1. What are bank accounts?
These banking products serve to deposit your money and have it at any time. They also include what is known as 'cash service'. Through it, the financial institution executes and channels payment orders and collections from third parties.
Consequently, its function is not to provide profitability and performance; there are other alternatives for this. The mission is to promote daily economic activity, as well as providing support for collection and payment systems.
2. Are all bank accounts the same?
Financial institutions sell the use of these types of accounts in advantageous conditions to make them more palatable. It is their business and they seek to attract their target audience. Each financial institution has a different target audience. Therefore, at compare accounts from different banks, we will find advantages and disadvantages.
To have the best bank account, you have to spend time learning about all of them and comparing one with another.. Today, the market offers many possibilities with special characteristics that make them more or less recommended.
Do you know that depending on which one you choose you can get different interests? Not only that, the types of accounts Existing ones have different costs and include alternative additional services. Consequently, when choosing the best bank account you benefit your family and/or business economy.
It is essential, it is more than necessary to allocate the necessary time to collect all the information about them. Focus on relating their main attributes to be able to choose the best bank account. But what should you pay attention to?
3. How do you know which is the best bank account for you?
The types of accounts currently available products are easy to use and manage. To the compare accounts, things can get a little complicated. Above all, if you have never stopped to think about the substantial differences between them.
Next, we are going to explain these concepts to you and help you identify which ones are most decisive when it comes to choosing the best bank account.
Rental income
What are you going to use this account for? If your purpose is to manage it preferably for daily economic operations, this aspect will not be so important. However, if you are looking to have a working capital for unforeseen future events, you should look at the interest rates applied, since profitability will be a key factor for you when comparing accounts and helping you decide which one is the best.
Commissions
The commissions are payments and costs caused by contracting or using that option. These payments are applied for multiple concepts that you should know in advance, such as making movements or ordering payments. The best bank account It usually has minimal or even non-existent commissions.
The applicable criterion is obvious: less is more. Apply this filter in any decision-making process.
Deposit Guarantee Fund
Many users have never heard of it. Also known as FGD, this fund monitors and protects the amounts included in the account, up to a limit of 100.000 euros. That is, in case of unforeseen circumstances, you will never lose that money.
To continue protected from that figure, a good solution is to open a second account. Note, in any case, that all your savings are protected by the Deposit Guarantee Fund.
Permanence and links
The banking strategy to reduce costs usually relies on these formulas so as not to give up attractive business margins. Assumes for the customer assume extra services to have your bank account. It is preferable not to have to do it, because without a permanence clause you can take your money wherever it suits you best.
Sales
There are accounts that define some maximum or minimum balances to start earning. It is convenient for you that this condition does not exist, so it is another important factor to take into account in the analysis of the types of accounts.
Ultimately, follow these guidelines:
understands perfectly how is it and how does it work that account.
read the contract, including the fine print.
Related the concepts presented with your personal circumstances, needs and expectations.
In this way, you will get the best bank account and you will improve your economy.
Why don't you check now if yours is the most suitable option?
Image from vecstock on Freepik
Image by jannoon028 on Freepik
