Most people know the value of working hard and earning money. However, a majority of them do not know how to manage it efficiently to their advantage. In the long run, you have to save and use your money effectively if you want to create wealth. The first step in your wealth-creation journey is to choose a Savings Account. This saves your hard-earned currency securely.
If you choose a feature-packed account, you not only save but also enjoy a ton of benefits. Some features, like a noteworthy Saving Account interest rate calculator, an option to track your expenses, and more, can be helpful in your financial journey. Here are other excellent features to consider:
Access to investments
To reach your long-term and short-term goals, you must invest your money in a variety of schemes. So, a Savings Account that gives you access to some amazing investment options is always an excellent bet. For example, Fixed Deposits can help you earn risk-free. At the same Recurring Deposits can enable you to make goal-oriented savings.
A carefully curated list of five-star rated Mutual Funds is also something that you can benefit from if you do your research well when choosing a Savings Account.
Smarter utility payments
Your account can give you access to a feature that lets you register your billers and pay your bills on time. This will prevent you from missing out on your bill payments. It may also save you a ton in penalties.
Interest rate calculator
An interactive Savings Account interest calculator lets you determine how much interest your money will earn when you save it in your account. It allows you to enter your investment goal and the time you are willing to invest. It then uses these figures and a few other parameters on the calculator to arrive at an amount you should save in your bank account every month.
This enables you to determine if you are on track with your savings. It even tells you if need to amp it up to match your future goal.
Some banks provide you with an online Savings Account platform to make goal-based savings for your small and big purchases. This will help you set goals, save, and make your purchases without breaking a sweat.
An account that gives you access to a Banking app that lets you link multiple accounts and apps of different banks to it can be an asset. It doesn’t just make your transactions seamless and effortless. It also enables you to manage all your accounts and expenses from one single place!
A banking app that comes with a Spends Optimiser feature can be a bonanza. It keeps a check on your expenses. It will also enable you to plan your investments and budgets, and make smart spending decisions.