A savings account that can be quickly and entirely managed online is known as an ‘Online Savings Account’. Online savings accounts offer various tools to deposit and manage money. Banking services for an online saving account are provided online or through the bank’s app.
The to-do list of tasks within a day is endless, thus leaving you with relatively little or barely any time to make a physical branch visit to the bank to access the savings account. However, numerous banks have adopted digitalization measures with the advent of the internet. Digital or online banking allows for hassle-free, reliable, and convenient transactions.
One of the significant benefits that digitalization has offered is the facility of online savings accounts. Banks are constantly working to provide services that are convenient and can be operated and monitored from anywhere. Online account opening ensures customers have the liberty to open a bank account without the need to visit banks from the comfort of their location. Recently, there has been a tremendous rise in individuals opting to open online savings accounts. There are numerous benefits to opening an online savings account.
Easy to Open
Opening an online savings account is highly easy and convenient. No paperwork is involved in an online savings account opening, and it can easily be accessed from anywhere and anytime without hassle. With the Fi.Money app, one can go online & open a zero-balance savings account within minutes. It takes between 3-5 minutes to open a savings account on the Fi money app.
One of the significant benefits of an online savings account is lower charges. Online savings accounts have become more popular because of their transparent and minimal fee structure. One can easily open an online account without paying any opening charges and with zero hidden charges.
Auto Bill Payments
Online savings accounts provide an auto-debit facility through net banking so one can pay their bills quickly and easily without any last-minute hassles. Paying the bills in advance also avoids any late payment charges.
One of the top benefits of having an online account is generally the interest rates. Since the overhead is lower, the interest rates are higher. With online savings accounts, banks have no added expenses; hence, they can pass the savings on to customers through higher interest rates.
Online savings accounts are secure and reliable. Every bit of data remains encrypted and passes through multiple layers of security. Online accounts can only be logged in via OTP verification, and the account details are registered with customer-specific devices.
Multiple Features and Offers
Online savings accounts are loaded with features that include free debit card services, zero balance accounts, and more. Online savings accounts also provide a wide range of offers, such as welcome bonuses, discounts, rewards, free subscriptions on OTT platforms, and more.
An online savings account is one of the keystones in appropriately managing personal finances. Online savings accounts are super convenient and offer features and services that are tailor-made according to customer requirements. Fi.Money’s online savings account can help an individual save up, invest wisely & analyze their expenses. Fi.Money is an online banking solution that helps one get smarter with their money — in a fun & uncomplicated manner.