Why should you refer to Savings Account statement?

Today, having an account is necessary and advantageous. This is because your account is at the core of all your banking activities. You can hardly meet any of your banking requirements hassle-free without an account. Hence, open an account on priority. The good news is that you need not travel anywhere to open an account. You can open an account from the comfort of your home online.
Savings Account is the most popular account you can open. The account is most suitable to save, earn a competitive interest rate, and meet your daily banking requirements. You need to always keep up with the minimum balance requirement in your account. This encourages you to save at least a reasonable part of your income. You generally get a Savings Account statement every month on your registered email address.
The statement is a detailed summary of your account activity. Many people skip checking this statement. If you skip it, stop now. The following are important reasons to refer to your Savings Account statement:
Understand your transactions
Given the growing popularity of Online Banking and digital wallets, you make several transactions on the go. Since you make so many transactions, you lose track of your account balance and spending. This is where referring to the account statements helps. The Bank Account statement mentions the opening and closing account balances, and a detailed transaction history.
This provides a hang of your financial transactions. You can review your spending, identify unnecessary spends, and avoid them in the future.
Learn about interest rates and charges
Are you aware of the interest earned on your Savings Account? Do you know the charges deducted from your account? If not, do not worry. Since these amounts are directly credited and debited from your account you may miss out on them. However, you can always refer to your Savings Account statement to learn about it.
Besides your email, you can access your account statement on the Banking App. You can instantly download the statement and keep it handy for your records.
Be alert
You make several transactions in a day. You find it challenging to track your transactions and identifying fraudulent activity may be tough. Savings Account statements come to your rescue here. Go through your transaction history and if you identify a transfer not made by you, alert the bank immediately. The bank registers your complaint and starts looking for the culprit.
Other than checking the account statements you should also check the bank’s SMS alerts. It is the quickest way to recognise fraudulent activity. Register your mobile number and email address when you open Savings Account with your bank to stay updated.