What is a savings account?

Financial institutions offer you different instruments that allow you to place your saved money in a safe place. The best known of these instruments is the savings account, which enjoys wide acceptance among savers. In this article we tell you what a savings account is and what its main benefits are.

What is a savings account and what are its benefits?

What is a savings account and what are its benefits?

A savings account is a product offered by financial institutions that allows you to save safely. It differs from other saving instruments because your money always remains available and you can withdraw it when you need it.

From certain amounts, savings accounts reward your trust, allowing you to earn interest. This is nothing more than a payment made by the institution, for keeping your money in it. On the other hand, the institution can also debit you money for administration and maintenance expenses of a savings account.

Among the benefits offered by savings accounts are:

cash

  • Through the debit card associated with your account you can use an ATM network.
  • The savings account gives you access to the electronic banking of your financial institution. You can check your movements there, make transfers and pay for certain services, from anywhere with Internet access.
  • Some savings accounts allow direct payments for certain services.

Types of savings accounts.

Types of savings accounts.

Each financial institution offers different types of savings accounts according to the age of each client. Among the most common accounts are:

  • Savings accounts for children . They aim to promote savings and raise awareness about the value of money. They are aimed at younger children, at ages that vary by institution.
  • Savings accounts for young people. They allow their holders to get used to money management and some associated instruments. They are aimed at students of teenage age.
  • Savings accounts for adults . It is the type of account is the most used, it is already aimed at the population of legal age.

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