Expert Guide to the savings book types : features and highlights

A savings account is a checking account provided by any financial institution , bank or savings bank , but it brings customer gains , depending on the balance deposited as determined by the creditor interest greater than other accounts and enjoy it , for better terms. This article describes the main characteristics of this type of accounts and some representative examples .

Account Types and main characteristics

When differentiate between what is an ordinary current account and savings accounts offered by institutions , the essential aspect is the interest with which remunerate the money paid , being the main attraction of this product, in order to obtain an additional return to the balance deposited with the rest that are often used for paying bills and cards or cash withdrawals with a much lower or no interest .

Other features that tend to coincide in these accounts are as follows :

The absence of the account fees , and other basic banking operations , especially in cases of online entities .

The free availability of funds, no impact on settlement of interest on outstanding .

In cases of new clients or new revenues , compensation is usually higher than for other customers or revenue, although limited to a period of time initially .

In some cases , no savings accounts to associate certain products such as debit or credit cards , receipts, transfers , etc. . , Though offered in many cases , a checking account associated to such operations .

Examples without commissions and attractive returns

Are described in this section 4 examples of savings accounts, with the common characteristic of being entities that operate primarily online, without applying maintenance or administration fees to the customer, without penalties have the funds , or by credit transfer or by have debit and credit cards , but with the following limitations depending on each entity :

For Ing Direct Orange Account offers for new customers an interest rate of 3.30% the first 4 months , and then decreased to 1.50% ( conditions on August 25, 2011 ) .

The Account Ibanesto Blue has very similar conditions , with a return of 3.40% during the first five months to stay later in the 1.30% (conditions to August 25, 2011 ) .

For tuBancaja , Profitable Account offers a fixed interest rate of 2% , but does not allow any direct debit payment on the account , but in the Account Total , also without commissions.

And finally , Self Bank , offers your Account Remunerada to 1.6 % and the Super Account Remunerada to 2.1 %, but debiting payroll or higher monthly income of 600 euros ( to August 25, 2011 ) , together with 2 receipts and 2 additional conditions proposed by the bank.

In short , you may find this type of accounts that generate customer benefits without charge.

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