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FinFIRST Blogs
Here’s all you need to know about linking your savings account with third-party accounts
Linking your bank account, especially your savings account, with third-party accounts can be helpful in this digital age. Before we look at how to do it, let us consider its benefits and challenges. There are a few concerns, but they ought to be regarded as challenges to overcome eventually, not as insurmountable obstacles.
How does linking bank accounts work?
They work simply by ensuring that the existing account (in this case, your savings account) is connected to another third-party account created uniquely to be utilised by the savings account. The safety here is a consolidated statement, which is usually generated in a single consolidated statement that is reflected separately on the savings account and its linked counterpart.
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Is it safe to link bank accounts?
Not only is it extremely safe, but it is also, in fact, getting safer by the day due to the rise of security technology. There is no 100% safety, but that extends to even banks and cash. Assuredly this is one of the safest things to do since banks (and third-party counterparts) are aware that safety is the single biggest issue with their customers. That is a priority for them above all other priorities.
Why link savings accounts?
Convenience:
Linking your savings account with third-party accounts enables you to manage your money more efficiently. You can set up transfers, payments, and the like very easily. Think of it as a financial autopilot for you.
Better financial management:
If you link all your accounts with a third-party account, you can utilise the third-party account to act as a master account for all your finances. This makes it very easy to track your money.
Are there any drawbacks?
You may spend more:
Linking accounts lowers your ‘spending’ inhibitions, so if you lack a bit of self-control, you can end up paying more than what you would have if your accounts had not been linked.
To sum up, it pays to link your savings account with a third-party account. The only genuine concern you could have is security, but even so, this is about as safe as it gets, and even that margin of safety is increasing day by day. The convenience and ease of management far outweigh the minuscule potential of a security breach.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.
