Personal Bank Account

Most banks offer various options for personal bank accounts, most common of which are savings and checking accounts. A savings account is a simple and secure way to save money while you earn interest. When you open a savings account, you are provided with a savings book and an ATM (auto-teller machine) card.

Usually no interest is earned from a checking account, as it is a conduit through which you make payments and receive deposits, such as your paycheck. On opening a checking account, you are issued a checkbook and an ATM card. Some banks offer overdraft facilities with a checking account.

Our personal bank accounts are protected by the federal government up to USD 100,000 in the event of bank mismanagement, failures or other problems. Besides being a safe place to place our money, a personal bank account is an advantage when it comes to applying for loans, credit cards or overdraft facilities.

Most banks provide a range of services for personal bank accounts. In choosing a bank, there are a number of factors to consider namely accessibility, minimum bank charges and high interest earnings.

With internet and phone banking, physical location of the bank is not a critical factor, as long as the bank services are accessible at all times possible. Banks with a wide network of auto-teller machines installed at convenient locations facilitate cash withdrawal, deposits of checks and cash as well as transfers and other automated operations.

Most banks charge fees when your personal bank account falls below a stipulated minimum or you exceed a certain number of cash withdrawals in a month. Some banks offer free banking; however it is advisable to read the terms and conditions pertaining to this free service.