Despite its traditional image, the banking services sector has evolved significantly to adapt to the changing needs of its increasingly tech-savvy customer base. For one, what used to be brick-and-mortar banks have come to embrace online banking and now typically support digital platforms where users can conveniently carry out their banking activities in real time. For another, plenty of digital banks have emerged in the past few years and captured the attention of the public with their innovative financial products and digital-first services.
No matter if you choose to work with an established bank or an up-and-coming one, you need to familiarize yourself with the perks offered by these financial services providers. Doing so will enable you to make informed choices about where and how to best manage your financial resources. Here are some of the things you can do to maximize the benefits that your chosen bank offers:
Compare Accounts
Choosing the right traditional and digital bank PH options is the first step in enjoying all the banking perks you want. If you’re still shopping for a bank or you want to open a new account with an existing financial services provider, remember to compare the products and services that they offer. Take a look at the different account options available and determine whether or not those accounts can help you meet your goals for your money. For instance, if you simply want a no-frills banking service, check out options that offer fee-free or low-fee essential banking services such as checking and savings accounts.
Optimize Savings
In comparison to typical banks, digital banks like Maya offer higher interest rates for savings accounts. This particular feature is a boon if you are intent on growing your savings and letting the bank’s interest rates work for you. Opening a Maya Savings account provides you the opportunity to earn a base interest rate of 3.5% p.a., and increase it all the way up to 14% p.a.; this is much higher than what traditional banks offer. By regularly depositing funds into a high-yield savings account, you can maximize your earnings and accelerate your progress towards financial goals such as building an emergency fund or saving for a major purchase. Plus, the compounding effect of higher interest rates can significantly boost your long-term savings growth.
Utilize Budgeting Tools
Many digital banks offer advanced budgeting tools and features to help you track your spending, set financial goals, and manage your finances more effectively. Consistently using these tools allows you to gain insights into your spending habits, thus identifying areas where you can cut back and allocate resources towards your priorities. Ultimately, budgeting tools give you greater control over your money and make more deliberate decisions on how to spend your resources.
Automate Savings
How often do you set aside money for your financial goals? If you want to ensure consistent progress towards achieving your goal, it’s a good idea to automate your savings. Most online banking platforms, whether they’re from traditional or modern digital banks, often provide automated savings programs that allow you to set up recurring transfers from one account to another. This makes automating your savings contributions much more convenient, which in turn allows you to make saving a habit without the need for constant manual intervention.
Stay Informed
To make the most of your digital banking experience, it’s essential to stay informed about the latest features, promotions, and updates from your bank. Regularly checking your bank’s website or mobile app can help you discover opportunities to maximize your benefits, such as limited-time offers or new product launches. This will enable you to maximize all the resources available to you and optimize your financial journey.
Prioritize Account Security
Keeping a close eye on your account activity is essential for maintaining financial security. The good news is that digital banks offer real-time transaction monitoring and alerts, so activate these features to stay on top of any and all transactions. Being vigilant and proactive is crucial to protect your finances and minimize the risk of fraud or identity theft.
That said, protecting your account security is paramount when using online banking facilities, e-wallets, and digital banking apps. Keep your finances safe by using strong, unique passwords for your accounts. It’s also a must to enable multi-factor authentication. Finally, never share your login credentials or personal information with anyone, and be cautious when accessing your accounts on public Wi-Fi networks. By prioritizing account security, you can ensure that you’ll always be able to use your accounts freely and enjoy the benefits provided by your bank.
Maximizing the financial benefits offered by modern banks can complement your efforts to keep up with the shifts in the current economy. Acting on the suggestions above empowers you to use the resources your bank offers to grow your wealth and navigate financial challenges with confidence. This gives you a better chance to strengthen your financial position, achieve your goals, and build a brighter financial future.
