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Most of us are welcomed into the complicated world of banking by a simple savings account. Often made by our parents, we never really cared much about the features of a savings account in those initial days. Its only when you get enthralled in financial matters more do you realize how beneficial those ‘simple’ accounts are.
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Top Top 5 Reasons Savings Accounts are So Great 5 Reasons Savings Accounts are So Great Most of us are welcomed into the complicated world of banking by a simple savings account. Often made by our parents, we never really cared much about the features of a savings account in those initial days. Its only when you get enthralled in financial matters more do you realize how beneficial those ‘simple’ accounts are. If you still haven’t been hit with that realization, let us do the honors. Here is a rundown of all the benefits your savings account provides: Saving accounts accrue interest: here is why you should rather put your money in a saving account, than keeping it in the cupboard locker: it will earn you interest. While the rates differ from bank to bank, you can get a pretty decent rate that will increase your earning potential. Saving accounts allow easy access to your funds: unlike many other investment options, savings account provide you with the facility to withdraw and deposit cash at any time. Now with digitalization, you also have online access to your money 24/7, even outside bank hours. Minimal lower limit: You don’t need a lot of cash to start your savings account. You can start with a minimal amount, varied from bank to bank, and inculcate a habit of saving every month. Additionally, a zero balance savings account does not require you to have any minimum balance in the account. Savings account are easily linked: With a savings account, life truly becomes easier. You can use the account for automated payments, without any hassle of transfer rules. There is no need for a manual input each time you want to pay a bill. Additionally, there is no limit to how many transactions you can perform with the account. Savings account are safe and secure: To begin with, your money is highly safe in a savings account. It gives you the option of stowing away cash for emergency. It also eliminates the risk of robbery as your money is held by a third-party in a safe location, rather than your house. This also ensures that you don’t suffer from huge monetary loss in case of a natural calamity.
