A Guide To High-Interest Savings Accounts: How To Get The Best Rates

(MENAFN- Kashmir Observer) 1. Consider digital and new-age banks

Wondering which type of account earns higher interest rates and brings maximum growth? An online savings account might be the answer.

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Therefore, your first step to getting high rates should be comparing banks and their online accounts to evaluate which option would give you the best returns possible. These banks use cutting-edge technology to streamline operations and reduce costs, which helps them offer higher savings account interest rates.

2. Use sweep-in features

Using the auto-sweep feature is another smart strategy to obtain better rates on your savings. This facility combines the flexibility of a savings account with the higher returns of fixed deposits.

For example, when you open the IndusInd Bank Indus Multiplier Max Savings Account, any surplus balance above a threshold limit of ₹20,000 is automatically booked as fixed deposits. This means you enjoy higher and better interest earnings. Besides high returns, this savings account offers benefits like:

• Low balance requirement
• Cashback on your purchases
• Off on the best restaurants in your city
• Impressive offers on travel, fashion, and shopping
• Complimentary insurance with your Platinum Debit Card

Open a bank account online with IndusInd Bank today! Enjoy high interest rates and exclusive benefits for a seamless banking experience.

3. Choose a specialised savings account

Still wondering how to get more interest in saving accounts easily? Choose specialised bank accounts tailored for specific demographic groups, such as senior citizens and women. These accounts often offer higher interest rates and additional benefits, like:

• Lower balance requirements
• Extra cashback offers
• Healthcare benefits
• Preferential treatment at banks
• Better loan terms

Such targeted accounts help women and senior citizens get higher savings account returns while enjoying perks that address their specific life stages and financial priorities.

Features to consider besides interest rates

While a high savings account interest rate matters, it is equally important to pay attention to other features like:

Minimum balance requirements	Some high-yield savings accounts may have higher minimum balance requirements.
Fees	Pay attention to monthly maintenance fees, transaction fees, or penalties for not maintaining the minimum balance.
Accessibility	It is crucial to have easy access to your funds through ATMs, online banking, and mobile apps. Check if there are any limitations on the number of free transactions per month.
Mobile banking	A dedicated mobile app is essential for convenient banking, as it helps you manage your finances 24/7.
Customer service	Good customer support is crucial. Access to prompt and helpful support can boost your banking experience.
Additional benefits	Some accounts come with added benefits like free cheques, debit cards, and lower loan rates, which might add value beyond just the interest earnings.

To sum up

A high-interest earning savings account helps you in multiple ways. You get additional growth on your funds, leverage compounding better, achieve your financial goals faster, and much more.

Just make sure to choose the right bank that not just offers competitive rates on savings accounts but also premium features that enhance your banking experience. These include digital banking facilities, auto-sweep features, lower fees, good customer support, doorstep banking and zero balance savings account , among others.

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