How to get a high-interest rate savings account online?

In an era marked by financial innovation, consumers have more options than ever when it comes to saving and growing their money. One such option is high-yield savings accounts, which have become a preferred choice for many seeking risk free ways to save monthly and witness a substantial increase in their overall earnings. Banks like IDFC FIRST Bank have tailored their offerings to cater to this demand. With IDFC FIRST Bank's savings accounts, customers can earn attractive interest on their savings. Additionally, with free and unlimited ATM withdrawals, it’s easier than ever to access your money when you need it, without the burden of added fees.

What is a high-interest-rate savings account?
 

A high-yield or high-interest-rate savings account isn’t just any regular savings vehicle. It is designed to allow customers to save more and earn higher returns than they might with standard savings accounts. Such accounts transform the conventional banking narrative by introducing benefits that genuinely uplift the user’s financial stature.

Taking IDFC FIRST Bank’s savings accounts as an example, these high-yield savings accounts not only offer customers an attractive interest rate but also come packed with exclusive privileges. For instance, the monthly interest credits mean that you see a growth in your savings every month rather than waiting for quarterly or yearly additions. Moreover, with a generous purchase limit of ₹ 6 lakhs on the debit card, customers are provided with the financial flexibility to make significant purchases or investments without any hindrances.

Tips to help you choose a high-interest rate savings account 

• Research the offered interest rate

The very essence of a high-interest-rate savings account is the rate of interest. While many banks claim to offer competitive rates, it's essential to compare them. Banks like IDFC FIRST Bank, for instance, provide up to 7% per annum (as of Sept’23), making them a front-runner in this category.

• Look for zero charges 

A high interest rate can be offset by hidden fees and charges on standard savings account services. Read the fine print to avoid any unwelcome surprises down the line. IDFC FIRST Bank offers zero charges on 28 commonly used savings bank account services, making their savings account a customer centric proposition.

• Check accessibility and customer service 

Your savings account should be easily accessible, both online and offline. IDFC FIRST Bank, for instance, provides free and unlimited ATM withdrawals, ensuring that your money is always within reach.

• Choose a high-interest rate account that has an effective mobile app 

In today's digital age, banking has moved to our fingertips. An effective mobile app makes managing your savings, transferring funds, and tracking interest earnings seamless. The IDFC FIRST Bank mobile banking app is user-friendly, feature-rich, and provides a holistic banking experience at your fingertips. Customers can also directly contact IDFC FIRST Bank’s customer service team through this mobile app.

• Consider additional perks 

Apart from interest rates, some high-yield savings accounts come with added benefits. For example, IDFC FIRST Bank’s monthly interest credits and high purchase limit set them apart from many competitors.

A high interest rate savings account can be a game-changer for those looking to elevate their savings strategy. It offers returns and comes with added benefits and features that can simplify and enrich one's financial journey. As you venture into choosing the perfect account, keep the above tips in mind and always lean towards banks, like IDFC FIRST Bank, that aligns with your financial goals and needs. With the right high-yield savings account, the future of your financial well-being looks promising.

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.