Photo by CC user 68751915@N05 on Flickr and http://401kcalculator.org/
For the people who live in the 21st century, having the opportunity to conduct business online and purchase online is one of the great modern conveniences. With the exciting changes taking place in the banking industry, this is an even better opportunity, simply because some of the established banks in the UK have introduced a great app that allows individuals to better control the saving and spending of their hard-earned money.
The focus is increasingly placed on making digital/online banking more intuitive so that the “everyday” individual can truly benefit from the features being offered. It is quite common for people who have always used traditional banking services to feel that they are giving up too much control when they make the move to online banking. But with the newest programs there is less worry, less stress.
Smart Saving
With the continuing reduction in interest rates, many people have difficulty deciding how to go about saving a percentage of their income. With the new digital programs, you can be more proactive in how you use your money. If you are like a lot of working people, you are concerned about personal finances. You can establish a current account and a savings account that work together with the advanced app now being offered.
It is possible to pay bills, spend, and save no matter where you are at the time. With a smartphone and a tablet, you can access a full-range of features that make this a very attractive option. Benefits include, but are not limited to:
- Two working days each calendar month without overdraft fee
- Easy money transferwith your smartphone and tablet
- Saving pot started with as little as £1
- Access to your savings any time
- Just a few simple steps to switch to this way of banking
New and Experienced
This digital opportunity is quite new, but don’t let that fool you into thinking it is not well thought-out. The banks behind the program have been in the business for many years so your accounts will always be in experienced hands. Mobile banking will definitely help you manage your money more efficiently, giving you added control over how you save, when you save, and when you spend.
These same long-standing banks were among the first to introduce automated teller machines (ATM) and regular checking services. They make digital banking attractive by charging no monthly fee for the first year. After that, the charge is a reasonable £2 per month, which covers the current account and the instant savings account.
The interest rate on a current account is .5% AER on balances up to £2000. Credit interest is determined on a daily basis and credited on the last working day of the month. The rate on the savings account is 1% AER. When you need to access the funds in your savings account, you simply transfer the money to your current account instantly. It really is that easy, so why not make the switch today?