How has online Savings Account made our lives easier?

Transactions like balance transfers to online payments are possible without needing to visit the bank. You need not worry about wasting time standing in long queues at your bank branch. Today, you can also Bank Accounts online.

This quick and efficient process lets you manage your savings on the go. Here are the best-known benefits of online Saving Account opening:

Earn better interest rates

Whether you open the account online or at the bank branch, the Savings Account interest rates matter the most. However, the best part about online account opening over the traditional method is you get a better interest rate on your savings, allowing you to grow your savings quickly. While most banks generally offer about 4% interest on your savings if opened offline, you can earn interest around 8% on your online accounts.

Avoid account maintenance fees

Whether you open the account online or offline, the bank charges you an annual maintenance fee. This fee gets directly deducted from your account without warning once a year. The fee is for the services offered to you, like depositing or withdrawing money. Online Savings Account does not involve any account maintenance fees. This attributes to the fact that banks do not offer additional account maintenance services.

At best, you can get the desired help by contacting the customer service helpline, an interactive voice response service that involves no human interaction.

Easy access to funds

Your online Savings Account rescues you when you need funds anytime. Of course, there are ATMs from where you can remove cash, but with an online account, you can access your savings anywhere. You can send and receive money into your account quickly on the go. You can also transfer large sums instantly between different accounts. Moreover, you can check your account balance and use your online account for shopping.

Automatic deposits

Saving money daily requires discipline. The best part about opening a Savings Account on a Banking app or Internet Banking is that you can easily set up weekly or monthly automated deposits to your online account. By opting for automated transfers, you reduce the desire to spend money elsewhere or make impulsive purchases.

Since you earn better interest through online accounts, you are motivated to save more and grow your corpus soon. This is the best way to optimise your account.

Before opening Savings Account online, research the interest rates offered by the different banks in India that offer such services and then open your account in a bank that best meets your requirements.