Savings account is Concept, pros and cons of the account, opening conditions and interest rate

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Those who want to become bank customers often encounter a lot of new terms and definitions, for example, what is a savings account, what conditions must be met to open it, what documents are needed? It is worth studying the information in detail so that later you do not have to open another account for the needs of the client.

What is this?

First you need to know the definition of this account, and only then open it. Depending on the purpose of registration, the bank is ready to offer various banking products: for receiving increased interest or for settlements. So, a savings account is an opportunity not only to save your own money, but also to receive a small dividend from a financial institution. It is suitable for those who want to be able to freely dispose of their funds, since the terms of its service allow you to make income and expenditure transactions at any convenient time.

In most cases it is used asa transit account where you can transfer a large amount of money (for example, a loan). It replaced the well-known "universal" account, which had certain restrictions and an interest rate of 0.01 per annum.

Conditions for registration by citizens

Any individual over the age of 14 can open a savings account with Sberbank (a passport is required for banking transactions). If you need to open an account in the name of a minor child who has not yet reached this age, then this can be done by his parent or guardian. Another important condition is the presence of permanent or temporary registration on the territory of Russia.

If a foreign citizen opens an account, then he must have a passport of a foreign state, as well as a temporary residence permit or residence permit. Age restrictions are equivalent to those that are put forward to Russian citizens. Being a client of Sberbank, namely the holder of a plastic card (which provides access to the Sberbank Online personal account), you can open an account remotely. In other cases, you will need to contact the nearest branch of the bank.

Interest rates, currency, terms

According to the terms, the savings account is perpetual, the current interest rates are quite symbolic. This is due to the fact that it is not a deposit and is not intended to receive maximum income in the form of accrued interest. For this, the bankoffers to open a certain deposit, which will allow you to receive much more additional income in the form of accrued interest. In this case, interest on a savings account should be considered as one of the pluses, which allows you to make payments, make transfers and at the same time receive a small additional income from the bank.

Sberbank offers to open an account in several currencies: rubles, euros, pounds sterling, as well as Canadian, American, Singaporean and Hong Kong dollars, Chinese yuan. The highest interest rate is provided for the ruble account (from 1% to 1.8%, depending on the balance on the date of interest calculation), in foreign currency the rates look less attractive (0.01% regardless of the amount).

Interest conditions

Savings account accrues interest monthly. The interest rate is annual, i.e. if 1% is provided, then the amount of interest will still have to be divided by 12. According to the tariff, capitalization is provided for on the account, which means that if there is a balance, the bank will charge interest, while maintaining a positive balance, next month, interest will be accrued on the entire amount (including interest that the bank has already accrued in the previous month).

It is noteworthy that according to the tariffs of the savings account, the minimum balance can be zero. This is convenient if you need to withdraw or transfer the entire amount. Previously, the bank opened only a "universal" account, which provided for the need to leave10 rubles left. This was inconvenient in cases where it was written off to repay the loan. Some clients turned out to be indebted and the amount of the minimum balance was often put on "delay".

Basis for account closure

At the first request of the client, the bank closes the account and issues (if available) the remaining amount of money. This procedure is also available remotely, through Sberbank Online. If the client has a savings account, but does not know how to withdraw a large amount from it, then it is advisable to contact the bank branch. Most likely, for this you will need to fill out an application so that on the day of the application the office has the required cash. In the case when the account is opened in another region, and there is no Sberbank bank card, it is possible to make a transfer between your accounts with the condition of further closing of the savings account, and then the amount will be credited without commission. The only thing is to wait until the request is processed and the funds will be credited to the account.

Benefits of opening an account

The undoubted advantage of a savings account is its versatility and accessibility. There is no need to leave a certain amount so that the account does not close, you can receive a small but significant percentage from the bank. If you have a bank card, all operations (including closing an account) are available through remote service channels. According to the savings account, there is no need to carry an agreement or any other documents confirming that the client is its owner. This condition applies tocases when the client applies to the bank office of the region in which it was opened or if the Green Street conditions apply.

A large selection of currencies in which opening and subsequent banking operations are available. This will be appreciated by those who often face the need to travel abroad or make purchases in online stores, transfer funds to relatives living in other countries.

Cons of a savings account

If you touch on the cons of a savings account - this is a small percentage of the balance. It would seem that it belongs to the pluses, but every client wants to receive increased income, even on a simple account. There is another point that confuses many "experienced" customers of Sberbank - the lack of an issued passbook. Most believe that if there is no documentary evidence on hand that the bank has an account, then it is easy to lose it or others can use it. But, these experiences are in vain. To contact the branch in order to obtain information on the account, conduct debit transactions, you need a passport. Consequently, another person cannot use the account, even if he knows his number. All that is available to third parties who do not have a power of attorney in their hands is the deposit of funds.