Financial institutions offer you different instruments that allow you to place your saved money in a safe place. The best known of these instruments is the savings account, which enjoys wide acceptance among savers. In this article we tell you what a savings account is and what its main benefits are.
A savings account is a product offered by financial institutions that allows you to save safely. It differs from other saving instruments because your money always remains available and you can withdraw it when you need it.
From certain amounts, savings accounts reward your trust, allowing you to earn interest. This is nothing more than a payment made by the institution, for keeping your money in it. On the other hand, the institution can also charge you money for administration and maintenance expenses of a savings account.
Each financial institution offers different types of savings accounts according to the age of each client. Among the most common accounts are: