UAE in a bank such as Citibank, all one needs to do is visit the nearest branch. Individuals may even check the official websites of several banks and then apply for a savings account at the bank that aligns with their requirements.

 

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