However, many customers still wonder if online savings are safe, what should they pay attention to when saving online?

What is online savings?

Online savings is a form of depositing money at a bank that does not require the depositor to come directly to a branch to register for a profile or make a transaction. Instead, customers will operate themselves through the electronic banking system on a mobile device with an Internet connection.

This entire process is done automatically by the bank's system without any intervention from bank staff. To make online savings deposits, customers need to open an online payment account with the bank. On the maturity date, the bank will automatically pay the interest and principal to the customer's online savings account.

Although online bank savings are convenient, is it safe? This is always a common question for most customers when they first deposit money. Because this form does not receive a savings book, it can easily lead to confusion and anxiety. However, experts affirm that customers can completely trust and feel secure because all online savings withdrawal/deposit orders are only made by the account owner.

Accordingly, online savings services of reputable banks will always require an account name, password, Face ID or fingerprint to log in to the account. When customers make a withdrawal order, the bank sends an OTP code via email or SMS to the registered phone number. Only when the customer enters the correct OTP code will the withdrawal order be executed. This entire process is recorded on the bank's system.

Benefits of saving online

Proactively make transactions anytime, anywhere: Customers can easily withdraw interest, deposit money or choose a savings form with just an electronic device with an Internet connection without depending on bank staff. In particular, online savings can be closed at any time, including weekends or holidays.

Quickly update online savings interest rates: The electronic banking system will immediately notify promotional programs so that customers can promptly grasp information and prepare effective savings and investment plans.

Receive preferential interest rates: At most banks, online savings interest rates are always 0.7 - 1%/year higher than at-the-counter savings, with an interest rate increase of 0.1 - 0.3%/year.

Easy to control savings account: All transaction information, digital money, interest are saved by the banking system. You can check right on your phone.

Notes when saving online

To make online savings both safe and effective, customers should note the following issues:

Choose a reputable bank: You should only deposit savings at banks that have been operating for a long time in the market, are large in scale, have a clear brand and reputation. Customers can refer to reviews and feedback from other customers or read financial reports to understand the bank's operating situation. In addition, do not forget to pay attention to the bank's consulting, support and customer care services.

Consider the savings method: Depending on the amount of money you want to save, whether it is from your salary or idle money, customers can choose the appropriate online savings method such as term savings, non-term savings, cumulative savings...

Choose a term that suits your financial situation: If you need capital in the near future, you should choose a short term deposit of 1-3 months. If you do not have a plan to use the money in the near future, choose a longer term of 6-12 months to receive the best interest rate.

Pay attention to the interest rate: Interest rate is the top factor when saving online. Customers can refer to the interest rates of many different banks for a certain period to choose the right place.

Remember the maturity date and the periodic interest payment date: Remembering these two time points helps customers limit overspending, leading to having to withdraw savings online to cover living expenses. At this time, you receive a non-term interest rate that is quite low compared to the initial interest rate.

Keep information secure: Customers should not share account information, do not give out their phones to register for Mobile Banking, and do not send OTP codes to others. At the same time, do not click on strange links to limit the risk of account theft.

When making online savings deposits, customers do not receive a book like the traditional way of making deposits at the bank. However, customers will receive an online savings deposit contract via email and text message to the registered phone number. The contract contains all important information such as full name, interest rate, deposit amount, terms... At the same time, customers can also easily check balance and interest changes at any time on the online savings account for more peace of mind.

How to know if savings deposits are safe in the system?

To know if online savings are still safe in the banking system, customers can access Internet Banking or the bank's Mobile banking application and check balance fluctuations at any time.

Account security is always an important issue, especially in the case of a stolen phone. If this happens, customers do not need to worry too much. Because to log in to the account, you need to have a full account name, password and OTP code. If you lose your phone or suspect that your information has been leaked, you need to quickly contact the bank to lock the account.

Thanks to its convenience, safety, security and attractive interest rates, online savings are gradually becoming an inevitable trend chosen by many customers in the era of 4.0 technology development.

PHAM DUY (synthesis)