Choosing a reliable savings account and the features you must look for

Do you have a reliable savings account that helps you consistently grow your savings year after year? The best savings accounts would offer key features that help with enhancing your financial security. Explore a list of features that can ensure your savings account helps with completing your banking tasks efficiently. 

The role of a reliable savings account
 

A reliable savings account must help you access your savings easily and help you grow them at a high rate of interest. A reliable savings account is also one that can be accessed online and one that offers special perks to various categories of customers.

Key features of a good savings account
 

Here are the key features of a good savings account that can provide you financial peace of mind –

• Quick and convenient online transfers:

One of the best savings account features that you must look for is a quick and convenient online transfer. The “One Swipe Pay” facility offered by IDFC FIRST Bank via the IDFC FIRST Bank mobile banking app is a good example of such a feature. You can instantly transfer money to any recipient using the “One Swipe Pay” feature. Your savings account must offer multiple modes of online transfers. In IDFC FIRST Bank’s case, the Autopay feature helps you automate your regular payments without any excess charge.

• Free debit card for quick fund access:

A debit card lets you withdraw money from ATMs anytime or make online payments. IDFC FIRST Bank offers a free debit card with its savings account for a convenient fund access. The World Debit Mastercard® card comes with the ₹25,000 average monthly balance variant, with benefits like free and unlimited ATM transactions and periodic merchant offers for better savings, if you are an IDFC FIRST Bank Savings Account holder.

• Efficient mobile banking services:

Mobile banking apps have become the primary mode of accessing one’s savings accounts today. You must ensure that your savings account is linked to an efficient mobile banking app that offers a variety of features.

• Features to enhance your savings:

IDFC FIRST Bank’s digital savings account offers several savings-friendly features: Zero-fee banking (the waiving of all commonly used savings account services like Debit Card Issuance Charges, Cheque book re-issuance charges, DD at branches, etc), monthly interest credits, and competitive interest rates. A good savings account offers multiple such features that enhances your savings in the long run.

How to choose the right savings account?
 

If you follow these steps before choosing a savings account, you are sure to find an account that caters to your every need:

1. Research and compare online savings accounts:

You must first research and compare the features of various online savings accounts. You can prioritise certain features that you deem important and prepare a shortlist of savings accounts that interest you. Be sure to use a savings account interest calculator like the one on IDFC FIRST Bank’s site to compare the interest that you can earn from all these savings accounts.



2. Assess the bank’s mobile banking services:

You should assess all the features of the bank’s mobile banking services. This is an important step as your mobile banking app will help you manage your savings account 24/7.



3. Check if the savings account offers savings-friendly features:

As mentioned earlier, savings-friendly features are features like zero-fee banking (like Debit Card Issuance Charges, Cheque book re-issuance charges, DD at branches, etc )and monthly interest payments that truly help the customer increase their savings over time. You can also include a competitive interest rate and incentives on using online modes of transfer under this category of features.

Conclusion
 

To enjoy financial peace of mind, you must choose a savings account that helps you benefit from savings-friendly features, has a good mobile banking app, and facilitates quick online transfers.