Important Factors to Consider while Opening a Digital Savings Account

Look Forward to a World of Savings, Winnings, Convenience and More

The Covid-19 pandemic has transformed the banking sector in Bahrain and GCC region by accelerating digital adoption and making digital banking a go-to choice for customers. As a matter of fact, a survey conducted by Backbase with YouGov reveals that 89% of customers in the GCC region are more likely to opt for digital banking services than paying physical visits to banks. 

This has paved the way for simple day-to-day banking transactions such as deposits, money transfers, bill payments to complex services such as digital account opening Bahrain and subscription to new products moving online. 

About 77% of respondents in the GCC region say they use digital banking services at least once every week, while the remaining use these services at least once a day or more. 

Therefore, with digital banking becoming mainstream, the need and relevance of having digital savings account in Bahrain and GCC have gone up exponentially. Choosing a reputed financial institution to safeguard your hard-earned money is one of the most important financial decisions one can make. 

Things to Look For When Opening a Digital Savings Account

The features and benefits of a savings account may vary with each bank. Here are a few important factors to consider before opening a digital savings account: 

1. Minimum Opening Amount

Certain banks require customers to open a savings account with a minimum amount and maintain a minimum balance. So, prior to opening a digital account check if there are any specific terms and conditions and know if any fees or surcharges are levied to open an account with the bank. 

1. Instant Self Onboarding

The digital account opening process should be simple and easy, enabling customers to open a savings account in a matter of minutes. Uploading and entering basic information and identity proofs like CPR number, name, address, etc. the UI and UX of the bank’s app or online interface should make the end-to-end digital banking process hassle-free. 

1. Added Benefits and Offers

Several banks provide their customers various rewards, gifts, and other such deals when opening a digital savings account. For instance, the AUB in Bahrain provides a golden opportunity to cash in on huge winnings up to $1 million by giving you multiple chances at their quarterly and monthly grand prize draws for all who open a MyHassad savings account. 

For every BD 50 minimum balance held in the account for a 15-day period, you can earn one draw chance. That means when you open a digital account and the more you deposit and maintain in the account, the more your chances of winning grand cash prices. 

1. Interest Rate

Savings account provide a safe medium for accumulating wealth slowly and steadily. While you park funds in your account, consider the interest rates that can potentially grow your money and yield more savings with quarterly, bi-annual or annual interest pay-offs. Read the terms and conditions of the digital savings account and do your research online before opening the account. 

1. Banking at Your Convenience

The bank you choose should enable you to undertake transactions through online banking, mobile banking, SMS banking, or through the 24/7 contact center as per your preferences and needs. They should provide flexibility, convenience, instant access to your account, and a one-stop solution to managing your finances. Besides, with the current scenario of hectic schedules and social distancing due to the pandemic, it’s best to opt for banks that have facilities of virtual banking through video consultation with banking agents. 

Look for an apt digital savings account that not only matches your lifestyle but also goes beyond a regular savings account to offer your something more than your expectations. MyHassad digital savings account from AUB is one such account that facilitates digital account opening Bahrain through the mobile app, provides modern digital banking features and not one but four chances to become a millionaire. 

Start the journey to maximize your savings and earn multiple chances of winning a treasure of cash prizes from AUB by opening your digital savings account today!