Many people believe that the best time to open your own savings account is after college or once you start working. But in reality, there is no ideal age to start a savings account. You can start at any age, and even open one for your child the day they’re born.
Why open a savings account?
The sooner you realise how important it is to save, the better! A savings account has multiple benefits. It doesn’t only have to be used to save money, but you can enjoy a lot of features that make your life convenient.
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Park your funds -
If you have extra money lying around, putting it into a savings account would be wiser. You can earn interest on it and it’ll be safer.
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Debit card -
You can use your debit card to withdraw money and make transactions at stores or online. You don’t need to carry cash everywhere you go.
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Deposit options -
A savings account gives you easy access to open a fixed deposit or recurring deposit which pays higher rates of interest.
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Fund transfer -
You can easily transfer money to someone, personal or business, in just a matter of minutes. No longer is it needed to carry cash, meet the person and exchange money. It can be done anywhere, any time, as long as there are sufficient funds in the account.
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Insurance -
Some banks offer insurance with their debit cards or savings accounts. You can be insured for personal accident and health for a very nominal premium, if not free.
Savings Account hai sab ke liye!
Infant -
If parents open a savings account in the child’s name when their child is born, they can put away money and start a fund for the child from the very beginning. This money can then be used to pay for their education, marriage, travel or fuel their dreams.
Child -
Many banks offer accounts for children who have set spending limits. This helps a child learn about finance and budgeting very early on. Most children do not learn about banking tasks in school. Having a bank account teaches children the value of money and inculcates the habit of saving at a young age.
Teenager -
Teenagers are known to be rebellious. But studies indicate that while parents still want to treat them as children, teenagers want to be treated as adults. Giving them more responsibility and accountability makes a lot of difference. Their own savings account can help them learn to budget their expenses and be more responsible with their money. They can also save towards their education and a brighter future.
Early Adult -
This is usually the age at which people start working. Nowadays, for people who choose to join a company, they automatically have a salary account opened for them. Self-employed people open savings account to carry out their business and transactions. At this point of life, every individual, whether working or not, should have a savings account. People use savings accounts at this age to save mainly for marriage, emergencies and retirement.
Middle-Aged -
At this age, if you still don’t have a bank account, you’ve missed out on many benefits. But it’s not too late. As the world advances, many things are becoming digital and more convenient. From the application process to managing your own account, you can handle it all without any hassle.
Senior Citizen -
For many reasons, people may have survived very well without a bank account. But during retirement years, a savings account becomes very useful. Keeping money aside for medicines, day-today expenses, future unforeseen expenses become much more important than at any other stage of life. Banks offer special benefits to senior citizens such as doorstep banking, higher interest rates, and preferential banking service.
AU Bank provide karta hai features like monthly payouts, auto-upgrade and much more. So, why wait? Chahe koi bhi ho age, saving account hai best!
Read online more about the types of savings accounts. Also, know the difference between current and savings accounts.
Also, know online more about the monthly average balance and maintaining
