Whether you are considering opening a free savings account it is imperative to select a highly regarded bank that meets all of your requirements. Some distinguished and easily accessible banks are Citibank, HSBC and ING Direct. Another factor to contemplate is how uncomplicated it is going to be for you to retrieve your money just in case you need it. Other important question to ask is if a debit card will be provided? Are there local branches where you have face to face support if necessary? Is there any transaction or monthly charges applicable to the account of your choice? As you start your no cost savings account, these are basic aspects to think about.
Once your decision is made about which bank is the best for you, then you can proceed with the application procedure; there are essential points to consider when opening a savings account without a deposit. Banks will normally require your driver’s license number, social security number, as well as proof of address, not a P.O. Box., an active phone number, email address and in some cases references from people you know. You must carefully review your application before submitting it as you dont want to be rejected by a small error on the form. When your application for free savings account is accepted, the bank will normally send you an email letting you know the good news and providing you the user name, the password to access your online bank account will be sent by post as part of the security procedure.
Nowadays, the majority of banks offer several ways to deposit money into your bank account; the most common one is by direct debit; you will be able to set up an automatic direct debit from your current or primary account; they are normally set up on a monthly basis and a small portion of your salary is transferred, ideally it should be around 10% but this will depend on your current circumstances and expenditure; however, the best way to start saving money to buy your new house, car or the holiday of your dream is by authorizing your company too deposit an specific amount into your free savings account; you can arrange to deposit 90% of your salary into your current account and 10% into your savings account.
As a general precaution you must be aware about the importance of online banking safety and the problem how identity theft affects credit record, this is the assessment that a bank keeps about you as a future customer and how risky you might result if a credit is given to you. You must always keep in a safe place your username, password and log in details; never access your online account on a public safe such as a library and the use of firewall and antivirus in your personal computer is highly recommended.