Deposit account or current account: how to choose

Opening a deposit account or a checking account is a good choice to avoid having bad surprises over time. Here then all the information related to these two products, so you really choose the one best suited to us.



HOW TO CHOOSE BETWEEN A DEPOSIT ACCOUNT OR A CURRENT ACCOUNT
How to best choose to save our savings? Current account or account deposit? A short guide gives us all the information about these products.

Deposit account or current account

When you receive your first salary, or you decide to open the VAT number for your work, it is essential and necessary to find where to deposit your money. The next step, for many consumers, is to put the deposit accounts offered by the banks in comparison, together with the proposals relating to traditional current accounts, so as to find the product that best suits their needs.



Let us remember, even if it should already be known to all, that these are absolutely safe instruments. Both the deposit accounts and the traditional accounts are in fact guaranteed by the Interbank Deposit Protection Fund which, in the event of bankruptcy of the bank, will reimburse every account holder up to a maximum of 100 thousand euros.

But how can a young person or in any case an inexperienced consumer find the cheapest bank account or the deposit account that saves the most? The first thing to do is to know both products well and then evaluate which one is closest to our requests.

BANK ACCOUNT
The current account is certainly already better known than the deposit account, until recently it was also the only one offered by the banks, so in the family it is probable that only this will be used to deposit the profits.

With the current account you can charge your salaries, your pension, and all the money earned in general. Through the current account today, you can also make payments directly from your home pc or from our bank's ATMs: bills, mortgages, and other bills can be debited as well.



At the time of signing a contract to open a current account, you will receive your IBAN number, the code of 27 between numbers and letters that identifies it, so you can use the account to be charged any digits from third parties or even for other banking operation.

With the opening of a current account, an ATM card, a credit card and a checkbook are usually provided. However, it may happen that for some contracts, the cheaper ones, this possibility is not foreseen. In fact, the cards and the checkbook usually include a cost, which is combined with those for opening and managing the account.

On the other hand, one of the characteristics that penalize the current account is the interest rate: this is not provided for all types of products, but never exceeds almost 0.5% per year.

DEPOSIT ACCOUNT
Coming to the deposit account, this allows you to deposit money with very convenient interest rates compared to the current account. The deposit account is always linked to a current account that acts as a filter. Even within the deposit account can be credited salaries and pensions, even if not always, so be careful to read the characteristics of the product.

The deposit account can be free or tied: free if we can have the sums deposited when we want, bound when they are blocked for a certain period of time in the bank (minimum 12 months). However, the restricted account has higher interests which will allow us to earn more at the end of the contract.

The deposit account provides a limited number of operations that can be carried out: deposit and withdrawal of the sums are the most common. For the deposit account there are no fixed costs for management and operations, nor any additional expenses for the opening.