Many goods on the market help you save money regularly. Most often, however, they force their holder to discipline, i.e., the need to make regular payments of a certain amount or maintain a deposit for a given period. Some give you complete freedom. Individual clients who have a financial surplus but want to access it at any time can use a savings account. It is an ideal solution when we want to have quick access to money, but on the other hand, we do not want them to waste lying on an interest-free account. You can make deposits and withdrawals virtually anytime, and the account itself will be accessible in most cases. It is worth knowing detailed information about it.
Saving with a Savings Account
A savings account gives its holder many advantages. First, the savings account has a higher interest rate than the traditional ROR. In addition, its holder can freely accumulate funds on it, which means he is not obliged to make regular payments. It is also characterized by the freedom to dispose of money so you can make deposits and withdrawals at any time. However, management will be possible from the level of, among others, mobile applications or internet banking.
However, it would help if you remembered that although a savings account allows you to deposit funds safely, its interest rate will usually be lower than traditional term deposits. It is the price of being free to dispose of it.
The Interest Rate on the Savings Account
Funds collected on the savings account bear interest, usually at a variable rate, depending on the level of interest rates set by the Monetary Policy Council. Of course, the best savings accounts offer the highest rate, but you must reckon that when interest rates go down, the interest rate on our savings account will also drop. On the other hand, its increase will soon increase the interest rate on the account.
Although most savings accounts have relatively low interest rates, you can also find promotional interest rates, especially for new bank customers. However, there are also exciting offers for existing account holders occasionally. Then, the effective multiplication of resources is even easier.
Safety First
People who choose a savings account to collect and save money are primarily guided by the convenience of such a solution and the security it guarantees. Funds accumulated on savings accounts are, like traditional deposits, covered by the gradation of the Bank Guarantee Fund.
Promotional Conditions: Better Saving
Another issue that should be considered when looking for the best savings account in Poland is the promotional conditions. Banks often apply an increased interest rate only during the promotion period, e.g., three months, and then lower the rate. In addition, the promotion is subject to additional conditions that the holder is obliged to meet. Otherwise, the savings account will bear interest at the standard rate.
Which Bank is the Best to Open a Savings Account?
The main criterion for choosing the best savings accounts is the interest rate – the higher, the better. The choice is often subjective, influenced by many factors, such as the number of funds, the frequency of banking operations performed on the account, or the desire to have all products in one bank. However, considering the number of offers available on the market, it is worth guided by your own needs and expectations regarding the product.
How to Calculate Profit?
The critical factor in choosing a savings account is the interest rate. The bank sets the interest rate on the savings account, but it depends on the country’s general economic condition and the inflation level. The interest rate on a savings account is usually not high. However, it still allows you to multiply your savings; the higher, the better, resulting in a higher percentage of your savings and, therefore, a higher profit.
Interest in the savings account is usually calculated monthly on the capital you put in. Some banks also propose quarterly capitalization. The difference between savings accounts with monthly capitalization and an account with interest credited quarterly is slight. In the case of a more extended saving period, you can expect that the interest on an account with quarterly capitalization will increase slightly faster than in the case of monthly capitalization.
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