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Savings Account

5 Features of Savings Accounts You Didn't Know About

Summary: A Savings Account is a great way to save money, but there are a lot of features you may not know about. Check out these 5 unique features which can help you!

13 Jan 2023 by Team FinFIRST
person putting coin in piggy bank for saving
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Did you know Goa has the highest per-capita income in India? Australia is wider than the moon, and Iceland has no mosquitoes!

Lesser-known facts make a place much more interesting and help you plan and truly enjoy your visit. Similarly, there are a lot of lesser-known, unique features of a Savings Account that you may need to learn, and these can help you better understand the facilities of Savings Account. Let’s get to know what these are so you enjoy these benefits and unlock the complete potential of your Savings Account.

Automated bill payment
 

Automation is one of the greatest benefits of Savings Accounts in this day and age. Savings Accounts allow you to automate bill payments like phone, electricity, water, internet, etc. This way, you never have to worry about missing due dates. Most banks allow you to set up automated payments through the net banking app. Moreover, it takes only a couple of minutes to set mandates.  

Reward schemes

 

Savings Accounts offer various reward schemes and special features, such as complimentary domestic airport lounge access, monthly interest credits, free accident insurance covers, and more. However, these can vary from bank to bank. You can compare the features of Savings Accounts of multiple banks and then pick the one with the most rewards.

Branch-Free bank account facility
 

You can enjoy the many facilities of Saving Accounts without having to visit the branch in person. Online banking has made depositing and withdrawing cash, opening recurring and fixed deposits, downloading monthly and yearly statements, etc., much more convenient and quick.

READ MORE

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All you need to know about Savings Account interest rates
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Financial security for future and Savings Account: Know how to start

 


E-Wallet services

 

E-wallets are similar to physical wallets. However, they store your money virtually and use it to make payments, send or receive money, etc..

Sweep account facilities 

 

The sweep facility is another one of the features of a Savings Account offered when the balance in your Savings Account exceeds a certain value. This facility automatically transfers a portion of your Savings from the Savings Account to a fixed deposit. Since the latter is a high-interest Savings Account, you get to earn more money on your idle savings and plan for your future needs seamlessly.

To sum it up

Some other features of a Savings Account include a low minimum opening deposit, locker facilities, international debit cards, etc. You can enjoy these and more by selecting the right bank for your savings. Metra Trust can be an ideal choice with high interest rates that are among the bests in the industry, online banking, high daily purchase limits,  monthly interest credit and much more.

 

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 Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust 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.metratrust.com for latest updates.

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