A Savings Account is the most opted-for banking facility. It is a safe and reliable medium to park your savings. It offers steady interest income and easy liquidity too. But what if you could increase these earnings?Nowadays, many implement various tips to increase their interest earnings.
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Whether opening a high-interest-bearing Savings Account or investing in certificates of deposits, they know how to optimiseaccount perks. So, if you wish to learn more about these tried and tested tips, consider the following:
Make use of your idle funds
A Savings Account offers you sweep-in and sweep-out facilities. Through this, your idle funds get swept out to a Fixed Deposit income that yields a relatively higher interest rate. You can also sweep the money back into your Savings Account if needed. This way, you can enjoy the best Savings Account interest rates. You need not fuss about the growth of your idle funds.
Consider certificate deposits
Consider using your Savings Account to invest in Certificate Deposits. Such deposits work like FDs. They typically have a tenure of three months to a year. By investing in these CDs, you increase your interest earnings substantially.You can reinvest the funds if you do not want the amount after maturity. That way, you can simultaneously sustain high Savings Account interest rates.
Opt for a criteria-based Savings Account
Some banks offer a criteria-based Savings Account facility to their customers. Such accounts provide relatively better interest rates than standard Savings Accounts. However, they also have criteria like a higher minimum balance requirement and specific limitations on card transactions.So, it is best to assess these factors wisely.
If required, contact your banking partner’s customer support for assistance. You can also look up this offering on their Banking app or website.
Look for other banking partners
If you are unhappy with your current Savings Account interest rates, consider switching to another banking partner. Nowadays, many banks offer favourable interest rates. They also provide you with easy liquidity.Hence, it is wise to consider this change if you truly want to increase the interest on your Savings Account. Just ensure to do your research before deciding.
Go for a demography-based Savings Account
Specific Savings Accounts offer better interest rates to their holders. Some examples include the Senior Citizen Savings Account, Women’s Savings Account, Youth Savings Account, Kids Savings Account, etc. For example, a Women’s Savings Accountoffers relatively higher interest rates. If you fall under such categories, make the most of such perks. You can also have your family member open these accounts and access higher interest rates.
But be mindful of their banking habits and, of course, consent. In case of queries, consult your banking partner for further clarity. ■ #hydnews #khabarlive #hyderabadnews