Savings make for one of the most important elements in everyone’s life. No matter if you are a student, a working individual, a retired person or a homemaker, you should develop the habit of savings in your routine to keep your personal finances in an organized manner and the most effective way to make the best use of your funds is through Savings Account.
What is a Savings Account?
A Saving Account is known as a facility or a service offered by banks to their customers. It provides a secure place to keep money and act as a consistent source of income that provides interests. You can conveniently and quickly add or subtract money in the form of deposits or withdrawals respectively. Thus, it is one of the most sought after bank accounts by the individuals. Interest on Savings Account depends upon the policies of the country you live in but usually, it is calculated on a quarterly or half-yearly basis. Some of the basic facilities provided by Savings Accounts are: -
Benefits of a Savings Account
Having a savings account is a form of investment, whenever you make a deposit. It simply implies that you are making an investment. Furthermore, you do not even require a generous amount of money to open a savings account. You need as little as $30 in some countries and also you can go for online savings accounts with no minimum-balance and higher interest. Following are some of the benefits of having a savings account:
Earn Interest: most of the savings account will give you interest over time. Try to find a bank that offers higher interest, this can be of greater benefit in a longer run however small it may seem initially.
Safety of funds: a savings account is the best medium to keep your money safe where it is insured instead of keeping it at hand where it is most likely to get stolen or lost.
Funds transfer: if you have a savings account, you can easily transfer funds through internet banking or mobile banking. You can easily pay utility bills or loans on time by choosing an automatic debit facility.
How Savings Accounts are keeping up with changing times?
As discussed earlier, a savings account is not merely a safe place to manage your money but it also facilitates long-term benefits and privileges. These days, banks are constantly evolving in line with the changing times to provide their customers with a whole new level of banking experience and beyond.
To keep your assets more safe and secure, banks are coming up with more innovative solutions with a meticulous, transparent, and honest approach. Now, what are these solutions? To answer this question, the following are some of the newer features that you should be familiar with if you are a savings account holder:
No stress of Maintaining Minimum Balance
Now you can make the most out of your savings account without any worries as there would be no charges on non-maintenance of minimum balance. However, there will be a requirement for the average quarterly balance of a certain amount in a savings account or current account depending upon the bank you are associated with.
Enjoy additional services for free
You will not be charged for making additional requests such as cheque returns, checkbooks, passbooks, demand drafts, statements, TDS certificates, alerts, or any other services that your bank provides. Avail help any time with no extra cost.
No charges on Transaction
To help you experience smooth and stress-free transactions, banks are ensuring that there are no RTGS/ NEFT charges on any domestic fund transfer.
Extended Benefits to your Loved Ones
Banking is coming up with the latest features where through grouping up to ten or more accounts in the same bank, the benefits will extend to everyone on all transactions.
Free VVIP MAMN number
You can have the flexibility to choose your own account number with the exclusive feature of My Account My Number.
Door to Door Banking
Garner the benefits of doorstep banking service without any extra cost. Now visiting the bank branch is totally optional.
Complementary forex card & world debit card
Now these days, banks keep introducing or provide a plethora of complementary services while opening a savings account such as the latest debit cards and forex cards with additional privileges.
Conclusion
In this day and age of technology when everything is managed online, the need for savings account no more remains an option, it has become a need. On top of that, you can enjoy several benefits as soon as you open a savings account apart from earning interests. There is a myriad of options available in the market to serve your needs and you can easily open one for yourself without undergoing many hurdles. Savings Account unlocks the door to better management of finances and gives access to emergency funds whenever you need it. However, ultimately the choice is completely yours!
Feel like your current savings account does not have the features that best suit your needs? You can use the platform of BankQuality to address your concern.