8 Smart ways to maximise your savings using the banking system 

When it comes to managing your finances, selecting the right savings account is one of the most critical decisions. A well-chosen account can provide not only a secure place to store your money but also help it grow over time. The banking system today offers a variety of options, each with distinct features and benefits. But how do you know which savings account is the best fit for you?

Let’s explore eight essential features of savings accounts to help you make an informed decision. By the end, you will understand what to look for, ensuring your money works harder while staying accessible, secure, and well-managed.

8 Features of savings account to consider for better banking
 

Selecting the right savings account builds your financial foundation. Each feature of a savings account can optimise your wealth management strategy. Here are the aspects to help you make a well-informed decision:

1. Interest rates that let your money grow

The interest rate is the most immediate benefit of a savings account in the banking system. Higher interest rates mean your money grows faster, helping you build wealth over time. For example, imagine you maintain an average balance of ₹1 lakh in two bank accounts. While one bank offers a 3% interest rate, another offers 6%. The bank account with a 6% interest rate would earn you an additional ₹3,000 annually—a meaningful difference over the years. Compare the annual percentage yield (APY) across banks to identify which bank is best for savings accounts.

While comparing interest rates, don’t just focus on the base rate; check if the bank offers tiered rates that increase with higher balances. For example, an IDFC FIRST Bank Savings Account provides attractive interest rates of up to 7.00% p.a. on their savings account, ensuring your money works harder for you. Moreover, this interest is credited to your account monthly, and hence, it is compounded monthly, meaning you earn interest on the interest earned.

2. Hidden fees and charges you need to avoid

When you open a savings account, keep an eye out for fees and charges. These can include minimum balance requirements, ATM withdrawal fees, and account maintenance charges.

While some banks charge a small fee for most services, IDFC FIRST Bank offers zero-fee banking on 36 commonly used savings account services. It includes charges for IMPS, NEFT, RTGS, ATM transactions, debit cards, SMS alerts, and more. This allows you to focus on saving rather than worrying about deductions. You can learn more about zero-fee banking with IDFC FIRST Bank here.

Opting for a bank that offers minimal fees ensures your savings remain intact, helping you make the most of the banking system.

3. Banking on the go with accessibility and convenience

The modern banking system demands convenience. Look for a savings account that provides seamless access through –

a. Mobile banking apps with user-friendly interfaces

b. Widespread ATM networks

c. 24X7 online banking services

For instance, if you need to transfer money urgently, a robust mobile banking app can make this possible within seconds. Here’s how the IDFC FIRST Bank Bank Mobile Banking App stands apart –

a. Offering over 250 features that will allow you to bank with utmost convenience 

b. SMS banking to get complete control of your finances, wherever you are

c. WhatsApp banking to get real-time account and loan information, along with the ability to block cards or stop cheques

d. Video banking that offers secure video chat, convenient access to fund transfers, and instant customer support

e. Watch banking that enables quick bill payments, seamless transfers, and instant account balance checks, anytime, anywhere

Additionally, IDFC FIRST Bank offers free and unlimited ATM withdrawals. This adds another layer of convenience to your banking system.

4. Customer support that is a lifeline when you need it

A bank’s customer service can make or break your banking experience. Ensure the bank provides –

a. 24X7 helplines

b. Efficient grievance redressal mechanisms

c. Accessible branches and online chat support

Equally important are the bank’s reputation and transparency. A reliable bank is known for its ethical practices. It should also have transparent policies and a commitment to customer satisfaction. To gauge the bank's credibility, check reviews and ratings and even talk to current customers.

For example, if you lose your debit card, a quick response from the bank’s support team can help you freeze the account immediately, minimising potential loss. IDFC FIRST Bank has a highly rated customer support service, ensuring that help is always just a call or click away while maintaining trust in the banking system.
 

5. Security features that safeguard your money

With the increasing prevalence of online fraud, security should be a top priority when choosing a savings account. Look for features such as –

a. Two-factor authentication

b. End-to-end encryption

c. Instant fraud alerts

For example, you can enable secure login through biometrics or OTPs. It makes your account less vulnerable to unauthorised access. IDFC FIRST Bank employs advanced security measures to protect your transactions. This way, you can ensure peace of mind whenever you use the banking system.

6. Debit card with premium benefits for your lifestyle

The debit card associated with your savings account can offer valuable perks. IDFC FIRST Bank provides Mastercard World Debit Card with a savings account of ₹25,000 average monthly balance. Its features include –

a. A higher daily purchase limit of ₹6 lakhs 

b. Daily ATM withdrawal limit of ₹2 lakhs

c. Complimentary domestic airport lounge access once every quarter

d. Free personal accident insurance coverage of ₹35 lakhs 

e. Air accident insurance coverage of ₹1 crore

These benefits are useful for individuals looking for premium features in their banking system. Such value-added offerings enhance the utility of your savings account.

7. Rewards and cashback that make every transaction count

The best savings accounts often come with rewards and cashback programs that can add value to your banking experience. Features to look for include –

a. Cashback on debit card transactions

b. Discounts on utility bill payments

c. Reward points for purchases

If you often buy things online, a savings account with cashback or discounts can save you money. These small savings add up over time and can help you get the most out of your money.

8. Additional benefits beyond basic banking

The best savings accounts go beyond standard features. They offer additional perks that enhance your banking system. They can include –

a. Account aggregator feature – The IDFC FIRST Bank Account Aggregator framework is a game-changer. This feature allows you to manage multiple accounts from different banks in one place seamlessly. By consolidating all your accounts, you gain a clear overview of your finances, helping you make smarter decisions.

b. Linked accounts and services – Savings accounts can be linked with other financial services like fixed deposits or mutual funds.

c. Personalised alerts and updates – Receive timely notifications for account activity and financial insights.

Make the most of your banking system
 

Choosing the right savings account is not just about convenience; it’s about ensuring your money works for you. By focusing on these eight key factors, you can unlock the full potential of the banking system.

If you’re looking for an account that offers competitive interest rates, zero fees, advanced security, and innovative tools like an account aggregator, consider the IDFC FIRST Bank Savings Account.

Ready to take control of your savings? Visit IDFC FIRST Bank to open a savings account and experience the benefits of smarter banking!