Most consumers pay close attention to their expenses. If they can save something, they will certainly do so. There is much less attention to income. By taking a critical look at the various savings banks, you can receive more savings interest.
Highest savings interest
You cannot always receive the highest savings interest on your savings. The savings interest rates can vary from day to day. If you continue to receive the highest savings interest rate, you may have to switch savings banks several times a month. In addition to the work it does for you, it also costs you money. When withdrawing savings, you must first transfer the amount to the fixed contra account number. You must then transfer the amount to the other savings bank. The entire transaction could cost you up to a week. You will therefore not receive any savings interest during this period.
Choose a savings account with limitations
The highest savings interest rates are given on savings accounts with restrictions. The restrictions banks apply vary widely. Some banks offer savings accounts where you have to deposit an amount between 50 and 250 every month. Another variant is a savings account where you have to pay one or two percent in withdrawal costs. You could look for a savings account where the restriction is not an obstacle for you. Suppose you wish to deposit a fixed amount every month. A savings account where the restriction is that you have to deposit a certain amount every month is no obstacle in this case.
Lock up savings for a longer period of time
You can receive a higher savings interest rate by choosing to lock up the money in a deposit for a longer period of time. During the period that you tie up the money, you will not be able to access the money or will be able to do so under strict conditions (for example, upon payment of costs). Because the bank has the guarantee that they will have access to your money for a longer period of time, they can offer a higher interest rate. A major disadvantage of a deposit is that you cannot benefit from increases in savings interest rates. The big advantage is that you are not affected by interest rate reductions, because you receive the agreed percentage.
Danger of savings account with restrictions
Some conditions do not seem to have much influence on you as a saver, but things may turn out differently. If you do not need an amount for a longer period of time, you can opt for an account with, for example, a two percent withdrawal fee. The danger, however, is that the bank will gradually reduce the savings interest rate. You can no longer withdraw the money for free to switch to another bank, so you have to settle for the lower savings interest rate.
Savings accounts for children
A number of banks offer children’s savings accounts with a high savings interest rate. You will also often receive a present for your child. However, you should not be blinded by special accounts for children. If you can get a higher savings interest rate on a regular savings account, you should choose this one. In that case, it is better to buy the gift you receive at the closing at a toy store.