Is Woman's Savings Account Better than a Regular Savings Account
March 04, 2019
Banks offer many different types of savings accounts for varying needs. From a regular savings account to salary account and even women savings account, the list is endless. Women accounts, in particular, offer a host of additional benefits for women as compared to a regular savings account.
If you are planning to open a new savings account, should you go for one such account or stick to the regular savings account? Understanding the differences between the two can help you decide. Let us have a look at some of the most important differences between a savings account for women and a regular savings account.
1. Monthly Average Balance
One of the most important considerations when opening a new savings account is the MAB or Minimum Average Balance requirements of the bank. If you fail to maintain this balance in your account, the bank can charge a penalty for the same.
While there are regular savings accounts that come with zero balance requirement, most women accounts come with some MAB requirements. But while usually, the MAB of women-specific accounts is higher, they do offer additional benefits.
2. ATM Transactions
With a regular savings account, there is now a monthly limit on the free bank and non-bank ATM transactions. You will be charged a transaction fee for using ATMs above this limit. These charges help banks to manage the overhead costs of offering additional services to the customers.
However, there are no such limits with many of the saving schemes for women. This means that with such accounts, you can use ATMs of any bank any number of times in a month without paying any transaction fees.
3. Cash Back and Gift Vouchers
A regular savings account is one of the safest ways to store your money and access it as and when you need it. Moreover, you also get to earn interest on the deposits.
However, with the best saving account for women, you get additional benefits such as cash backs and gift vouchers. Discounts on locker fee, zero fees for opening a trading account, and airport lounge access are some of the other benefits of such accounts.
4. Loan Offers
Loans such as a personal loan are one of the best ways to manage financial emergencies. Moreover, there are also loans like auto loans and home loans that can help you fulfil your dreams. With bank schemes for women, you get attractive discounts on such loans.
These benefits are not available with a regular savings account. However, if you do have a regular savings account in a bank for a long time, you can try to negotiate a better deal when taking a loan. Most of the banks do consider your relationship with the bank when offering loans.
5. Dedicated Relationship Manager
Some of the women bank account also comes with a dedicated relationship manager. The relationship manager can help account holders select the right banking and financial services and products offered by the bank.
With a banking expert guiding you at every step, you can rest assured that you will gain maximum benefits from products and services that are ideal for your needs. Regular accounts do not offer any such benefit. However, with a regular account too, you can get in touch with the bank to get all the assistance you need.
Selecting Between a Woman Savings Account and Regular Savings Account
The selection between a regular account and a women-specific account generally depends on the needs of a customer. If you are just looking for a standard bank account with all the basic facilities, you can go for a regular savings account.
However, if you are looking for added benefits such as the ones discussed in this post, a women account can be a better option. Get in touch with a top bank offering women savings account to know more about the benefits and get most out of your hard earned money.
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