There are hundreds of banks across the country, and literally thousands of branches. Every bank tries to find a specific niche in which it can offer best of class services. There are only a few banks which have the reach (number of branches) and depth (geographical penetration) to be able to provide all services to all people.

Opening a bank checking account online is far easier than waiting in a physical bank and waiting for the paper process to be quickly completed. Having an online checking account access is efficient as one can easily access it from any form of smart-device, be it a computer or a smartphone.

Offshore banking means the deposit of funds by an individual or a business in a bank that is positioned outside of their national residence. Even though the time period implies that these banks are placed on islands, many offshore banks are, in reality, located in onshore places, which include Panama, Luxembourg, and Switzerland.

Several books are written every year in the genre of understanding monetary business. If you want to grow your money exponentially, the basic understanding of savings interest rates is a must. Banks rates may be hard for some people to understand. But, there’s an easy formula for understanding bank savings account interest rates.

There are a few things a person must see before opening a savings account. The main feature being the interest rates (APY) followed by the fees the bank charges. It is also important to differentiate between a savings account and checking account depending upon your requirements. Minimum balance requirements of the bank must satisfy the income or savings you generate.

When opening your savings account, you must compare different savings accounts offered by banks. It is best to compare and make an informed decision instead of choosing a bank which doesn’t give proper service or returns. Here are some important parameters to consider when comparing savings accounts. Maintenance fee or no fees – The most important thing to look in a savings bank is the maintenance/annual/monthly fees.