A Savings Account is usually the first Bank Account most people open. This account lets you deposit your money and keep it secure with a bank. It also lets you earn interest at a particular rate decided by your chosen bank. A Savings Account is also the most crucial financial product that lets you manage your finances.

Today, you can select from multiple Savings Accounts, including Regular Savings Accounts, Zero-Balance Savings Accounts, Women’s Savings Accounts, Senior Citizens’ Savings Accounts, etc. However, you need to make the most of it when you open a Savings Account, which many people fail to do. Here are ways to use a Savings Account to its maximum potential:

Compare interest rates

When opening a Savings Account, you need to be mindful of various factors. One of these is the interest rate offered, which usually varies across banks. The best way to boost your account's returns is to open a Savings Account with a reliable bank that offers more attractive interest rates. Opting for a higher interest rate automatically leads to higher interest earnings.

Open multiple Savings Account

Opening two or more Savings Accounts can help you reap extra benefits and allow you to manage your funds easily. Having just one Savings Account might make it challenging to keep your funds from being spent. Therefore, having a second Savings Account where you can deposit funds every month to save helps.

This can make your savings more achievable. You can avoid linking this second account to any payment system and skip applying for a Debit Card. These might help you set aside funds for a rainy day in this account.

Open Recurring Deposits

Once you open a Savings Account online or offline, you can easily opt for Recurring Deposits. RDs are an excellent way to earn returns through your Savings Account. These schemes let you deposit a fixed sum each month into a separate RD Account and earn interest at a particular rate your bank decides.

By automating monthly RD contributions through your Savings Account, you can build a disciplined savings habit and earn attractive returns simultaneously.

Take advantage of Debit Card rewards

Savings Accounts usually offer the benefit of Debit Cards. These may provide cardholders with various rewards, discounts, or benefits. For example, your bank may provide cashbacks on your Debit Card. You can also avail of discounts in certain cases. Some Debit Cards provide you with free Insurance coverage. Such rewards and benefits let you save a large sum in the long term.

Conclusion

Now that you know the different ways, you can utilise them to make the most out of your Savings Account.