Savings accounts can generate huge earnings if one chooses the right type of account. If you are one of those who didn’t know this, we have news for you.
Yes, savings accounts should be the top priority when we are considering a new bank account open. In addition to many of its benefits, when you open a savings account at a reputable bank, you might as well make an earning from it. In fact, if you know the procedures, you can increase those earnings to a certain extent, too. New to this? Well, you are at the right place. In this blog, we will take a look at how you can increase your earnings with the interest on savings account.
Maintaining a high monthly average balance
The holders of savings accounts need to maintain a low average monthly balance in their accounts. However, if you are looking forward to earning massive interest on a savings account, you need to maintain a high monthly average balance on your savings account. You would be pleased to know that the power of compounding works perfectly with a high average balance.
Comparison of bank offers
This is more of an early step, but when you are looking forward to opening a savings account, make sure you compare the bank offers. It goes without saying that different banks offer different interest rates. And you need to do your own research to understand which banks suit you the best.
Choosing the IDFC FIRST Bank would be a great decision in this regard. With an impressive 7% interest offered by the bank on a savings account, you can surely earn more without the footwork.
Specialised accounts
There are various kinds of savings accounts that are designed to fulfil certain needs of different kinds of account holders. They not only fulfil certain requirements but additionally grant specialised interests. For instance, savings accounts for senior citizens and women typically offer higher interest on savings. Additionally, there are other banks that offer higher interest rates if you maintain deposits exceeding a specific amount.
Multiple accounts
Our last tip to increase your earnings from a savings account is to have more than just one account. Having multiple accounts allows you to rely on it for all your financial requirements. As an outcome, you can deplete the savings on which you could have gained interest. However, opening more than one savings account and setting certain financial goals for them proves to be helpful. You may easily monitor your different accounts via individual banking applications.
What Are The Different Types Of Savings Accounts?
There are different kinds of savings accounts online for you to choose from. Let us look at some of them,
- Traditional Savings Account
- Corporate Salary Account
- Zero Balance Account
- Women’s Saving Account
- NRI Account
- Children Saving Account
- Students Saving Account
- Indian Armed Forces Savings Account
Wrapping Up
Yes, memorising your bank account number is something that may not be necessary but beneficial to know. With the tips we have mentioned above, you may efficiently increase your earnings from your savings account.
