These are the 5 main benefits of opening a savings account

Gradually people are changing their consumption habits and begin to understand the importance of saving. Either to meet goals or simply to be prepared for an emergency, the practice of saving allows you to exercise in self-control and control your cash flow.

However, in the 21st century, there are still those who have a “little guard” at home, that is, they distrust banks or simply do not know how savings accounts work, and by not having one, they are losing many benefits. Among them, the following:

You can quickly access your cash in case of an emergency

An accident, a damaged household appliance, a disease, etc., do not warn, but arise from nowhere and need an answer. With a savings account, you can access the money through your debit card, at the time you need it.

 

Your money will grow

Your money will grow

Even if you don’t believe it, just by leaving your money in the bank, cooperative or entity of your choice, it will grow month by month. This happens because entities pay interest to open these types of accounts. That is why it is very important that you choose carefully where to put your savings, since that will depend on how much you will grow. The ideal way to do this is by comparing the options you have at hand, in order to choose with awareness.

 

Your savings are not in danger

Your savings are not in danger

The financial system is protected, so your money is not vulnerable to any possible theft or natural disaster, as it would be if you continue to keep it in a hiding place in your home.

 

It helps you support your purchasing power in the loan application

It helps you support your purchasing power in the loan application

Believe it or not, savings accounts also serve to show a certain presence in the financial system, since you can show your account statements on a credit application to show that you have a considerable amount of savings.

 

They facilitate access to loans

They facilitate access to loans

In many cases, by maintaining a savings account with constant flows, banks offer you pre-approved loans, since they see that you have a livelihood, or they can allow you to access better interest rates. In addition, it allows you to familiarize yourself with more financial instruments.

If you are interested in looking for a savings account, what you should keep in mind is that you are not charged maintenance and paid good interest. Want to compare the options? Use the Ben Royal savings comparator.

Leave a Reply

Your email address will not be published. Required fields are marked *