How to choose a deposit account

The deposit account is one of the tools that the bank makes available to its customers to put aside money, for the future or for different needs. Here is how to choose the right deposit account for your needs, with some advice on how to open it and how to manage it over time.



How to choose a deposit account
HOW TO CHOOSE A DEPOSIT ACCOUNT
A deposit account is a banking product very similar to the current account, but that unlike this only allows payments and withdrawals and does not allow instead of carrying out normal banking transactions, such as bank transfers, checks and payments. The request for the debit and credit card is also excluded from the deposit account.

Even if the deposit account differs greatly from the counter-current, it must necessarily be combined with the account in order to make deposits and withdrawals. The deposit account, unlike the current account, also offers higher interest rates, which is why it is considered a high yield and low risk account.

The deposit account is used for savings purposes and represents a rather convenient form of investment, which offers a certain possibility of gain over time.



You can choose between two types of deposit accounts: the free deposit account and the restricted deposit account. The free deposit account allows you to free the money from any time constraint, so you have immediate availability of money.

Instead, the restricted deposit account allows you to withdraw your money at the expiration of a predefined period, which can vary up to 36 months. This type has higher yields and is aimed only at those who have the ability to block their money for a certain period of time.



The longer the time, the greater the interest, while if the customer needs to take advantage of the money before the end of the bond, the bank requires the payment of a penalty.

Depending on the preferences and needs of each customer, you can open a deposit account at the branch of your bank, or proceed with an online deposit account. The latter can be stipulated and managed directly online through home banking.

The online deposit account is particularly convenient for those who often surf the Internet, and therefore has a certain familiarity with network operations, and those who need a lot of flexibility regarding the bank's schedules and the ability to perform operations.

In any case, it is necessary to choose the solution that suits you and to do it the only solution is to consider various proposals from multiple banks.

If instead you prefer to be able to interface with the counter operator for any need, the online deposit account is not for you; better open a traditional account taken the branch. This way you can get in touch with the bank whenever you need to solve any doubts.

In addition to this difference, before deciding which deposit account is right for you, you will need to evaluate the difference in options based on the interest rate paid, plus the costs for the various transactions. You can make an appointment directly with the lender and ask to speak with a consultant who will show you the best solutions for you.

Alternatively, especially if you intend to open an online account, you can consult the internet and you will be amazed to find out how many sites that are willing to help you in your choice exist. Just make a simple questionnaire online, which aims to gather the information needed to make a proposal, and the search engine will direct you to the solutions that could be for you.