In this article, we take you through the entire process of opening a savings account – right from researching for the right savings account for you to the way to open a savings account online. You can also go through a few tips mentioned below that can help in saving more with your savings account. Keep reading to know all the steps to make better use of your savings account!
A good savings account must help you save more every month. However, there is a lot that you can do as a savings account holder to maximise the benefits of your account. Follow these tips to increase your savings with the right savings account:
- Use a savings account interest calculator
We have highlighted the importance of a savings account interest calculator earlier in this article. To use the calculator offered by IDFC FIRST Bank, you must input your account balance and your existing bank’s interest rate. The calculator not only tells you the annual interest that you can earn with IDFC FIRST Bank, but it also computes the difference between the interest rates offered by the two banks.
- Track your previous expenses and draw inferences
Net banking has evolved over the ages, and effective mobile banking apps help customers infer learnings from their own data. You can do this by using a mobile banking app’s ‘Track Your Expenses’ feature which helps you categorise your previous expenses and track them on the app. IDFC FIRST Bank offers an integrated mobile app to track and manage your expenses.
Using the app, you can track your expenses through its unique features like the smart statement, upcoming transactions, and money manager for a cash flow summary to manage your finances better. Being aware of your spending patterns is a vital step towards saving more.
- Invest your savings
You must start investing your savings at the earliest. You can also opt for the investment instrument and strategy of your choice through a mobile banking app to start investing your savings. For example, IDFC FIRST Bank mobile banking app can be a one-stop solution when it comes to managing your investments, loans, and bank accounts.
- Prioritise a higher rate of interest
You must start by shortlisting the banks that offer the highest interest rates in the market. While other benefits offered by banks also matter, a higher rate of interest can help you get a leg up in your journey to save more through your savings account. You can make use of the savings account calculator offered by IDFC FIRST Bank to understand your annual savings.
- Check whether the bank offers secure mobile and net banking services
You must have a well-functioning mobile banking service to access your savings account. IDFC FIRST Bank offers features such as ‘One-swipe pay’ and ‘Autopay’ through its mobile banking app that helps its customers make secure and fast payments on the go!
We discussed quick tips to start saving more using your savings account in this article. Regardless of whether you already have a savings account or are planning to open one; the tips mentioned in this article can help you track your savings account better and, in the process, save more money.