Savings accounts are hands down the most convenient instruments to keep your money safe and liquid. They can also act as your emergency pool and wealth builder. But if you have been holding a savings account for a while now, you must be aware that the interest rate is not as high as other savings avenues like FDs and SIPs.Simply put, the money deposited in your account does grow,  but at a slow pace. But what if there was a way to maximise benefits with a savings account? Why, yes! There are actually many, provided you open the account with the right bank.Let\'s explore!

Opt for a High-Interest Savings Account

Are you collecting only meagre interest on your savings account balance? If so, consider switching to a high-interest account and take full advantage of your savings.Unlike traditional accounts, premium savings accounts offer a much higher rate of interest on your daily balance. They also provide a host of added benefits such as cashbacks and a dedicated relationship manager to the account holders.But before you decide to switch, make sure the charges on the account are nominal and won\'t eat into your balance.

Set Up Automatic Bill Payments

Keeping a savings account is not only a safe way to stow away your idle money, but also a safe way to carry out transactions. In particular, transactions for recurring or routine payments like:

• Utility bills
• Loan EMIs
• Investments into RD
• Insurance premium
• Mutual funds.

Just set up a recurring mandate using the eNACH facility when you open a savings account online or later. Once the mandate is active, your payments are made automatically on the due dates.What\'s more, to incentivise account holders who use such services, many banks also waive off maintenance charges. So, if you haven\'t been using your account balance actively, this is your clue to do so.

Make the Most of Debit Card Deals

You know how exciting credit card rewards are, right? But debit card deals and perks are even better. Since you can only spend a limited amount, you get to control your spending with ease. On top of that, all your debit card transactions are duly recorded and emailed to you as monthly reports. This makes cash management a lot simpler.Not to mention, the offers on the line are truly irresistible. For example:

• Discounts on hotel and flight bookings
• Rewards on online shopping for select cards
• Fee waivers on active card use
• Attractive vouchers on merchant payments

Take Advantage of the Sweep Feature

The sweep feature in your savings account is another great way to grow your idle money through interest earning. What happens is, whenever you have excess balance in your account, the extra money is automatically swept out to a fixed deposit facility. Since FDs have high interest rates, you get to enjoy better earnings.The best part? You get to choose the balance limit for the sweep facility. So, you never run low on cash.

Bottom Line

So, you see, a savings account is much more than a method to stash away your surplus income. If used carefully, you can reap tonnes of benefits without paying a rupee in return. Just follow the tips mentioned above to make the most of your savings.