Articles
Reasons Why Having a Savings Account Is Essential
by Malini Mathew WriterSaving your money has advantages
whether you are a working professional, student, or housewife. It is an
essential thing to do for a safer and secure future. The habit of saving money rather
than spending it will make you more organized financially. Let's find out why
having a savings account is essential for you.
Opening a savings account in any bank
is easy. You can also avail yourself of the option of online
savings account opening in most banks if they have that feature. Most
banks in the UK give the option to open a savings account online, which makes
the first step of your money-saving process easier.
The money you have put in your
savings account will earn you interest as well. This is also one of the reasons
why a savings account is one of the most popular types of bank account.
Depending on your bank and its
policies, the interest that your savings account is earning is calculated
quarterly or half-yearly. There are a few things that you, as a savings account
holder, will get after you have successfully opened a savings account with the
bank of your choice. You can add money to your bank account through a number of
methods. Some of them are:
- Cash Deposits
- Check Deposits
- ACH Transfers
- Wire Transfers
- Mobile Check Deposits
- Direct Deposits
Why opening a savings account is
essential?
Financial Planning- Opening a savings
account helps you plan and organize your finances properly. A savings
account offers a clear picture of how much amount you have saved to date so
that you can plan your expenses and budget accordingly.
Go Cashless- All savings account
offer debit cards to their account holders, which helps you go cashless. You
can buy whatever you want, all you need is your card, and there won't be any
need to carry cash. Several offers and discounts are also offered at times when
you pay using your card.
Government Schemes- To avail of the
benefits of different government schemes and subsidies that the government
offers, opening a savings account is a must. You will directly receive the
benefits of the schemes in your account without any interference from a
middleman.
Send/ Receive Money- When it comes to
sending or receiving money, the traditional way was to go to their place or the
bank to get the work done. Now, you can send or request money directly using
various options like direct online bank transfers.
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About Malini Mathew 
Writer
2 connections, 0 recommendations, 24 honor points.Joined APSense since, September 18th, 2019, From Mumbai, India.
Created on Nov 1st 2021 07:58. Viewed 198 times.
