October 18, 2019

What are the kinds of bank savings accounts?

Know the kinds of bank savings accounts, to ensure a better future, in life. Whether for your vacations, studies, home buying or health. First, a more detailed concept of what a savings account should be.

Savings account is a financial product

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A savings account is a financial product , where banks offer to save money in exchange for a return. Of course, these economic resources are likely to be used at any time. They are products that can be maintained indefinitely, this is according to the user.

The decision to choose the financial institution in which to save money is important and decisive. Take into account the one that brings better benefits and profitability.

Types of bank savings accounts

Types of bank savings accounts

According to the purpose that will be given to money management, we can classify them into:

– Savings account for housing, the idea is to save money according to the conditions set forth by a state entity. It opened strictly to receive a family allowance for housing.

– Traditional savings account, does not require several documents for opening and pays returns on a quarterly basis.

– Electronic savings account , aimed at low-income people, due to its unique purpose of social programs. There is no charge in handling fee or for withdrawals made.

– Savings account for the promotion of construction (AFC), are long-term and are directly intended for the purchase of housing.

– Saving account for payroll, opened by agreement with an entity, because there the employee salary is recorded. No handling fee or charge for withdrawals.

– Scheduled savings account, in which a certain value is deposited in the agreed time. Your withdrawals are also made in the time agreed with your profitability.

Type of bank savings accounts according to the holder

Type of bank savings accounts according to the holder

– The individual savings account , is opened in the name of a person, only with his signature is authorized to make movements.

– Joint savings account , its opening is for two or more people, only with their signatures the movement of withdrawals is authorized.

– Collective savings account, also its opening is for two or more people, but with difference in that any of the firms can make movements of the account.

How good it is to save! And if you have much better financial solvency, and all this for the future of personal or family well-being.

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