Why should youngsters consider opening Savings Accounts?

When youngsters consider investments, they think of Fixed Deposits, Shares, and other instruments. The returns offered here are significant. But sometimes it is more than these aspects. What if you want to keep your funds safe without locking them or facing risks? 

The simplest option, in that case, is a Savings Account. It is the most basic banking product that lets you store your hard-earned cash. It also offers a nominal interest. It comes with zero risks and high liquidity and is an ideal choice to keep your money safe. You can also use it conveniently. We all use it but rarely recognise its advantages. 

This makes us lose out on thoroughly enjoying our banking experience. There are many reasons youngsters should first opt for Savings Account: 

Emergency funding

It offers money when needed, unlike other instruments requiring you to pay the penalty for early withdrawals. Online Bank Account provides access to funds instantly. Hence, it is a handy option during urgencies. This makes it an essential banking product despite any other instrument.

Safe

If not anything else, it stores your finances. Keeping excess cash at home is risky. You could face issues like loss, theft, misplacement, etc. You can avoid such concerns as Savings Accounts have stringent measures to secure your funds. The Federal Deposit Insurance Corporation insures most banks. Besides, even if you open the account online, you have advanced encryption, two-factor authentication, and other services for your perusal. 

Minimum requirement

It comes with a minimum balance requirement between Rs. 500 and Rs. 10,000. Hence, you can start saving with little money. Moreover, specialised accounts for kids, senior citizens, and students have even lower requirements. So, choose the ideal type to avail the maximum benefit. 

Easy accessibility

Since online mediums are available, getting access to funds is just a matter of clicks. You need decent data to connect and an intelligent gadget. The rest happens conveniently through Banking apps and portals. Everything is possible on the go, from checking balance, transferring funds, making payments, and shopping. 

Automated payments

Almost everyone has monthly bills to pay. This involves mobile & DTH recharge, electricity bills, water supply, gas connection, etc. It becomes a hassle to manage them separately. Therefore, banks make this easier via the ‘auto-bill pay’ feature. You can schedule the payments here, and the amount gets debited automatically within the date. 

Money management

You can monitor and maintain finances with online Saving Account opening. This means you can use apps, banking portals, ATMs, etc., for transactions. It entirely depends on your preferences. Most banks have both online and offline presence. Therefore, you enjoy the benefits of both worlds in handling your finances.