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Savings Account
Benefits of having more than one Savings Account
Key Takeaways
Having multiple savings accounts helps manage different financial goals separately.
- It allows better tracking of income and expenses for each account.
- Multiple accounts can offer access to varied banking benefits and higher transaction limits.
- Managing accounts digitally through the bank app makes monitoring and controlling finances easier.
A question people often ask is: how to save money? And once they manage to save money through different ways, their next concern is to find a suitable avenue to park their money in a place that’s safer than stashing it under the bed! This is where a savings account proves to be extremely important.
A savings account can help you manage your financial journey better. And this is not the only thing a savings account can help you with. While many people in India still do not have a bank account, the financially prudent is to open more than one savings account.
How does having more than one savings account help? Let’s understand the benefits in detail.
Meet various financial goals
All of us will have a set of financial goals, which can differ from person to person. For example, you may wish to set aside a certain amount to fund your children’s higher education five years from now. Or you may want to save money to make the down payment on a house you plan to buy in a year or two. In such cases, opening two separate savings accounts is ideal for helping you track your goals efficiently. It will also assist you in planning better for any emergencies. While you may have a good knowledge of how to save money from your business or profession, it is equally imperative to understand how to meet your financial goals systematically, aided by having multiple savings accounts.
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Enjoy enhanced financial security
The money stored in a savings account earns interest and is completely safe. This feature of a savings account helps you save more, as the interest income is added to your principal amount to earn more interest. Furthermore, spreading your savings across multiple savings accounts can get more protection. While most people do not have such a high amount lying idle in their bank accounts, even if they do, they get financial security of up to Rs 5 lakh thanks to the law laid down by the DICGC. So, it makes sense to diversify your risk by parking money in more than one savings account. Take Advantage of Better Features
With a gamut of choices available today, you can open a savings bank account in multiple banks after understanding which banks best meet your requirements. Different banks offer different features, so you must research and find an appropriate financial partner. For example, your new job may require you to have an account with a particular bank to deposit your monthly salary. However, you may be getting a better interest rate at another bank and do not want to miss out on that. You can always open a separate account at the other bank and park your funds there to earn more interest income. Likewise, if bank A is known for its exceptional customer service, but bank B offers the best interest rate, you can open separate accounts with each of them and enjoy the best of both worlds.
Conclusion
Having multiple savings accounts will not only free you of any financial worries in case of emergencies but also help you healthily manage your funds. After all, money is best utilised when put to use. At IDFC FIRST Bank, for instance, your money will earn you more money in the form of interest. With interest rate of up to 6.50% per annum and several other benefits, savings account with IDFC FIRST Bank can help you save more, and meet all your financial goals.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank 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 mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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