A savings account is a very smart financial alternative. If what you want is to protect your assets, regardless of the amount you manage.
From an early age, we know money and over time we have learned to value it more and more. Money represents an asset that not only takes us out of trouble or emergencies. It is also exchanged for anything, it can also ensure a better future.
It’s mainly about adopting a satisfactory quality of life and getting everything you’ve dreamed of, having the resources that help you reach your goals a little faster so you can move forward in a better way.
Its importance is more than obvious, but more important is to possess the knowledge to optimize its use and handle all the tools that allow us to increase and protect it, such as a savings account.
But what is a savings account? Surely you already know, it is simply a financial product that allows you to earn monthly interest on your current balance, in addition, you can save your funds safely and reliably since it is backed by the banking system.
You will also have the facility to make cash withdrawals from any branch, either through the box office or ATMs, because you will have your debit card or bank savings book.
If you are an organized person when it comes to financing and you need an expert in banking products that optimizes your way of raising your economic level, this article is for you.
Why have a savings account?
The question of the day is Why have a savings account? It is not about opening it just for having a space to save your money, without having in mind certain relevant aspects such as interest rates, annual earnings or profit according to your financial profile.
What you are looking for is supposed to be a product that can provide you with functionality and facilities at all times in order to solve your problems and provide you with a professional, reliable and satisfactory environment, in addition to increasing your savings.
The main reason for owning a savings account would be security advantages. Many people lack savings accounts and end up saving their money at home, being victims of theft or even losing everything because of a fire.
The opportunity to save is another essential reason since you can create an extra fund to cover emergencies or significant future expenses, such as paying for a graduate or a specialization.
A question that every person who knows financial products would ask is why open a savings account if interest rates are so low?
Rates have increased in recent years and are expected to continue rising in 2019, so if you take advantage of the financial opportunity now, your account will become more attractive and you will surely be satisfied that you have made the right decision.
Opening a savings account represents several benefits for your health and financial tranquility. Do you know what they are?
Enjoy the main benefits of having a savings account
Transfers without payment per transaction: One of the great benefits of having a savings account is the ability to make transactions between accounts without charge for these movements, as long as your savings are mobilized between accounts of the same financial institution.
Your protected savings: Avoid bad times by opening a savings account, the bank will always offer you a guarantee on your money, this will always be the safest place and not your home.
Opening and access to internet banking: Through the online way you can perform your banking operations with just one click, saving time and money.
Ease of using your funds at any time: Whenever you require a certain amount of cash, you can obtain it without problems if you have a savings account, either to solve emergencies and immediate payments such as the payment of your home fee.
Asset separation for various uses: By placing a part of your funds in a savings account, you can keep it separate from the money you use daily or, for example, belonging to a payroll. You could use this portion for whatever you want but in an organized way.
The interest rate: Regardless of the profit you get from time to time to keep your savings in this type of account, you are earning interest. Interest plays the most important role in a savings account since a good rate can generate considerable profits, which means that you can always be generating a benefit to your savings.
When is the best time to have a savings account?
There is no specific age or time at which you can open your savings account. This factor is not limiting or determining, however, it is important that you carefully study the advantages of opening a savings account.
Ask yourself rigorous questions such as, for example, what would I use my savings account? What do I want from this type of account?
Being clear, you can handle the situation better and if you really need professional help, look for an expert. Making the decision to open a savings account requires financial analysis, study your profile and ability to pay, really know what you are looking for and get closer to your short and medium-term goals in the most intelligent and effective way.