What is the Difference Between a Paid Account and a Deposit?

Today we want to dedicate this article to the most savers and that is why in this sense we want to analyze the differences between putting your money in a paid account or a deposit. These options are the most demanded to make money profitable without taking any risk, the problem is that its profitability after the crisis has fallen and it is difficult to find offers that exceed 2% APR. On the other hand, the fact that interest rates are at record lows also makes it difficult for the remuneration of remunerated accounts and deposits to rise headlong.

Despite this scenario, deposits and remunerated accounts are still the preferred option for the most conservative savers as we have been commenting before and it is that they are very simple financial products by guaranteeing the client a certain profitability by leaving a certain amount of money. On the one hand, remunerated accounts are characterized by:

 

They allow you to have the money at any time

They allow you to have the money at any time

in the case of unforeseen events, we can always withdraw the money before the end of the agreed period, of course, assuming the corresponding penalty imposed by the financial entity. If we opt for a deposit, we will have to see if this early cancellation is allowed or not. If so, we would also have a penalty.

 

They do not require a high amount

atm deposit

unlike the deposits that require us to have amounts of more than 50,000 euros to contract the product, the paid accounts do not have this minimum.

 

The compensation they offer may be limited to a certain amount

The compensation they offer may be limited to a certain amount

They can demand the link to the entity by contracting other products. In contrast, deposits are more specific products that do not usually require the mandatory contracting of other related banking products.

 

You have to be a constant saver since the advantage of these paid accounts is obtained over time.

You have to be a constant saver since the advantage of these paid accounts is obtained over time.

If you want to get more information, do not hesitate to visit our blog and our Dr. Weston page weekly where you can find all the information and updated conditions of the fast credits offered by all these companies.

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