Are you thinking of opening a bank account and have the possibility of choosing a savings account in mind? So, you came to the right place.
A savings account is a banking instrument, which, as its name implies, is designed for one purpose: to save money . So far everything sounds very simple. But when choosing the best savings account, there are many variables to consider.
Remember that each entity offers you different terms, conditions, rates and interest rates. For this reason, it is best to take the time to choose the best one.
Don't know how to do it? Do not worry! Next, we will explain what this type of account consists of and some tips to choose an ideal savings account for you. Join us!
What is a savings account?
It is a type of account offered by banks that allows you to save your money quickly and safely. In general, this type of account will earn you monthly, quarterly or annual interest; The amounts of which will vary according to the economic policies of the bank in question.
This means that depending on the selected entity, the rates and rates will vary depending on the time you decide to keep your money in the bank. For example, the more months you have the money saved, the higher the interest generated. For this reason, it is important to compare the options to select the best savings account.
Advantages of an account to save
As you have noticed, the savings account can be a very interesting alternative to managing money through a bank. Next, we will mention some of the advantages that choosing a savings account can offer you:
- You do not need a large amount to open and maintain it. But it is important that you have a relatively continuous flow of money.
- You can have your money when you need it. You have the option of withdrawing money through ATMs.
- In general, most banking institutions will give you a debit card. You can use this card to make payments through a point of sale terminal, which will allow you to avoid spending your cash. In addition, in case of theft or loss, you can request its blocking and, later, replacement.
- It allows you to track income and expenses at any time. Everything quickly and easily.
- It will generate small interests, which will vary according to the percentages managed by the bank, and with the amount of money handled.
- In a savings account your money will be much safer than at home.
- Almost always, savings accounts do not charge commissions for opening, movements, maintenance, closing the account , among others.
How to choose a savings account?
You have finally looked for all the information you need, and you have made the decision that it is time to open a savings account. For this, we recommend that you take into account the tips that we present below:
- Take into consideration the profitability offered by the bank: A high profitability can generate a greater profit in your savings account. However, you should not overlook the commissions that you must pay. If the rates are very high, the interest earned may end up being used to pay these discounts; which is less beneficial.
- Try to choose a savings account that does not have a cash withdrawal limit: Or at least a high limit. Also, check that they do not charge additional commissions for this, or some type of penalty.
- Study carefully the time in which banks offer a high profitability for the savings account: Some offer this service only during initial periods, but then it is drastically reduced.
- Avoid selecting accounts that require direct debit payroll or payment receipts to access higher returns : Remember that most banking entities do not require these types of requirements.
- Study carefully what are the minimum amounts and / or the maximum amounts required by the account: Some banks require that there be a minimum amount of money in the account. While others make it a rule that if the amount of money deposited exceeds a stipulated amount, it does not receive remuneration. Choose the one whose amounts are more suited to your financial status, to avoid breaching the requirements stipulated by the bank.
- Compare the offers proposed by the different banks: If you consider it appropriate to change institutions, do so. This is because new customer accounts can offer many more advantages.
A savings account can be very useful when you need to keep your money in a safe place, and generate modest interest. We hope the tips above help you choose the best savings account for you.