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The easiest way to start saving money is to have a virtual piggy is bound to a Bank card. How to set it correctly for themselves and things to be aware of?
most of the major banks are range of product that allows customers to save money. To engage the interest of his "load" the usual consumer associations: a piggy Bank account for putting money to achieve the goal, the money for the dream. But, as a rule, similar products have the same structure. Explain exactly how.
Start with one button
to Connect the "piggy Bank" usually remotely through online account or mobile application of the Bank. Additional fee is not charged. To activate the product, the customer must already be opened in the Bank current account to which the card is linked. "Piggy Bank" appears in a separate account that you can replenish independently or automatically.
the Most logical way to open the "piggy Bank" that is bound to your payroll card. But if you have in the Arsenal, not one map is worth a look, what are the conditions for this product offered by different banks.
the Bank can immediately determine the algorithm of Deposit "piggy Bank" and can provide customer choice. The easiest way is the regular allocation of money to the account after receiving the salary. This can be a fixed amount or a preset percentage of the profit. In the first case, the client can see, how many months did he have to save to achieve the goal, as well as set the frequency of the deductions. In the second — to determine in advance what proportion of revenue he's willing to regularly send to savings.
There is an alternative strategy — the supply of savings depending on the costs. The basis can be taken the amount a person spends per day, and the next day a percentage of it goes to the "piggy Bank". Or customer chooses how much money from each purchase, it's ready to transfer to a separate account. This is a more discreet and unobtrusive way to save money, it is suitable for those who used in vain to get into the stash.
If the Bank offers several modes of Deposit "piggy Bank", calculate which one is best for you. This is especially important for those who are going to tie the "piggy Bank" is not a payroll card. Some banks, for example, do not consider income transfers from card accounts of other banks. So, the mode of "percentage of income" may not be appropriate.
the virtual Piggy Bank, and the account is real
Banks do not always focus client's attention on the fact that the design of the "piggy Bank" means opening a savings account or top-up Deposit. Meanwhile, conditions for those products depends on how much money you can save for a rainy day or a cherished dream.
the top-up Deposit is usually urgency. In addition, the Bank may establish restrictions on interest-free withdrawals from this account.
savings account — a more complex product. On the one hand, they are open indefinitely, and the client always has the opportunity to withdraw money without loss of accrued interest. On the other hand, the percentage of the remainder may depend on the movement of funds on the account. For example, revenue accrued minimum amount remained in the account during a calendar month. If you have at least one day will remove all the money from the account, and then return, the income for the month would be zero. Percentage of the remainder can also be calculated based on the average amount that is kept on the account during a calendar month.
the actual yield is also influenced by the amount and period of savings. Often banks establish limits, after exceeding which the interest on the balance is reduced. The yield of the product may vary depending on the time that has passed since the opening of the account. Finally, the holder of the savings account needs to monitor not only their financial transactions but also for news from the Bank. Credit organizations have the right to adjust the interest rate for this product at any time. Therefore, before click "create account", you should carefully examine the terms on which the Bank is ready to save your money.
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