The habit of saving money in cash is a thing of the past. This is due to the rapid development of the banking system. In addition, as you know, money should work and bring, albeit small, but profit. Today there are several ways to place your own funds in the bank. This can be a regular deposit or issuing a plastic card and current account with a financial institution. These products have long been known to consumers.
More recently, a new offer has appeared on the domestic banking market - a funded account. We will talk about him further.
What is a savings account?
The name of the product itself indicates that the funds on it can not only be stored, but also derive some profit from them. What category of the population uses this offer more often? First of all, we are talking about holders of bank cards. Often in the process of processing plastic, managers offer customers to issue a savings account at a bank. What features does this product have, what are its differences from traditional accounts? How to use it and in which financial institution is it better to open it?
Why open such an account?
Many service packages offered by banks already include the option to open a savings account. Most often this is how it takes shape. There are several main reasons that may encourage bank customers to open a savings account. First of all, it should be noted that for such accounts, credit institutions offer a higher percentage accrued on stored funds.
In addition, the receipt of dividends on the main card account is often not provided for by the terms of the contract. Sometimes banks set limits on the maximum deposit amount. In this case, the client gets the opportunity to transfer part of the funds to the savings account. Customer reviews confirm that this product can act as a kind of guarantor of the safety of money. There are frequent cases of loss of plastic cards, as well as various fraud manipulations with them. A savings account gives a sense of security and peace of mind regarding the safety of their savings.
Creating an account without a plastic card. Account management
Surely many are interested in the possibility of creating a savings account without issuing a plastic card or concluding an agreement with a bank to provide a specific package of services. It must be said right away that not all financial institutions provide such an opportunity. For example, Raiffeisen Bank does not require a bank card to open a savings account for opening its customers. In addition, in this institution, you can replenish the savings account or withdraw funds from it both in cash and by bank transfer.
Managing a savings account is simple and convenient. First of all, this concerns already existing customers of the bank. They can use the Internet to remotely open an account, transfer to it or withdraw funds at any convenient time. In this case, you can use both a personal computer and a tablet or smartphone.
Account or deposit?
In recent years, financial institutions have vigorously popularized savings accounts among the population. And there are many reasons for this. This product can really be interesting and beneficial to many consumers. So, often these accounts imply higher returns relative to deposits for a fixed term. How are interest calculated on a savings account, and how much?
The rate may be affected by the size of the account balance, the prestige level of the package of services within which the account was issued. In addition, the percentage is also affected by the period during which money was stored on it. For example, VTB Bank offers consumers a rate of up to 10% per annum.
Among the main advantages of the savings account can be identified the absence of a fixed period of its operation. It is drawn up for an unspecified period, and the time for storing money on it is not specially agreed upon and determined in advance. The client has the right to decide when he needs to withdraw the required amount or, conversely, replenish the account. But there is one caveat. The final interest rate sometimes depends on the period of storage of money in such an account.
Benefits
The terms of the savings account compares favorably with the popular deposits of the time, which provided for the possibility of replenishment and withdrawal of funds. In addition, the above-mentioned deposits, as before, are set restrictions on the minimum balance, the maximum amount of money that can be withdrawn, as well as the minimum amount to replenish the account. Also, for such deposits periods are established through which you can replenish or withdraw funds.
For fixed-term deposits, a fixed interest rate is determined if it was fixed in accordance with the terms of the agreement. In addition, there are deposits with a variable percentage. Its size is affected by the key rate established by the Central Bank of the Russian Federation (Bank of Russia). During the period of storage of funds in the bank, this parameter may change, but such cases are necessarily prescribed by the parties in the contract.
The current interest rate on the savings account is known at the time of its opening. Today, there is a trend towards lower rates, and in the near future they, apparently, will not grow. It should be noted that the saved funds of individuals are protected by the Russian state-owned corporation DIA (Deposit Insurance Agency). This applies to deposits and savings accounts.
Deficit Savings Account
By and large, the savings account has only one drawback in comparison with the term deposit. Such accounts have lower returns than deposits. Some banks specifically limit the maximum amount that can be put on it. In addition, certain limits on the interest rate are set depending on the amount of money deposited by the client. For example, if the amount is less than 300 thousand rubles, then 7% per annum is charged. When making more money, the interest rate is reduced to 3% per annum. Different lending institutions may have different conditions.
It should be emphasized that some financial institutions impose certain restrictions on the use of such an account. For example, VTB Bank provides an opportunity to replenish a savings account exclusively by bank transfer. And it will be possible to withdraw funds from such an account opened with Alfa Bank only after a preliminary transfer of the required amount to a plastic card. Moreover, no commission will be charged if the bank card is issued at the same bank.