5 must-have features in online savings account 2023

5 must-have features in online savings account 2023

Banks offering online savings accounts are focusing on two features mainly: accessibility and security. Several banks provide digital savings accounts today through net banking and mobile banking. However, only a few online accounts help customers be self-reliant while banking online. This article discusses five features you must focus on while opening an online savings account in 2023.  

  • The best savings accounts charge minimal fees. 

IDFC FIRST Bank’s Zero Fee Banking feature has gained instant popularity among customers since it helps them save more in the long run. Zero Fee Banking waives the fees on over 28 savings account-related services like NEFT (National Electronic Funds Transfer) transfers, IMPS (Immediate Payment Service) transfers, RTGS (Real-Time Gross Settlement) transfers, ATM withdrawals and deposit charges, and more. IDFC FIRST Bank’s online savings account helps customers save a significant amount month-on-month with high-interest credits and zero-fee banking. 

  • Customers can save more through an online savings account. 

The primary utility of a savings account is to help customers save more. IDFC FIRST Bank’s savings accounts help customers save more via three features – a high-interest rate, monthly interest credits, and features that help monitor their accounts better. The bank offers a high-interest rate of up to 6.75% per annum to grow your savings steadily over the period. In addition, the Track Your Expense feature enables better budgeting by classifying previous payments into different categories.  

  • An online savings account must be easily accessible. 

Your digital savings account must also offer superior accessibility. You should be able to check your bank balance instantly and seamlessly access other banking services. Well-known banks that offer online savings accounts also focus on secure access to banking services. IDFC FIRST Bank allows customers to opt for a biometric login to secure online transactions. 

  • The bank must offer an efficient mobile banking app. 
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Your bank should also offer superior mobile banking services. A technically sound mobile banking app can help customers access all banking services through a single app. IDFC FIRST Bank’s mobile banking app offers Auto Pay and One-Swipe Pay features that help customers transact securely online. Your preferred bank must also prioritise online security to ensure safe digital money transfers.  

  • Your mobile app should facilitate instant investments through your online account. 

Your online account should allow you to invest your savings instantly in an investment scheme. The IDFC FIRST Bank mobile app offers personalised investment recommendations to customers based on their previous investments. Moreover, investors can browse through a list of investment options based on their financial goals to take an informed decision. In addition to investing, your bank must help you access instant online personal loans through the app. IDFC FIRST Bank offers personal loans worth up to ₹1 Crore at competitive interest rates. 

If these features are present in your online bank account, you can rest assured about significantly increasing your savings soon. You can gauge the customer-friendliness of your bank account by reading about it online.

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Shankar is a tech blogger who occasionally enjoys penning historical fiction. With over a thousand articles written on tech, business, finance, marketing, mobile, social media, cloud storage, software, and general topics, he has been creating material for the past eight years.