How to Choose the Right Savings Account for Your Financial Goals

Opening a savings account is quite easy today – it is an online procedure that only takes a few minutes. To select the savings account that works best for them, customers must prioritise certain points while selecting their account. Selecting a savings account based on these points can help individuals choose the right savings account for their financial goals.

Points that can help you choose the right savings account for your financial goals:

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Every individual’s needs might differ, leading them to prioritise one savings account over another. The following seven points can help all individuals choose a bank account that will be the best suited for them:

  • You must choose a bank that offers a comprehensive savings account interest rate: Your savings account must fulfil its stated purpose – to help you save more. You can ensure this by selecting an account that offers a comprehensive savings account interest rate. The Indus Delite Savings Account by IndusInd Bank, for instance, offers attractive interest rates to customers, helping them save more. You can use an online savings account interest calculator to calculate your annual and monthly savings. Doing so can help you compare multiple savings accounts and decide on the right one.
  • Opt for a digital savings account opening: When you open a bank account online, it comes with several advantages. Digital savings accounts offer higher accessibility to customers when compared to regular savings accounts. They offer higher interest rates that help the customer save more in comparison. These online bank accounts also help customers benefit from higher security. In addition to these advantages, digital savings accounts can help customers budget better. Several mobile banking apps offer convenient budgeting options to customers, helping them save more through their savings accounts.
  • Ensure that your bank activates the auto-sweep option for your savings account: The auto-sweep option helps customers fix a limit for the balance in their savings account. If their account balance surpasses this limit, it directly gets transferred to the customer’s fixed deposit account linked to the savings account. Activating this feature can help customers save more and grow their money consistently.
  • Your savings account must offer you higher accessibility to all banking services: You must carefully assess the mobile banking services offered by a bank before signing up for its online banking services. IndusInd Bank’s IndusMobile app offers customers access to all banking services from the comfort of their homes, including fixed deposit accounts and credit cards. You must choose a savings account that offers convenient, accessible, and technically reliable mobile banking services.
  • The bank in question must offer high-quality customer services: Whom can a customer rely on when they face any issue related to their savings account? The answer, undoubtedly, is the bank’s customer service. You must ensure that the bank you are selecting offers high-quality customer service.
  • The debit card that you receive must offer various incentives: Banks offer several benefits through their savings accounts, and you must make the most of them. For instance, the Indus Delite Savings Account helps customers get up to 5% cashback on their debit card spends. You should select a savings account that offers such benefits through its debit cards.

In conclusion

To select the ideal savings account that can help you achieve your financial goals, you must look for an account that offers a 100% online account opening process. You should also analyse the mobile banking and customer services offered by the bank and check the features offered through their debit card. Certain online savings accounts also offer bonus features like free movie tickets and complimentary insurance to help customers make the most of their savings accounts.

Disha Verma is a Mass Media student from International School of Business & Media (ISBM). She lives in Maharastra, India and loves to write articles about Internet & Social Media. When she is not writing, you can find her hanging out with friends in the coffee shop downstreet or reading novels in the society park.