Maximising value: Tips and tricks for getting the most out of your Current Account

Maximising value Tips and tricks for getting the most out of your Current Account

Whether you are a business owner, startup founder, freelancer with high transactional needs, a Current Account is your lifeline. It helps with daily transactions, cash deposits, supplier payments, salary disbursements, and business expenses. To put it simply, it ensures smooth financial operations. But are you making the most of your Current Account’s benefits? Maximising its value goes beyond basic transactions, as there are various valuable strategies to save money on fees, earn interest on your balance, and streamline your finances.

Having said that, take a look at some smart tips and techniques that will allow you to take full advantage of your Current Account, making it a more valuable asset for your business.

  • Go for low minimum balance requirements

Most Current Accounts come with a minimum balance requirement, failing to meet it attracts penalties. These fees and charges can add up and create unnecessary financial pressure.

To avoid this, check the Current Account requirements of different banks and choose one with low or manageable minimum balance conditions. This way, you can allocate more funds towards growing your business and making valuable investments for the future.

  • Leverage the ActivMoney facility

Certain Current Accounts offer the ActivMoney facility, a highly advantageous feature. This innovative feature enables you to earn interest on your idle funds automatically. Balances above a fixed amount is transferred to a linked Fixed Deposit, generating FD-like interest without any manual effort. This helps you earn extra income on your unutilised balance and makes sure that your money works for you even when it’s not actively being used.

Therefore, opt for a bank that offers theCurrent Account auto sweep feature and make the most of this opportunity to maximise your financial gains.

  • Capitalise on rewards and cashback

Current Accounts offer various discounts and offers, such as cashback on transactions, reduced overdraft loan fees, and discounted insurance premiums. Make it a habit to check your bank’s emails and SMS to leverage discounts and deals to save on various transactions.

  • Check the limit and interest rates on the overdraft facility

Overdraft facilities allow you to borrow money from your bank even when there isn’t enough available balance in your Current Account to complete a transaction. An overdraft facility can be a lifesaver during temporary cash flow challenges and save you from missed payments.

To maximise your Current Accountvalue, look for one that offers a high overdraft facility limit at a low interest rate. Most importantly, use this feature wisely. An overdraft can be a useful short-term solution for unexpected expenses, but relying on it too frequently may lead to additional fees and financial stress. Remember, an overdraft should be a safety net, not a regular financial strategy.

  • Online and mobile banking convenience

Choose a bank that offers an intuitive online platform and a mobile banking app to help you manage your finances efficiently from anywhere, anytime.

With mobile banking apps, you can complete the Current Account opening process online, check your account balance, view transaction history, make instant payments, and transfer funds instantly. Online banking, accessible through a web browser, offers similar features along with benefits like bill payment, account statements, and fund management.

These digital banking options streamline your financial tasks, saving time and effort.

Ending note

Once you know what to look for, you can open a Current Account with your preferred bank. Visit a bank branch to complete the procedure for opening a Current Accountoffline. Another option is to do it online through the bank’s website or mobile app. You can even opt for a digital Current Account and complete the KYC process via a video call.

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