Savings Account. Making your money work harder for you.
What is a Savings Account?
Do I need a Savings Account in Spain?
Whether in Spain or back home, while a current account is for every day banking, a savings account enables you to set money aside and actually make a profit out of your savings.
Why comparing Savings Accounts?
When choosing a savings account, you want to get a good interest rate. You certainly have a lot of options to choose from. At ¡Si! Compare, we make it easy to compare the top savings account by gathering information from many accounts in one place. You can see the rates available and also the main details at a glance (including pros and cons, maximum and minimum balance, and the ways you can manage your account)
Why switching Savings account?
It’s worth keeping an eye on savings rates and moving to a better-paying account to take advantage. You can switch accounts to earn a higher rate of interest, but make sure you are familiar with any notice period on your present account and any restrictions on the new one.
What should I consider when comparing Savings Accounts?
When considering Savings Accounts, you may want to check the following:
– Interest rate: for the most part, people want to earn as much interest as possible on savings. But this often has to be balanced with access to your money. For example, instant access usually means a lower interest, while fixed-term savings offer more.
– Access: some accounts give you instant access to your money whenever you need it, while others charge you a penalty if you withdraw money or not give you access at all before the set end date.
– Minimum and maximum deposit: some accounts can be opened with just 1€, while others may need you to deposit much larger sums. Some savings accounts will also have a maximum balance too. A number of accounts offer tiered rates of interest, so the amount of money you have can affect your rate of interest.
– Protection: make sure your savings are protected by the Deposit Guarantee Fund (FGD) so you know you’ll get your money back if the organisation fails. There’s a limit of 100.000€ per banking group. If you have more than 100.000€ in savings and deposits, you should spread it around. Some international banks may be protected by their own country’s scheme. You can check to see if your money will be protected by the FGD in each finantial product you see listed on our comparison.
Don’t forget, if you’ve only got a small amount to save, some current accounts will pay higher rates of interest on balances up to a certain level – so may be worth considering. But you’ll need to be disciplined and make sure you don’t spend the cash that is sitting in your account. It might be worth switching anyway and opening a savings account too.
What are the incomes I can get from a Savings Account?
Income generated by a savings account is basically associated with the duration of the deposit, but it can also be of different types: depending on the frequency of the collection of interest, it can be monthly, quarterly or annually. At the same time, it can vary depending on whether it is received uniformly (always the same percentage), or by account balance bracket (progressively).
What is AER?
AER is the Annual Equivalent Rate, which shows you how much interest you earn on your savings. In Spain you will see this referred to as TAE (Tasa Anual Equivalente)
Which are the costs of a Savings Account?
What is the Deposit Guarantee Fund (FGD)?
The Deposit Guarantee Fund (FGD) is a company with a separate legal personality that was approved by Royal Decree-Law 16/2011 of October 14, 2011. The public authorities promoted the creation of the Fund as a way of reorganizing the bank guarantee system for savings, thus ensuring that the savings of customers and small savers are guaranteed in the event that a bank becomes bankrupt.
How do I know if my savings are protected by FGD?
The Deposit Guarantee Fund operates throughout the European Union, though each country has its own laws regarding the maximum amount of capital guaranteed per bank and customer. This means, for example, that if part of your money is deposited in a foreign bank account, it is also guaranteed in the event of bankruptcy. It must be noted that on our listings of Savings Account, each one will specify if they are protected by FGD.
What are Easy Access accounts?
If you think you might need to access your savings at short notice, your best option is an easy access savings account. These are often the best savings accounts for those who want to withdraw their cash with little notice, however this flexibility means interest rates are often less competitive
What are Fixed-Rate Bonds?
Fixed-rate bonds are savings accounts that usually pay a fixed rate of interest, agreed at the beginning, for a certain period of time. They offer higher interest rates than easy access accounts, especially if you opt for a fixed-rate bond that lasts for two years or more. However, they do come with terms and conditions. Some will charge you a penalty fee if you need to make a withdrawal during the fixed term, while others will prevent you from making any withdrawals at all.
Can I add another person to my Savings Account?
Most banks will let you add another name to your savings account, although you both will normally have to provide your ID to do this, as well as probably fill out some forms.
Ready to compare Savings Accounts?
If you think you mightl need to access your savings at short notice, your best option is an easy access savings account. These are often the best savings accounts for those who want to withdraw their cash with little notice, however this flexibility means interest rates are often less competitive.
The Deposit Guarantee Fund protects the customers and osecures their funds. To do this, the Fund guarantees invested capital up to 100.000€ and it assumes the losses in the event of insolvency of any of its members.
It is worth keeping an eye on savings rates and moving to a better-paying account to make the most of your money.
