A savings account is the first bank
account most of us have held and taken pride upon as young adults. Looking back
today, it seems to be baby step, but a vital one, towards our financial
existence, independence and stability. As time passed by, we matured and got
exposed to the new schemes, offers and better facilities offered by banks and we
did realise that we could have saved better had we been more focused while
shopping for savings account interest rates.
Yes, basically savings accounts are
designed to just keep an account holder’s money safe while it slowly and
steadily grows on interest it receives from the bank. Almost all banks offer
more or less the same interest rate – be it for senior citizens, women, minors,
or for any other regular account.
However, many of us ignorant persons believe that just opening a savings
account is enough.
Below given are a few points that every
account holder or a prospective account holder must keep in mind – especially
with regards to interest rates.
Check them out for yourself and let your money grow even while you are not looking at it.
Differentiate
between wants and needs: Going by the advice of financial gurus, we, as savers, have
a major responsibility towards our money. Time and again, they have been
stressing on a major point for anyone looking out for a savings account interest rates and that is the need to differentiate
between wants and needs. Wants are things that one desires (example a dinner at
a restaurant with friends or a branded perfume) and can often do without, while
needs are things that people cannot do without (simple food or clothing).
According to them, people save better if they have a clear mind about where
they can squeeze themselves and what is it that they need to spend on.
Save for specific
goals: People have short-term as well as long-term
goals. And setting specific financial goals keeps an individual motivated and
determined to save. People could save to fund anything. It could be a vacation,
a wedding, an anniversary or even a vehicle repair. On the hind side, as people
save in different accounts, their money keeps growing with the interest they receive
from the banks.
