Your bank account is at the center of your personal finances. The core of your finances is your savings/current account, where your primary income and expenses flow through every month. If you want to get the best from your bank account, as a small business owner or as a regular consumer (private worker or government worker), follow these simple strategies for excellent results.
- Monitor your accounts regularly
Your bank accounts may have only a few transactions per month or dozens. You should keep track of your bank account activity and check regularly to look out for fraud or any surprises you didn’t see coming.
You can log into your bank account directly, on your mobile app or request for a monthly statement of account if you are not getting one already. As long as you are keeping tabs on your account you don’t have to balance your checkbook. But don’t ever skip out on looking in on your accounts or you could find yourself on the wrong side of a barrage of loan and overdraft fees or worse.
- Use features on your mobile app; like bill pay or direct deposit
Your bank likely gives you free access to online bill payment, check deposits through your phone, and loads of other useful features. Connect to your bank’s bill pay system for automatic payments each month.
Take advantage of the many free features you have access to for the best banking experience.
- Link to other accounts
If you have all of your accounts at the same bank, you should be able to log into one dashboard to send transfers between accounts. Some banks also allow connections to accounts at other banks and investment institutions. This makes managing multiple accounts very simple and easy.
- Split your direct deposits for automated savings
Most employers give you the option to split your direct deposit into two or three different accounts each payday. You don’t have to get a lump payment into just one account, you can deposit into different accounts.
You can get a direct deposit form from your bank to get the needed routing number and account number for a direct deposit into each account.
- Take ownership of your bank account
Your bank is not looking out for you, nor is anyone else in most situations. Take ownership of your account and become familiar with the features your account offers.
(For Instance, Under the savings account, you have some account features, which are Xmas or Ileya savings account and micro-investment account which brings endless benefits and rewards). Get to know where your money comes from and where your money goes. Treat your bank account just like a business treats its bank accounts with a focus on minimizing costs and gaining long-term financial success.