Having more than one bank account can help you manage your money. You can save for different things and get the most out of deals and bonuses. But multiple accounts mean multiple details, different passwords for online access. Plus, it can also be hard to keep track of all your accounts, balances, and transactions.
In recent years, banking habits have shifted significantly. Online netbanking has gained popularity. The traditional methods like in-person visits and phone banking have declined. With more people now managing their finances through mobile apps and online platforms, this article explores effective strategies for organizing and handling multiple bank accounts through netbanking.
Track Everything in a Spreadsheet or a Dashboard
Try to keep track of every element of each account on a spreadsheet. Document your balances, fees, and potential revenues.
Why? Every bank account is different and has its own rules that you need to follow. For example, some accounts may need a particular amount of money to stay active or a certain number of transactions to happen in a certain amount of time to earn the promised Annual Percentage Yield (APY).
This handwritten spreadsheet method not only helps you keep track of everything from one place, but it also keeps you from having to put your financial information online.
But if this is a lot of work, then you can track everything with an interactive dashboard. For example, most banks are now part of the RBI-regulated Account Aggregator (AA) ecosystem. This lets you safely get information from other banks and financial institutions, like account balances and statements, into digital platforms.
Create Unique Passwords
When managing multiple netbanking accounts, it is important to use strong, unique passwords for each one. Reusing the same password across accounts can make all your accounts vulnerable if even one gets compromised.
So, create strong passwords in the first place. Also, instead of using your browser’s “remember password” feature, think about using a password manager. These tools can store complex passwords. In fact, they can also help generate passwords. They ensure your accounts remain protected without you having to memorise each one. The finest password managers include robust security methods, including two-factor authentication, to protect your personal information and make it less likely that hackers will get in.
Set Up Alerts and Notifications
Activate transaction notifications and balance alerts for all accounts. Real-time notifications enable you to monitor your spending, swiftly identify unauthorized transactions, and prevent overdraft or minimum balance fees. The majority of netbanking platforms enable you to set up alerts according to specific criteria like transaction amounts or balance limits.
Automate Transfers and Payments
Automating transfers between accounts can simplify money management. For example, you can schedule monthly transfers to savings accounts, investment accounts, or even recurring bill payments. Automation helps avoid late fees. It also helps maintain minimum balance requirements. Thus, you can stay consistent with savings goals.
Take Advantage of Netbanking Features
Modern netbanking platforms offer interesting features. You get options like:
- Expense categorisation
- Spend analysis
- Downloadable account statements
You can use these tools to understand your financial behavior better. It also helps make informed decisions. Some platforms also allow you to nickname accounts. Thus, it simplifies the process of keeping track and makes it easier to remember which one is for what purpose.
Conclusion
By keeping some of these best practices in check, you can securely manage multiple accounts without. The best way to keep track of multiple bank accounts is by using a bank which has an interactive dashboard in its netbanking app. To streamline it all, schedule a weekly or monthly review to assess your accounts. Look for unusual activity, reassess automatic transfers, and adjust your saving or spending patterns if necessary. Staying proactive helps you remain in control and make timely decisions!
