A savings account is a convenient alternative to a bank deposit. It has undeniable advantages in the form of the possibility of constant replenishment and deduction of funds along with daily recalculation of interest, and, in addition, in the form of ease of monitoring and management.
Features of the savings account
Those who pay attention to their financial resources and regularly think about creating reliable savings often have to consider various options for saving them. One of the most convenient forms of this are savings deposits in banking institutions. A profitable savings account makes it possible to accrue interest in respect of the daily balance of the account. And this makes it possible to receive income from all means that a person does not use at the moment.
But how can one open a savings account in a financial institution in order to extract the maximum material benefit from it? To do this, keep abreast of a few simple rules.
The difference between the accumulative from the usual contribution
In any case, sooner or later, each bank depositor faces a choice between freedom to dispose of funds and decent interest on his contribution. The urgent nature of a bank deposit has a number of significant restrictions on withdrawals. His alternative are savings accounts in the bank. They are more convenient in everyday use, as they can be used more freely by withdrawing or transferring finances without losing any interest.
In addition, the conditions of the savings account do not seem to be something complicated. Such accounts can be used not only for savings purposes, but also as part of current financial transactions. It is only necessary not to forget about the rules regarding the calculation of interest, which a particular banking institution has its own.
Account Opening Terms
Most financial institutions offer the following conditions under an agreement to open a savings account:
- The unhindered nature of cash withdrawals without reducing interest rates.
- Replenishment of the savings account in the form of an arbitrary volume, as a rule, with the following restriction: the amount after the replenishment procedure should not exceed the original value by more than ten times.
- Interest payments on the minimum account balances for the period specified in the agreement.
Further, we will dwell in more detail on what, for example, the conditions of VTB Bank for savings accounts.
The procedure and rules for opening an account
There are several ways to open a savings account:
- Visit the bank branch of the bank in person.
- By means of a representative with a power of attorney.
- Online over the Internet.
Some financial institutions, for example, UniCredit Bank, make it possible to open deposits through mobile banking. For individuals, this requires only the presentation of a passport. The proposal for this type of account seems acceptable in other banks. Thus, the conditions for opening a savings account with VTB, namely, withdrawing funds without losing accrued interest and a base rate of up to 8.5%, will surely seem attractive.
Funds with the exception of the minimum balance may be withdrawn from the account without any restrictions in a currency convenient for the client. The minimum balance, as a rule, is the amount that must be paid in order to open a savings account.
How are interest calculated?
During the opening of the savings account, the client signs a contract with the bank. This document sets out the rules for calculating interest. In this case, several of the following options are possible:
- Interest on the minimum amount that was in the account for thirty days. In the event that at the end of the month you have to withdraw a large sum of money from the account, the client may lose a significant part of his income.
- Accrual to the minimum balance, which does not depend on the amount in the account.
- The procedure for calculating the daily balance. In such a situation, the calculation is carried out from the minimum amount that was on the account for twenty-four hours. This option is the most profitable for the investor.
Profit on savings deposit
The spread in interest rates on savings accounts can be significant not only for different financial organizations, but also for the same bank, which directly depends on the amount in the account.
To accept, Russian Standard Bank, with an amount of up to 29,999 rubles, provides a percentage that is equal to the value of 0.01%. However, already starting at 30,000 rubles, we are talking about seven percent. By the way, dealing with rates below four percent does not make much sense. Of course, you can search for larger rates, but each such offer should be considered very carefully.
We should not forget that the insurance indemnity to the depositor in the situation of revocation of the license from the bank does not exceed one million four hundred thousand rubles for all accounts opened in this financial institution. For this reason, it is advisable to place larger amounts of money exclusively in reliable and systemically important banks, which have an almost zero probability of license revocation. Therefore, it is extremely important only in a reliable financial institution to open a savings account, in Alfa-Bank, for example.
The advantages of such accounts
A savings account can be an excellent alternative to a regular bank deposit. Such accounts have unconditional advantages, among which the following advantages can be distinguished:
- Providing the client with the possibility of continuous replenishment, and, in addition, withdrawing funds.
- Recalculation of percentages, which is performed every day.
- Ease of monitoring as well as management.
Choosing a bank to open an account
What percentages can you really count on when opening the described account? What nuances should be considered before signing a statement?
To date, it is extremely rare for a bank to offer its customers more than two or four percent of the accrual on cash balances, if the amount in the account is less than one and a half million rubles. For example, Sberbank provides customers with only four percent of the deposit amount of ten thousand rubles. Alfa-Bank Savings Account, referred to as "My Safe "provides up to 2% per annum on the minimum balance for the month.
At the same time, some financial institutions do not allow writing off funds from the account below a specific amount. But there are exceptions.
For example, in UniCredit Bank, if a client invests from ten thousand to eight million rubles, then he can safely count on 5%. Moreover, in this situation, the daily payment of interest. The general dynamics of savings can be tracked in your personal account in a mobile or Internet bank. Moreover, the bank does not limit the account holder. Funds can be withdrawn or transferred to another account at any convenient time. In addition, a savings account can be opened not only in rubles, but also in a different currency.
It should be said that today UniCredit Bank is included in the list of the most reliable Russian financial organizations, which takes part in the DIA program. Many years of experience working with investors makes it possible to talk about the trust that customers have to this financial institution.
Disadvantages of savings deposits
The main and obvious drawback of this method of storing financial resources are considered more modest values of interest rates that are provided by banking institutions. In addition, the interest rate is largely affected by the amount of money that is in the savings account.
Another of the few drawbacks is common to all savings accounts of individuals. All of them are insured under the mandatory program, however, the amount of coverage does not exceed one million four hundred thousand rubles. In the event that the amount in the savings account exceeds the value of insurance coverage, then in the event of a problem for the bank, the depositor will receive compensation in a smaller amount compared to the figure that he had.
In addition, the position of the client may deteriorate due to the fact that in many situations he keeps several accounts at the same bank. For example, a savings account can be used for regular settlement transactions, and part of the money that goes there is transferred to a deposit. As for the maximum amount of insurance compensation, it is not intended for compensation payments for each account, but immediately for all that belong to the same citizen.
Therefore, if a potential investor has large amounts of money, then it is better for him to dwell on a financial institution that is distinguished by a maximum degree of reliability, and, in addition, stability. As a rule, these are banks that are under state control, and, in addition, structures that are system-forming. But similar banking institutions offer lower interest on savings accounts, compared with small commercial organizations that are as interested as possible in attracting new customers. And in this regard, it is very important to understand that by sacrificing a certain percentage, the holder of capital increases his chances of saving money.
