Deposit or savings account?
Both the deposit and the savings account serve one thing - they are to help you save money. And for strong will, the bank's client receives a reward in the form of percentages generated by savings. Virtually every bank offers a deposit and savings account. How do they really differ from each other and what is more profitable? We present the differences between a deposit and a savings account.
A savings account for the undecided
The savings account is very similar to the checking and savings account. Because, just like in the case of a ROR account, we can deposit and withdraw funds at any time. So does it make sense to open a savings account?
In order for clients not to treat the savings account as a regular account, it has some important differences. First of all, only one transaction per month is free (transfer, withdrawal from the account), with each subsequent one you have to incur commission costs, which amount to even a dozen or so zlotys. Therefore, when you make your next payment, you should think carefully about whether you will lose the interest earned. Banks do not offer an ATM card to the savings account.
A savings account definitely pays off for people who do not have a specific purpose or date to which they want to save. However, they know they want to. Instead of hiding money in a sock, you can put money into a savings account. By the way, the money will earn for itself. And at any time when the saver decides that he needs his savings, he will be able to pay them out without any consequences. The interest that earned the money will not be lost either. What's more, funds on the savings account can be gradually deposited, while to start saving, all you need is PLN.
Most savings accounts are free of charge, but banks often choose to change interest rates. Depending on the market situation, they may increase or decrease. Usually, the interest rate on the account is lower than the interest rate on the deposit.
An investment for the consistent
Term deposits are an option for customers who are determined to freeze a certain amount of money for a specific period of time. It may be a day, it may be a month, or it may be a year. Depending on the amount and length of the deposit, the bank determines the interest, which cannot change, regardless of the market situation. However, when, as a result of a random accident, the bank's client wants to withdraw money from the deposit, all generated interest will be forfeited (however, there are deposits offering half of the interest in such cases - it all depends on the bank's offer).
If you want to set up a deposit, you need to collect the appropriate amount of money - usually it is about 1 thousand. zloty. It is also not possible to add funds to the account in the event of a surplus. Therefore, the deposit is definitely for determined people, otherwise setting it up is simply not worth it.
Deposit or savings account - the decision is yours
Both the savings account and the term deposit have its pros and cons. They work on different principles and are intended for other people. The deposit will satisfy customers who have a certain amount of money and know that they can freeze it for a specific period of time.
On the other hand, a savings account is more like a piggy bank, except that the funds on it earn for themselves. You can withdraw or deposit money from there at any time, which again can be a temptation for people with weak will.
However, it is worth remembering that before choosing, carefully read the offers of various banks and choose the most advantageous one.