25th Jan, 2016

1. The festivities are over and it’s back to the usual hustle and bustle of life trying to make end meet. Somehow, you survived. It’s particularly hard however getting to the normal routine after the heavy spending over the December holidays. Christmas debt is a phenomenon that occurs to many people, as discussed in our last article.  Steeped in Christmas Debt? A 5 Step Plan to Get Back on Track

If only there was a way of having fun and spending during the festivities and also tackle the January responsibilities without breaking a sweat.

Well, the good news is there is. All you need to do is plan ahead. And to prepare for this, you need to start saving now.

Saving is a great habit to cultivate as it ensures one has a backup plan in case of an emergency. One can also save for investments or save for a future event. The bottom line is, putting away some money is one of those things that are purely beneficial to a person with no repercussions at all.

Before opening an account, get ample information on the bank you want to handle your money. This research will also help you identify the kind of account that fits your needs and lifestyle perfectly.

Let’s look at several savings account that you should consider opening this year.

1. Fixed account

This is the best account when you want to save for a long period. This account allows accumulation of money without monthly charges. Money also earns interest in this account as long as the minimum balance is maintained. However, one cannot access the money until the set time lapses.

2. Savings account

There are different types of savings accounts depending on a bank, each tailored to suit the need of the client. One can save money and also earn interest in this account as long as minimum balance is maintained. One gets to withdraw up to four times a year therefore encouraging one to save more.

3. Current account

These accounts allow immediate access to money. These accounts include salary, students and day to day accounts which means it is perfect for frequent transactions.

4. Transactional account

It is similar to a current account but is tailored for a market segment for instance children, business people and students.

Find out the documents required to open your account of choice and visit your bank branch of choice and begin enjoying the services. And as the rest moan about how January is long and tough next year, you will be secretly smiling with a comfortable wallet.