How to make your savings account generate more money

It is said, Colombians want to save! But sometimes they don’t know how. According to some recent surveys, 79% of Colombians said they wanted to elaborate a savings plan, but many ignored the lack of knowledge, as well as the poor performance that bank accounts could give. But saving under the bed stopped being a viable option a long time ago, so what it is to have the money in the financial system and enjoy the benefits that that brings for each user.

A large number of people yearn to have savings with a specific goal, whether they continue their studies, go on a trip or acquire some good, and that is definitely a point in favor, since, the more important the goal, the more committed it becomes One with your monthly savings.

Although it may seem almost impossible, generating profitable savings in the country is something achievable, you just have to learn some keys to achieve it. So, what he plays now, is to learn how to do it. And one of the most necessary things is to know how to identify a good savings account, especially the one that suits your profile and that is your ally to generate more money.

 

Leave prejudices behind

borrow money

As you read it. And how will that help you? You should keep in mind that not only banks offer savings accounts, and sometimes other financial institutions have better conditions and higher interest rates, which is one of the points that should matter most. Consider that you can choose between different options, so before deciding on a particular entity, compare the alternatives you have at hand. This can be done using web comparators such as the Macheath savings comparator.

Of course, the idea is to choose a serious entity that is regulated, so you can rest easy knowing that your savings are being taken care of and protected from any danger.

 

Pay attention to the minimum amounts

Pay attention to the minimum amounts

Another specific point is that some entities request minimum opening amounts. If you already have a saved amount, this will not be a problem, while if you are just going to start in the world of savings, this can be an inconvenience. So you just need to look at this requirement and take it into account when choosing.

 

Look at the fine print

Look at the fine print

This can be something quite peculiar, but that yes or yes you should look to avoid feeling cheated. Sometimes, seeing some advertising, people often choose an entity because it offers a fairly high interest rate, without noticing that the word “up” is found before. What happens is that this is usually the maximum rate available for quite high amounts of money, while the rate that applies to your savings may be lower.

For example, Rose bank offers a savings rate of up to 6%, but that amount is available if your savings exceed 100 million pesos. It is always best to check the interest rate that applies to the amount of money you have.

 

Costs and commissions

Costs and commissions

A savings account that suits all profiles is one that does not charge you for deposits or for performing certain operations. That way, you can pay your savings month by month and let them grow without hurting you. On the other hand, if you will be charged for everything you do, then your money will not grow, but will start to get smaller.

Take note of those tips and use them. You will see that you can choose the savings account that suits your profile and gradually, reach your savings goal, because your money will continue to grow month after month.

One tip that will also be useful is not to mix your expense account with your savings account. So you must have two? Even if you don’t believe it, it is advisable, since it will be easier for you to pay your monthly obligations without touching your savings money. Otherwise, the temptation will be present every time you check your account through the app on your phone or online banking and see that there is money there. He will think about spending it instead of concentrating to keep his savings intact. So, the solution is to have separate accounts.

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