As more financial institutions choose to offer their services online, banking has become a more seamless part of everyday life. Compared to traditional banking processes, online banking is quicker and more accessible, allowing consumers to manage their finances anytime and anywhere. However, even though digital banks are growing in popularity, not many individuals are familiar with all the benefits these financial institutions offer. Some people only use their digital bank accounts to store money, and although this is a perfectly valid use, it barely scratches the surface of what digital banking can do.
To that end, this article aims to guide you through the ways to maximize the value of your digital bank account and enjoy a better overall banking experience. This way, when you open a bank account Philippines’ consumers vouch for, you’re able to use it to its full potential.
Maximize Your Bank’s Savings Products
Digital banks typically offer similar savings products as their brick-and-mortar counterparts. What makes their savings option different, however, is that they often come with higher interest rates. Since digital banks don’t require physical branches to operate, they don’t incur a lot of overhead costs. With these savings, they are able to provide more attractive returns on customer deposits.
For example, Maya—the number one digital bank in the Philippines—has Maya Savings. This savings product boasts an interest rate of 3.5% p.a., which is considerably higher than the average offers by traditional banks. Additionally, you can boost the interest rate up to 15% p.a. by simply completing Maya-specific goals like using Maya to buy prepaid load. Another savings feature commonly available in digital banks is the ability to create multiple savings “pockets” within a single account, like Maya’s own Personal Goals. This option makes it easier to track progress toward specific financial targets, whether it’s for travel, emergencies, or major purchases.
With so many options and tools at your disposal, it’s recommended to take the time to explore the types of savings accounts offered by your digital bank. This way, you can make the most of the features and grow your funds more efficiently.
Settle Bills Directly Through Your Bank’s App
To make your daily transactions more convenient, digital banks offer a wide range of services through their respective apps. These platforms are designed to provide you with an all-in-one banking experience, enabling you to manage your money and financial responsibilities without switching between multiple tools.
One practical feature a reputable digital banking app offers is the ability to pay bills directly. The bank partners with various billers and service providers, allowing you to consolidate your payment needs into a single, user-friendly interface. Whether it’s utilities, internet, insurance, or loan payments, integrating bill payments into your digital banking routine reduces the need to visit physical payment centers and also helps you save time and prevent missed due dates.
Use Your Digital Bank to Complete Online Purchases
Aside from providing you with an easier way to pay for your utilities, the best digital banks are also equipped to support secure and convenient online shopping. They do this by issuing virtual debit cards that are linked to your account, enabling you to make purchases directly without needing a physical card. These cards are accepted by various payment networks, including e-commerce platforms, streaming services, and even international merchants. As such, you’ll gain greater flexibility in how and where you shop.
Moreover, using your digital bank for online purchases reduces the need for separate credit or prepaid cards. This centralization can help you monitor your spending habits more closely while keeping your transactions in one accessible place.
Understand the Banking Fees
While digital banks are generally more cost-efficient than traditional banks, it’s still important to understand any fees that may apply. Many digital banks waive traditional charges such as maintaining balance requirements, but certain activities—like transferring funds to non-partner banks or through electronic funds transfer services—can still incur costs. Therefore, it’s in your best interest to review your bank’s fees. This way, you’ll have a better understanding of when and where fees apply, preventing you from unintentionally reducing your balance. The best way to find out more about your digital bank’s fees is by visiting its official website or exploring its app.
Enable Your Bank’s Security Features
Security is a top concern when it comes to digital banking. With your financial data and funds being managed online, you want to ensure that your account is well-protected from threats. Fortunately, digital banks offer strong protection tools that help keep your finances secure—many of which are easy to activate.
Features such as biometric logins, multi-factor authentication, and real-time transaction alerts can significantly reduce the risk of unauthorized access to your account. Check if your digital bank has enabled these features by default; depending on your device, some functions may be initially turned off. If you have yet to explore these settings, do so now so you can take an active role in safeguarding your finances while enjoying the convenience of online banking.
Digital banks have provided an easier way for individuals to access their money, but their capabilities go beyond storing people’s funds. These financial institutions offer a wide range of features that support smarter financial management. And being familiar with your bank’s tools and services enables you to make the most of what it offers, helping you save more efficiently and spend more wisely.
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