How to make the most of savings accounts?

The habit of saving is one that everyone should cultivate. Having enough savings provides you with the necessary funds in times of need. From going on a foreign trip, buying a new laptop or in the case of emergencies, savings can be vital.
 
To safely keep and effectively manage your savings, one can open an online savings account. The process of opening a savings account online is easy. Having a savings account offers several benefits to the account holder. Many individuals fail to use and manage their account effectively. Here’s how you can make the most of savings accounts:
 
Plan your savings
 
To save money effectively, one of the first things one needs to do is have a financial plan. A financial plan will help an individual set quantifiable goals and objectives. This allows creating of a timeline in which the goals need to be achieved. Individuals can use the plan to know how much money they need to save each and for how long. This helps in managing your savings account as well.
 
Automate bill payments
 
Many banks offer the facility to auto-pay bills. The due amount towards a particular statement is automatically debited from your account. This facility is beneficial as an individual does not need to make bill payments manually. Since payments are automated, the bills are paid timely, removing the risk of paying any overdue charges. This facility helps one save time and money.
 
Make use of payment facilities
 
In today’s age, digital modes of transacting are gaining popularity rapidly. An individual can use several payment facilities offered by an online savings account. A UPI ID can be linked with a savings account, which allows one to send and receive money anywhere instantly. Moreover, net banking and online fund transfers can make banking much more convenient.
 
Create a healthy relationship with the bank
 
Before the bank account opening process, it is essential to consider the customer service and relationships a bank has with its existing customers. This is crucial as a healthy relationship helps make the banking experience seamless. Furthermore, having a healthy relationship can help you get more facilities like pre-approved loans, credit cards and overdraft facilities. Some banks may even offer special offers and rewards to a few customers.
 
Look beyond interest rates
 
Interest rates may be an excellent way to earn passive income, but expanding your investment portfolio to other securities that provide better returns is essential. One can easily invest in stocks, mutual funds, and other securities with a savings account. The savings account can also be used to apply for IPOs or start investing in securities through SIP.