5 Reasons Why a Savings Account Is Important

Whether you are a student saving your pocket money or a stay-at-home parent saving up for a rainy day, the act of saving money is one of the best lifelong habits you can instill in yourself. For a hard-working employee that dreams of buying that new car or new house, saving a portion of your monthly earnings is the best way to get that dream fulfilled.

By maintaining a savings account at a bank or financial institution, you can conveniently store all your personal savings and keep it safe and accessible to you whenever you need it. If you are wondering why it is essential for you to have a savings account, this guide will assist you in making up your mind.

Here are five key reasons why you should maintain a savings account:

1. It generates interest

Maintaining your money in a savings account helps you generate some income through interest. Interest is a proportion of the amount deposited that is offered to you at the end of a specific time period by the institution that holds your deposit based on the interest rate that they offer. Savings account interest rates vary from one financial institution to another. In addition, based on the account limit you maintain, you can hope to receive even higher interest rates.

In general, the interest rate in banks is lower than what is offered through financial institutions like HNB FINANCE, which provides some of the highest interest rates for your savings comparatively. Hence maintaining your savings in a high-interest savings account rather than at a regular banking corporation can help you generate a substantial amount of passive income simply by allowing this interest to accumulate over some time.

One of the key features of the General Savings Account at HNB FINANCE is their calculation of interest rates on your daily balance which gets credited to your account on a monthly basis. Additionally, you can have 24 hour access to your account through the HNB ATM card and receive free SMS notifications on all your transactions.

2. Safety of funds

A savings account is ideal for maintaining your funds as it protects and provides insurance for your money from threatening external forces. It is also one of the innocuous means of investing your capital. Unlike investing in stock and bonds that can cause you severe losses due to volatile market conditions, you are not taking any form of a gamble by maintaining a savings account.

Additionally, savings accounts allow customers to always have accessibility to their money. Unlike current accounts or fixed deposits, you can always withdraw the money in a savings account whenever you need it.

When saving with HNB FINANCE there is no need to worry about the safety of your savings. HNB FINANCE is a subsidiary of one of the largest private commercial banks in Sri Lanka, Hatton National Bank which is commonly known as HNB. HNB Finance PLC is licensed by the Central Bank of Sri Lanka in terms of the Finance Business Act No. 42 of 2011. Always do a background check on company credentials before you invest your hard-earned money.

3. The convenience of making and receiving payments

It can be a great hassle to collect payments from the different entities that owe you for those working on contracts. With a savings account, you can eliminate the need to travel back and forth to receive your payments, as they can simply deposit your money straight to your account.

Consequently, if you require to make a payment for a service rendered to you, savings accounts offer convenient fund transfers that enable you to directly make your payments either through online banking or in person at any of the bank branches.

4. Organize your finances

By maintaining a savings account, you’re better able to organize your finances as you have a designated place for all your excess money to be deposited while giving you an overview of your spending habits through the history of bank transactions. It helps you keep track of where your money is going, and it also enables you to conduct financial planning for your future and set aside some funds for emergencies.

For instance, you can plan for your child’s future by opening a special Yalu – Children’s Savings Account that would not only help the youngster instill the habit of saving at an early age, but it would also ensure they have a fund to help them get on their feet when they reach adulthood. HNB FINANCE Yalu children’s savings account is one of the best children’s savings accounts in Sri Lanka as it offers highest interest rates and a range of attractive, valuable gifts such as violins, drones and bicycles for the delight of your little ones.

5. Unique features and value-added services

HNB FINANCE saving accounts offer convenient standing order facilities as well as 24-hour access to your account through the HNB FINANCE ATM card, along with SMS notifications on every transaction made on your account free of charge.

HNB FINANCE general savings account and the Miyulasi womens saings account offer you high interest rates to encourage savings.
Get on board with the best savings account in Sri Lanka by opening an HNB FINANCE General savings account today. Pick one of our three savings account options that offer the most competitive interest rates in the market.

Learn more about opening your very own savings account at HNB FINANCE here.