10 Smart Banking Habits You Should Learn

In modern life, banks are crucial for facilitating day-to-day transactions like bill payments, fund transfers to family members

In modern life, banks are crucial for facilitating day-to-day transactions like bill payments, fund transfers to family members and business associates, and loan amortizations. Like other industries that are part of the fabric of your everyday life, for example, the food and beverage industry or the media, the banking industry has also leveled up in terms of the services it can offer you. Banking brands like Robinsons Bank have taken special care to invest in digital banking infrastructure, thus making it much easier for Filipino customers to complete online bank account opening, online loan applications, and other tasks from their laptops or smartphones. Now that banking has entered a “smart” era, it’s a good idea for you to take on a smarter approach to your banking life.

What will you get out of adopting smarter banking habits? Here’s a quick feature on the benefits of smart banking practices, plus a list of the ones that you can apply to your bank accounts, payment cards, loan programs, and personal investments.

The Benefits of Smart Banking Practices in the Digital Age

First, let’s get some perspective on why it’s good to adjust your banking habits in the wake of the digital era. The four best reasons to adopt smarter banking habits are:

They Will Help You Find the Right Bank for Your Lifestyle

If there’s one thing you should be smart about, it’s your choice of banking partner in today’s rapidly evolving consumer banking environment. Not all banking brands are created equal, and one bank may be a better choice for your needs than another. A good banking partner is one that you can readily trust with your daily burdens; if they can promise you additional speed and flexibility when addressing these, you’ll be at a great financial advantage.

They Will Increase Your Financial Literacy

Today’s banking customers may also feel like they have a lot to learn about their financial literacy. A good banking provider, paired with smarter banking practices, will help you achieve full mastery over the concepts related to your finances. You’ll be able to envision how interest rates affect you, what factors are involved in your creditworthiness, and how to use certain debt instruments for your own financial freedom. With practice and a lot of trust in your bank’s system, you’ll become much more confident at making major financial decisions.

They Will Save You Money on Your Everyday Transactions

When people compare working hard and working smart, it’s usually in terms of how well the second approach maximizes their resources. It’s the same with smarter banking habits—they will allow you to save money and energy at the same time. The money you save will go a long way in sustaining your daily budget. In addition, you’ll be less stressed about managing the money-related problems in your life.

They Will Make Day-to-Day Banking Smoother and More Reliable

Being part of a smart, efficient, and modernized banking ecosystem means that you will benefit in the following ways:

  • You’ll always be able to pay important expenses on time.
  • You’ll never have to worry about having enough money in your bank account.
  • You can make sure that the people you transact with, for example, your family members, get the money they need from you for their allowance, school fees, household bill payments, and the like.

If you can rely on your banking partner for an excellent day-to-day banking system, that’s already half the battle won. It’s just a matter of making the most out of the system and practicing smarter banking habits yourself!

The Top 10 Banking Habits You Should Practice

With that in mind, below are the top ten smartest banking habits that you can learn and eventually put into practice. Try these adjustments and see how much improvement they can contribute to your personal finances.

Transact from an Online Account

Opening an online account is one of the smartest things you can do for your banking life. This type of account will allow you to complete remote banking transactions on a 24/7 basis, all from the convenience of your computer or mobile device. Take full advantage of the ability to bank anywhere and at any time, just so long as you have access to the internet. It will definitely save you the pains of going outside your home and looking for the nearest ATM.

Check Your Account Balance Regularly

Next, make it a regular habit to check your account balance and review your transactions. Not only will this help you keep track of exactly how much money you’re moving in and out of your bank account. It will also allow you to see if there’s anything amiss with your transaction history, like a fee you didn’t notice or a mistake in someone’s repayment of your service to them. Checking your balance and accounting for each transaction will keep your finances in order, so don’t forget to do so as often as you can.

Plan Your Bank Visits and Major Banking Transactions

Even if digital banking can save you a lot of time and money on visits to your bank branch, there may still be occasions where you need to transact over the counter. These include getting a new checkbook or refreshing your stack of paper bills. If you do need to make a trip to your bank, plan your visits ahead and schedule them in advance so that you can tick off multiple items in your banking to-do list. This way, you can avoid too many instances of sitting in traffic or queuing in line just to be able to complete your banking transactions.

Use Your Bank’s Mobile App to Pay Your Household Bills

Your bank may also offer you the extremely smart option of paying your telco, utility, or insurance bills from their banking website or app. If it’s possible for you to do so, choose to pay multiple bills from just one platform. This is both quicker and easier than settling these bills through physical channels, and it will also help you remember to account for multiple bills at a time instead of on a piecemeal basis. Check out Robinsons Bank’s list of accepted billers to see if your billing companies accept payments through bank transfer, and enjoy added convenience when paying for your household necessities.

Keep Tabs on Your Banking Fees

It’s important to remember that certain banking transactions require fees. Although they’ll seem small on their own, they can rack up and turn into big amounts over time. Before you know it, you may owe your bank a lot of money that you didn’t know you had to settle. Knowing that, make it a regular practice to calculate banking fees as part of your transactions. Doing this will increase your control over your spending and prevent unpleasant surprises pertaining to charges or deductions from your account.

Pay Your Credit Card Bills Early

The earlier and more consistent you are with your credit card bill payment, the less you’ll have to pay for penalties—and the better it will be for your long-term creditworthiness. Be smart about your personal credit and do your best to pay your credit card bill either early or precisely on time. You can opt to have your credit card payments auto-debited on a certain day of the month for a quick and stress-free settlement.

Use Up the Rewards Points That Come with Your Credit Card Program

One of the biggest perks that come with your credit card is its reward program. If you’re using a Robinsons Bank DOS MasterCard, Robinsons Cashback Card, or Pru Life UK Credit Card, don’t let your rewards points go to waste. Learn about the rewards you’re eligible for through channels like your mobile banking app, and check the bank’s website or social media for updates on particular rewards. Use up your points on essentials like gas or groceries, or treat yourself to discounts while shopping at your favorite retail stores.

Build Your Savings with a Time Deposit Account

Saving money for the future doesn’t have to be too difficult. In fact, with a smart savings option like a Robinsons Peso Time Deposit account, you can let your money grow even without touching it. Through a time deposit account, you can put away a certain amount of your savings and let the interest on it accrue over a fixed period, for example over the next five years. If you don’t withdraw that money within five years and simply let it sit in the account untouched, you’ll have a handsome reward waiting for you when the lock-in period is over.

Apply for Loans or Refinancing Options

Contrary to what some consumers may believe, it’s neither dangerous nor troublesome to borrow money from the bank to pay off a major expense like a house or a vehicle. If you don’t want to wait years or even decades to fully finance a home, a car, or a motorbike, explore Robinsons Bank’s consumer loan programs. Apply for a home loan, auto loan, or motorcycle loan, or look for a refinancing option for your current vehicle loan or mortgage. A banking partner like Robinsons Bank will offer you smart and simple options for amortization as well as viable interest rates.

Stay Updated with Your Bank Account Passwords and Security Settings

Lastly, if you’ve switched over to smarter banking channels like the bank’s website or app, don’t forget to tighten your cybersecurity from time to time. To keep your account safe from phishers, hackers, fraudsters, and other malicious agents, take care to update your passwords, mobile PINs, and other security-related features. Being smart about your finances also means taking the extra steps to secure them. Prioritize your safety and privacy and be proactive about securing your account.

Find Ways to Bank Smarter with Robinsons Bank

With the many developments that have been made in the banking sector, you have a smart and prosperous future ahead of you. Learn more about online banking with Robinsons Bank and find out how we can help you bank smarter!