A savings account is a type of deposit that generates a return in the form of interest in exchange for keeping the money deposited . That is, it allows the account holder to make their savings profitable only by depositing them in the bank and can access this capital whenever they want. The availability to withdraw the money is immediate, so it is a product with high liquidity. Profitability will be defined above all by the time the money remains in the account. Depending on the frequency of interest collection , it can be monthly, quarterly or annually. They can also be charged uniformly, always with the same percentage, or in for those who want to protect their future financial health by assuming the lowest possible risks in the present , since it favors long-term savings by generating interest. For this reason, the savings account is a very widespread product among Spaniards.
What is a savings account for? A savings account allows you to make deposits of money that you will still be able to access in your account, make money transfers to other accounts and increase your savings. On the other hand, since these are accounts focused on Jamaica Mobile Number List savings, they do not usually allow operations that involve spending money . Generally, with a savings account you will not be able to take out credit or debit cards, direct debit your payroll, direct debit receipts or use ATMs. What characteristics does a savings account have? Savings accounts have a series of characteristics that you should know. The main characteristics of savings accounts are the following: Liquidity and availability of money . It is a demand account, so that the client can make partial or total use of their money at any time, without being penalized or suffering from commission charges.
To do this, in most cases you will have to maintain an average balance for a set period of time. Transparency and security . The client enjoys the peace of mind that the funds are guarded by the bank and guaranteed. Furthermore, he knows in advance the interest rate he will get on the deposit. Accumulation and planning . Depending on the specific conditions of each account, interest may be charged monthly, quarterly or annually. Knowing in advance the profitability that will be achieved allows you to plan what that money will be used for. Unlike a current account , savings accounts make it possible to save without direct depositing payroll or pensions, without paying commissions and without contracting other products . In any case, it is not necessary to choose between one option or another, since you can have a checking account for daily movements and a savings account to deposit and manage your savings.
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