These accounts are easy to manage as they are operated digitally. That means they are fast and free of paperwork. They are also known for being high interest accounts with other facilities such as zero balance requirements. Let’s learn more!

6 Direct Benefits of Opening a Digital Saving Account

1.Effortless Process of Opening the Account

Digital savings accounts are paperless. You don’t need to fill out lengthy forms, submit them at a bank counter, and wait in a long queue. It takes a few minutes to submit all your information online to complete the formalities.

Apart from being this swift, the process is completely secured. Most service providers offer a guarantee of data security.

2.Instant Access to Your Funds

You go through endless chores in the day apart from your job. It’s not a big deal to forget an essential due payment. You will need instant access to your account in such cases to make the payment on time. The emergencies coming into your life uninvited also demand quick action.

You get easy access to the fund kept in your online account at such times. Also, most digital savings accounts provide a zero balance facility. So there’s no limit on how much you can withdraw to fulfil your need.

3.Safety of Account Balance & Information

If not more, your money in a digital savings account is not less safe than in the savings account of a traditional bank. Most online accounts provide insurance on your balance, and their server keeps your account balance safe.

Apart from your money, you can be rest assured about the secrecy and safety of your information as well. These accounts also provide the guarantee of keeping your information safe and secured.

4.No Time Limit

You need to do a critical transaction today, but alas! The banks are closed. Net banking also often allows transferring the amount the next day only. However, you can transfer funds, check the balance, and apply for a loan anytime with a digital account. It gives you 24*7 access to your money.

5.Opportunity to Earn High Interest

You often hunt for the best savings plan which provides you with reasonable interest rates while keeping your funds secure and accessible. Now you have the solution right in front of you! Digital accounts are high interest savings accounts. They provide interest more than savings accounts and fixed deposits in conventional banks. Digital accounts are the modern way to save money and fulfil your dreams like Buying mobiles, vehicle, laptop etc.

6.No Additional Cost on Transactions

These types of accounts generally don’t put a cap or limit on the number of free transactions you can do. So you don’t need to think twice about the fees or charges this transaction may incur before transferring your money. You can do unlimited NEFT, RTGS, and card transactions without additional costs.

What are You Waiting For!

The digital savings account is a boon to super busy millennials and professionals. No standing in the long queue, not waiting for banking hours or working days for the transaction, no additional cost, and no paperwork! You now have one less thing to worry about, and that is taking time out for bank transactions.

Author bio:

Naina Rajgopalan has a thing for numbers and a deep fascination to learn about all things finance. She's been money-wise from a young age and has always shared her knowledge and tips with those around her. Being a part of the content team at Freo Save, a neobank that offers a 7% interest rate on savings along with benefits such as insurance on balance, safe & secure banking, and so on, Naina stays updated with the latest of what happens in the banking and fintech industries. She has taken upon herself to share her knowledge with readers across all walks of life to help them manage their finances and budgets better, so they can make better decisions while spending, borrowing, investing and saving.