There are a number of things that you may need to consider when opening a telephone savings account. You may need to choose between monthly or annual interest payments. If you have substantial savings, monthly interest may be a beneficial option, as the interest you earn may supplement your income.
You may be able to do the following with a telephone savings account:
- Review your latest transactions
- Access balance information
- Order chequebooks
- Make loan applications
- Make electronic bill payments
- Request debit card replacements
- Make transfers between accounts and to payees
There are also disadvantages in opening a telephone savings account:
- With a telephone savings account you may not be able to do all the things associated with a savings account, excluding cash withdrawals and deposits in a local branch.
- You may be unable to talk to someone from your telephone banking organization face to face and instead rely on an automated telephone service.
We have listed some of the best saving account deals available right now in the comparison tables on this page.