The savings account is a bank deposit that works in a very similar way to checking accounts. Although in some savings accounts the availability of money may be somewhat less than in current accounts in exchange for a higher return on the money deposited in them.
The remuneration conditions usually vary depending on the contracted product. There are accounts that pay interest monthly, quarterly or annually, in others it can be linear, by tranches depending on the balance. The remuneration received by the client can also be in kind, that is, with gifts from The bench.
Savings accounts may also be subject to the payment of commissions, but due to the popularization of online banking, banks are following the trend of suppressing them.
The services they offer also vary depending on the entity, they can range from the most basic, such as income and transfers, to others such as debit or credit cards associated with the account.
When hiring a savings account, the client must bear in mind that the highest profitability offered by these banking products is usually only maintained during the first months and then falls considerably, around two percentage points. Another aspect that must be evaluated when contracting this product is the solvency of the entity where the savings are deposited.