Savings accounts - how to choose the best offer for you?


A savings account is one of the most popular banking products and at the same time an addition to a personal account. An account that is used to withdraw funds, make transfers and pay with a card is not suitable for storing money and collecting savings. Savings accounts are used to accumulate and multiply funds. The money deposited on them works according to the applicable interest rates, and the owner has access to them at any time. What should I pay attention to when choosing an account to which I can deposit funds?

Key parameters

The most interesting thing for bank customers who want to deposit money in a savings account is its interest rate. Usually people are guided by the principle that the higher it is, the better for their means. However, one should carefully read the terms and conditions during the closing of a speech, as a very attractive interest rate may apply for a short promotional period, and then be much lower. It is also often the case that a uniform interest rate on the account is more favourable than a higher interest rate, valid only for a certain period of time. The interest rate on a savings account in almost every bank depends on the amount deposited. The more savings are made, the higher the savings will be. In addition, it is worth noting the frequency of capitalization of interest. It may take place on an annual or monthly basis.

Savings accounts are usually opened free of charge and are free of charge. However, it is a good idea to make sure that this is the case before signing the contract. Very often there is an additional requirement to have a personal account with the same bank.

Additional advantages

An unquestionable advantage of most savings accounts is the ability to withdraw funds from them at any time. If your product has this option, it's a good idea to find out how much such withdrawals cost. It happens that only the first withdrawal of money is completely free, and for the next owner of the account is already charged, often quite high.

Another advantage is the possibility of depositing additional funds into the savings account. This can be done once or through a systematic transfer of smaller sums. Regular postponements, for example, once a month of lower amounts, are an excellent way to save money.

At present, there are also savings accounts for children available on the market. This type of banking products allow you to put aside for the future. It is possible to deposit even small amounts on a monthly, regular basis, or to deposit more cash in an account bearing interest much higher than a traditional ROR.

If you don't want to keep money at home and are afraid to freeze it for a long time on the deposit - a savings account is the ideal solution.

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