Current Accounts are essential tools for businesses and enterprises that rely on frequent large transactions for large-scale operations while offering great flexibility. Although Current Accounts provide great convenience, their operation costs banks money.
Therefore they do not yield any interest earnings and thus become liabilities when left idle due to inflation; which makes the auto sweep facility of Current Accounts even more valuable.
Understanding ActivMoney Facility
Available through different ActivMoney Current Accounts, the auto sweep facility helps you earn interest on idle funds – especially useful if your excess balance exceeds a predefined limit in your Current Account balance.
When this occurs, automatic transfers begin: any time that funds exceed this set threshold amount they’ll automatically go to an FD and begin earning fixed deposit-type interest rates as the excess funds move in; providing both your Current Account balance and those sitting in an FD can still be used when transacting business – making transactions both accounts the available balance for transactions made up from these assets combined.
Even during its 180-day term, you have access to this amount without incurring penalties for early FD withdrawal. Therefore, ActivMoney ensures your funds are utilized optimally while still offering full liquidity.
Establish ActivMoney in Your Current Account Begin the Set-Up Process
1. Connect With Your Bank
You have various communication methods at your disposal when connecting with your bank: phone call, email, or in-person visit at one of their branches.
Submit Your Details Now; A Bank Representative Will Reach Out Soon For Help Just fill out this form with your personal data, then a bank representative will get in contact to assess if ActivMoney can be activated on an existing Current Account, or whether opening one online separately may provide better options to do so.
2. Provide all pertinent details.
Depending upon your bank, specific Current Account opening documents or information may be needed in order to open one. Precaution should always be taken when opening accounts as banks usually outline all prerequisites on their websites – make sure you review them beforehand in order to prevent delays and speed up the process!
3. Confirmation and activation.
Once you provide all necessary information to the bank, they will process and approve your request to activate ActivMoney.
Afterward, once activated, you will receive confirmation with details such as threshold balances, interest rates and any relevant terms or terms that affect them – such as auto sweep facilities to maximize Current Account value while increasing savings over time.
Regularly review your balance, transactions, and interest earned with ActivMoney for an accurate snapshot of how your finances are growing. This will provide an insightful picture of their development.
Benefits of using ActivMoney Current Accounts
Higher interest earnings- ActivMoney Current Accounts offer you an opportunity to take advantage of higher interest earnings versus regular Current Accounts that do not pay any.
Easy Access- ActivMoney ensures the liquidity of your funds so you can withdraw it whenever necessary without incurring penalties or major delays.
Automatic Optimization- When setting the threshold amount, ActivMoney automates this process and puts your money to work effectively.
Risk Mitigation- ActivMoney strikes the ideal balance between higher returns and risk mitigation, making it especially appealing to individuals looking for ways to grow their funds without as much exposure to volatility.
See Also Factors To Consider When Selecting Savings Account
Set up ActivMoney today in your Current Account to take advantage of FD-like interest rates! Don’t allow inflation to decimate your savings!
Take control of your finances and start earning more with ActivMoney while easily accessing them. Choose an appropriate bank, meet current account requirements, and use this feature of ActivMoney – then unlock high-interest earning potential similar to traditional Fixed Deposit accounts while enjoying greater convenience and accessibility!
