What is a Savings account?
A savings account is, as it sounds, a bank account where you can save money. It is a safe form of savings where you know exactly how much money you will have in the account in a year.
In a savings account, you save entirely without risk, but it also means that you get a low return on your money. Therefore, it is good to have enough money in your savings account.
Benefit account – The flexible savings account
The benefit account is our regular savings account with the most excellent flexibility. There is no lock-in period, but you can withdraw as much money as you want at any time. It is a safe alternative for you who may need your savings at short notice. The benefit account has a lower interest rate, currently 0.00%.
Fixed interest account – Savings account with interest
You tie up your money for an optional period in our fixed-interest account. This way, you get a higher interest rate than in a regular savings account, currently 0.15% –0.41%.
You receive the same savings interest rate throughout the crucial period and know what interest rate you will receive in advance. The minimum amount you can save here is $15,000. The money in the Fixed Interest Account is locked during the lock-in period. You can withdraw cash in advance, but then for a fee.
How does a Benefits Account work?
A Benefit Account is an ordinary savings account without a lock-in period. The account has free withdrawals, meaning you can withdraw money from the account at any time you need it without any fee.
Once you have opened your Benefits Account, you will find it among your other accounts in the Internet bank and the app. There you see all transactions and can start, make changes, or pause your savings immediately. In the Internet bank, you will also find the account terms.
How does a Fixed-rate account work?
The fixed-interest account is linked to one of your regular savings accounts. It means that deposits and withdrawals are always handled via that account. You can find the fixed interest account in the Internet bank and the app. There you can keep track of all transactions and see your terms.
Get a favorable Interest rate on your savings
Our fixed-rate account, which we call Fixed-rate investment, is a good alternative for savings you do not need to use for a certain period. You can choose a fixed-interest account when you have a savings capital of more than $15,000.
By tying up all or parts of the sum in a fixed-rate account, you get a higher savings interest rate than in a savings account with free withdrawals. There are different lock-in periods, which means that you can adapt your savings to your needs.
The interest rate is Fixed throughout the binding period
What characterizes a fixed interest rate account is that the savings interest rate is fixed and predetermined throughout the crucial period. Usually, the interest rate is higher than you get in a savings account with a variable interest rate.
The interest rate you receive is determined based on the market interest rate on the day the investment occurs. The total interest is paid on the day the lock-in period ends.
The deposit guarantee covers the Fixed-interest account
The deposit guarantee protects your fixed-interest account. It means that you will receive compensation for deposits up to $100,000 should the bank go bankrupt. You will also receive compensation for the entire amount if you sell your private home, provided the money is to buy a new one.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.