How to Manage Your Savings Account to Maximise Interest Rates

Posted on Wednesday, August 30th, 2023 | By IndusInd Bank

Saving money is essential in today’s fast-paced world. Building a strong financial base is important, whether you are saving for a down payment on your house or a dream family vacation. Taking advantage of your online savings account interest is one of the best strategies to increase your savings.

This post will discuss the importance of saving and the function of interest earnings, and offer helpful advice on how to get the best out of your savings account. 

Tips to maximise your savings account interest rates

Compare interest rates

Enhancing your earnings is simple — open a savings account with a bank that gives the most enticing interest rates. A higher rate means bigger returns!

Before selecting a bank, compare savings rates online. You can earn greater interest on the money in your savings accounts with even a small increase in the interest rate. To guarantee that your money grows at the best possible rate, look for accounts like IndusInd Bank Savings Accounts that provide competitive rates.

Utilise automated deposits

Set up an automatic transfer from your main checking account to your online savings account. This ensures a steady flow of money into your account. The goal is to have the money saved automatically rather than having to remember to save it.

With many financial commitments and temptations, it might be challenging to set aside money for savings. It is much simpler to set up automatic savings than to force yourself to save money from each paycheck. With an automated savings plan, you will be mandating an automatic deposit of a predetermined amount of your paycheck into your savings account. This could help you manage your spending and budgeting.

Keep checking in regularly

Knowing the status of your savings is just a login away with online banking. If you use online bill payment methods, you should check your account regularly to make sure there are no issues or outstanding bills. Check to see whether your bank offers a smartphone app for keeping track of your accounts.

Using mobile banking apps, such as the IndusMobile app, you have 24×7 access to your savings account. This allows you to monitor your account and conduct transactions seamlessly.

Set your goals

You may maintain your motivation to stick to your savings plan by setting financial goals. Saving for a specific purpose, such as a down payment on a home, a trip, or an emergency fund, makes it simpler to resist the need to spend. Once your objectives are clear, you may create a time-bound strategy for achieving them.

Have a budget plan

It takes commitment to make regular deposits into your accounts as well as self-control to refrain from overspending to reach your savings goals. To make sure your savings account builds even as you pay each month’s bills and other obligations, use a budgeting plan that puts savings first.

The pay-yourself-first method of budgeting, for instance, is an easy way to deposit money set aside for particular financial objectives and use the remaining funds to pay other bills. This budget plan’s attractiveness is that you do not need to keep track of every penny. Simply make sure you have sufficient cash on hand to cover your other responsibilities, like your rent, mortgage, and utility bills.

Minimum balance

For the claimed interest rate to apply, many savings accounts have a minimum balance requirement. To maximise your interest revenue, make sure to keep this minimal balance maintained in your account.

Start small, and only raise your savings contribution when you can manage it. You will discover that you can boost your savings after a few months of getting adjusted to a new budget. 

Consider opening multiple savings accounts 

You may be able to organise your money better by opening up several different savings accounts. For instance, you might utilise one savings account for a vacation, another for an emergency fund, and a third for a car purchase.

You can easily track your progress toward each objective by setting up separate accounts for each goal. Additionally, registering new accounts allows you to benefit from higher interest rates than may be available, as well as new bank account bonuses.

Choose IndusInd Bank Savings Accounts for a seamless experience

You can make use of the various benefits of online banking and access competitive interest rates that will help your funds grow by choosing IndusInd Bank Savings Accounts.

IndusInd Bank provides interest rates that will make sure your hard-earned money is working as hard for you as possible! You can ensure that your money continues to grow consistently by implementing these suggestions and taking advantage of IndusInd Bank’s attractive savings account interest rates.

If you are looking for a convenient banking experience given your busy schedule, you can enjoy the seamless banking experience that IndusInd Bank Online Savings Accounts offer. With IndusInd Bank, you can also enjoy a seamless banking experience that saves you time and effort by opening a digital account with ease.

To open an online savings account with IndusInd Bank, just follow these 4 simple steps:

Step 1: Pick an account number of your choice using the MAMN (My Account My Number) facility.

Step 2: Provide the details of your Aadhaar card, PAN card, and the mobile number that is linked to your Aadhaar card for verification with an OTP. Enter your information and finish setting up your account.

Step 3: Add money to your account.

Step 4: Use your smartphone or laptop to complete the video KYC process at any time and from any location.

That is all! With this simple digital account opening process, you can save time and paperwork, and start enjoying the benefits of an online savings account without any hassles. 

Conclusion

Managing your savings account effectively would help you reach your goals, and save more money. Use the aforementioned tips to maximise the benefits of your savings account and earn high interest rates. Remember, the more you save, the more interest you earn.

So, what are you waiting for? Apply now to open a savings account with IndusInd Bank.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author 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.