No longer the days when savings accounts were merely meant to help save cash. Modern online bank accounts serve as savings today and contain excellent functionalities to help you manage your finances better.
As a result, there are so many things that savings accounts are different from what they used to be. These days, they offer digital payment systems, investment management tools, insurance coverage, and lifestyle benefits.
Above an interest rate, when opening one’s own savings account, one must consider various benefits of a savings account. Evaluate the full range of services and benefits to find the correct account that meets your needs when opening a bank account online.
Read on to learn the most valuable innovations in online savings accounts that you should look for while opening online accounts.
Features of Efficient Online Savings Bank Accounts
Here are some of the standout features of modern online savings accounts to look out for:
1. Seamless Digital Payments
Savings accounts now have digital payment facilities via UPI, IMPS, NEFT, and RTGS. This allows you to send or receive money instantly without dealing with cash.
2. Investment and Wealth Management
Banks today provide investment options like fixed deposits, mutual funds, and systematic investment plans directly linked to your savings account. Wealth management facilities help you plan investments, track performance, and digitally change your portfolio without paperwork.
3. Personal Financial Management
Savings accounts now have personal financial management tools to help you budget better and ease money management. The expense analyser categorizes spending patterns and gives insights to curb unnecessary expenses.
4. Discounts and Loyalty Benefits
Banks offer deals, discounts, and cashback when you use facilities linked to your savings account for shopping, travel, entertainment, etc.
Loyalty reward points can be earned on transactions and redeemed against various products and experiences. The more you use the account, the greater the incentives.
5. Insurance Protection
Savings accounts today bundle insurance protection, such as personal accident coverage, health insurance, device insurance, etc., at no added cost. The premium is deducted from the account automatically, so you don’t lose coverage.
6. Convenience Services
Lifestyle benefits like doorstep banking, locker facilities, and dedicated relationship managers for priority customers are offered. Facilities like instant overdrafts allow you to make payments, except when the account balance is low, and there are no fines.
Other conveniences of premium savings accounts include exclusive access to airport lounges worldwide, dining and travel privileges, and a personalized digital banking experience.
7. Before You Open an Account
When comparing savings accounts, don’t just look at the interest rate. Evaluate all the features and services on offer. Your usage patterns should determine the most relevant account features.
8. Fixed Deposit Transfer
Open an account with Auto-Sweep facility that automatically transfers idle funds from your savings account to a fixed deposit, earning higher interest. Funds get transferred back when the balance falls below a threshold, giving you higher returns without compromising liquidity.
Conclusion
When looking for a savings account, evaluate all the features and choose one that suits your needs. Give priority to benefits that you are most likely to use regularly. With the vast array of services and conveniences available today, your savings account can be more than just a place to deposit money. The correct account can be a powerful tool to simplify your financial life and achieve your money goals faster. So, explore your options thoroughly before opening an account.
