Many people opt to keep their money in the bank as compared to some who keep theirs at home depending on the amount of money they have. Many people have different perspective in banking, some view it as an investment plan while other view it as a place to keep their many save.

Different banks gives different services and interest rates to their customers so to attract as many customers as possible hence the better the services the more the customers they get. As a customer, it’s better to understand the terminologies used in the banking services nowadays.

Savings Accounts this is an account maintained by the bank and pays interest to the customers who have opened this account but can not be use the money directly for instance, you can not write a cheque, this saving account allows the customer to side a certain amount of their liquid assets while getting some money in return. Online banking is a service that allows the customers to conduct their transactions through the internet offered by many bank to help and secure money transfer by customers.

Telephone banking is also a service offered by the financial institutions where the transaction is done through the phone. This is a phone system which is voice activated to ensure security. Cellular phone banking is transaction done using a cell phone to transfer money to different people, while student bank account is an account that operates with student transaction. It’s offered in many countries around the globe.