Are High-interest Savings Accounts Safe?

Everyone who wishes to save more through their savings account prioritizes a high-interest-rate savings account today. However, one must verify a few other features besides the interest rate offered by the bank to make the most of their savings account. Let us discuss how you can ensure the security of your transactions using your savings account in this article. Keep reading to know what to prioritize in your savings account to ensure that it secures your online transactions.

How to Open a High-interest Savings Account in a Safe Way?

It has become very easy for any customer to open a savings account today. This said, the most convenient way to open a savings account is by opting for an online savings bank account a.k.a.  instant savings account, as IDFC FIRST Bank likes to designate them – which provides the customer with seamless access to their savings account along with high-level security. The procedure to do the same, in the case of IDFC FIRST Bank, is completely online and secured with multiple layers of protection such as encryption and two-factor authentication.

Tips to Ensure the Security of Your Online Savings Bank Account

While it is the bank that must ensure the safety of your online transactions; there are certain measures that you can take as a customer – besides opening an online savings bank account – to ensure the security of your online transactions:


1. Create a Unique User Id and Password

You must create a unique User ID and password to ensure the security of your online transfers. This will help you securely log in using your mobile banking app.


2. Keep Changing Your User Id and Password Regularly

Regularly changing your User ID and password will enhance the safety of your savings account. Kindly ensure that your password is a combination of numbers and special characters that is difficult to guess.

3. Opt for an Additional Layer of Security

The IDFC FIRST Bank mobile banking app helps you increase the security of your savings account by adding an additional layer of security such as biometric login (fingerprint or face ID).

4. Don’t Click on Suspicious Links Sent via SMS

You must refrain from clicking on suspicious links that you might receive over SMS or other channels to secure your bank account.

5. Trust Only Those Links That Are Sent Through Official Channels

Only those links that you receive through official channels such as the bank’s official Twitter page or the bank’s mobile banking app must be trusted.


6. Refrain From Using Unsecured Public Wi-fi Connections

Finally, you must avoid connecting to unsecured public Wi-Fi connections to increase your savings account’s overall security.

Besides these points, you must try to choose a mobile banking app that offers more than one way of transacting money online. To take IDFC FIRST Bank’s example, the mobile banking app that they offer provides three ways of transacting money online – UPI (Unified Payments Interface), “Auto Pay” facility, and “One-Swipe Pay” facility. You must have the option of using more-than-one secure online transfer option to transact using your savings account.

Joel Gomez
Joel Gomezhttps://www.gadgetclock.com
Joel Gomez is an Avid Coder and technology enthusiast. To keep up with his passion he started Gadgetclock 3 years ago in 2018. Now It's his hobby at the night :) If you have any questions/queries and just wanna chit chat about technology, shoot a mail - Joel at gadgetclock com.

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