Why should you not only look at interest rates when saving?

Saving money in banks is one of the forms of saving idle money that people prefer. For many customers, interest rates are one of the top factors when making savings. However, according to experts, high interest rates do not necessarily mean that the deposit is attractive. To ensure that the money generates effective profits, customers should not only look at the interest rate.

Interest rates for the same amount of savings will vary greatly between banks. To attract customers, banks offer very high interest rates, clearly different from the market level.

However, this may be because these banks sacrifice profits from deposits and will often look to charge fees for other services.

When making a deposit, customers need to pay attention to the bank's reputation. (Illustration photo)

Therefore, when making a deposit, customers also need to pay attention to the bank's reputation along with the quality of service. Reputation here means whether the bank has a good management history or not, and whether there are any violations in managing savings deposits or not?

According to those who have worked in the banking industry for a long time, one of the criteria that customers can visually assess the level of prestige is the bank's working process. Depositors can observe from the time of reception until the completion of opening a product to make an assessment. A bank with a clear, careful, and professional working process will bring a more secure feeling to depositors.

On the contrary, lax management of banks will lead to employees not following regulations, simplifying actual procedures. This may be convenient for customers in some cases, but it is also a loophole that leads to risks to deposit safety.

Therefore, to have the most suitable and safe choice, customers need to carefully consider factors such as interest rates, reputation and accompanying services of the bank.

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Source: https://vtc.vn/vi-sao-gui-tiet-kiem-khong-nen-chi-nhin-vao-lai-suat-ar836785.html