Prepare for the best with Savings Account post Covid

When COVID-19 hit the world in 2020, life changed in more ways than one. Businesses and offices were shut, financial institutions suffered significant losses, and the entire economy came to a standstill. Several people lost their jobs, income sources dried up, and there was little respite along the way. However, two years since the pandemic, things have slowly made their way back to normal. While a lot needs to change again, a few things are on the path to improvement, such as interest rates on bank accounts.

If you are someone who saw a financial downturn during the pandemic, here are a few things you can do to save money now and get your bank account back to normal.

Opt for a high-interest Savings Account

Post-COVID, most banks lowered their savings interest rate. What was once a steady passive income source was merely reduced to a negligible figure on paper. However, as the economy stabilises, there has been a hike in the interest rates of savings accounts. One of the first things you can do right now is to look for a bank that offers high interest rates. The IDFC FIRST Bank is one such option that offers up to 7% interest p.a. You can move your savings to IDFC FIRST Bank and slowly build a passive income source through interest again. This will help you build your savings over time and ensure financial security.

Look for a comprehensive savings account with useful features

Apart from the high-interest rate, it is also important to look at other convenient features your bank account offers. Features like monthly interest credits and insurance coverage can be advantageous in tackling uncertainty and any untoward financial situation. In addition, facilities like assured vouchers, easy accessibility via mobile app and online banking, and pre-approved loan offers can help you stand on your two feet confidently again and save money.  

Emergency fund

COVID-19 was a trying time for most individuals and families. There was no uncertainty of income or any job security. Businesses were finding it hard to stay afloat with low account balances. In addition to this, the high medical costs made it difficult for people to cope with the challenging situation. However, if there is one thing to learn from this fiasco - you can never be unprepared. Life is uncertain and having enough savings in your emergency fund is critical. If you have some financial stability in life right now, make sure you divert some of it towards building an emergency fund and a high-interest yielding savings account can help you in this. This way, you will always have a safety net to fall back on and can live a stress-free life with peace of mind.

To sum it up

A bank savings account is one of the first things that can help you strengthen your finances. As financial institutions recover from the aftermath of COVID-19, account holders too can take small yet steady steps towards better financial protection. So, make sure you select the right personal finance partner for your requirements.

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.