5 Features of Digital Savings Account

Digital Savings Account

Last Updated on March 12, 2024 by admin

Recent decades have seen digitalization enter and transform every area of life. Thanks to this ‘digital revolution’, even everyday activities such as shopping for groceries or booking a ticket can be carried out in minutes, saving people precious time, energy, and resources. Likewise, banking and banks have undergone a veritable revolution, spawning a large number of products and services with online features, promising ease of use and convenience. One such product is the digital savings account. Read on to discover 5 critical features of this new-age savings account.

1. Convenient to Open and Operate

Usually, opening a savings account would involve a lot of paperwork, trips to the bank and standing in long queues. This can be an extremely tedious and frustrating process. But when customers open a digital savings account, all this is avoided. 

Customers have to follow simple steps to open a savings account in no time. With many banks offering 100% online and paperless routes, customers can open and operate their savings accounts from the comfort of their homes. 

2. Quick Activation of Services

When customers open a digital savings account, their services are instantly activated. They can start operating their account in significantly less time than if they open an account with a physical branch.

This feature is a great boon in today’s time when distances have increased, and schedules have become busier.

3. Debit Card Services

Debit cards are incredibly convenient for accessing funds in a digital account. Opening a digital savings account will help you get a debit card and enjoy its benefits.

Most financial institutions offer both virtual and physical debit cards with their digital savings account. Usually, these come at nominal fees, varying from bank to bank.

4. Zero Non-maintenance Charges

Most accounts have a minimum balance requirement. Not maintaining this will attract penalty charges. However, with a digital saving account, customers don’t have to worry about this rule.

These accounts are zero balance accounts. This means that customers are not penalised if their account balance is zero. This feature gives customers more independence in handling their financial needs without reducing the benefits they enjoy with a savings account.

5. Additional Benefits and Offers

Opening a digital savings account means enjoying the benefits and offers that come with it. Banks provide various benefits to digital account holders, from deals and reward points to insurance covers.

Customers should explore all these benefits to find the bank that suits them best. For instance, if a customer is a frequent flyer, banks offer benefits that can help reduce the price of flight tickets. Similarly, if a customer enjoys trying new cuisines and exploring eateries, a bank offering benefits on dine out and food apps would be the best fit.

Wrapping Up

A digital savings account offers a complete range of services on a digital platform. This account takes ease of banking to a whole new level, with customers no longer having to stand in long queues and take trips to the bank.

Today, many banks enable customers to manage their financial needs with a digital account. Opening zero-balance accounts has many perks. And these will differ from bank to bank. So, customers must ensure that they compare terms and conditions before choosing the financial institution for their digital savings account.

Apart from that, if you are interested to know about How to Open a Zero Balance Online Account then visit our Finance category.

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Sophia Anderson
Sophia Anderson is a finance writer and blogger with a passion for helping people improve their financial literacy. With over 5 years of experience in the finance industry, Sophia has worked with individuals, families, and small businesses to provide financial advice and guidance. Her expertise includes budgeting, saving, credit management, and debt reduction. Sophia is dedicated to breaking down complex financial concepts into easy-to-understand language and empowering her readers to make smart financial decisions. She is a frequent contributor to financial publications and has written extensively on topics such as personal finance, investing, and financial planning. Sophia's mission is to help people take control of their finances and achieve financial security and freedom. When she's not writing, Sophia enjoys hiking, practicing yoga, and reading personal finance books.