We have already talked on several occasions about how important it is to take part of the income for responsible savings, which should normally correspond, to 10% of the money that is received. Regardless of the savings objective you have in mind, what you should do is advise yourself properly when deciding to put your money in one or another financial product, because even if you do not believe it, both the costs and the yields of maintaining it vary between one and another entity.
According to the 2017 financial report of the Financial Superintendence savings products are the main gateway to the financial system, since 77.4% (773,000 adults) did it through the product of savings accounts. In addition, this type of product is a support for future obligations and allows people to access goods and services that improve their quality of life and facilitate access to meeting goals.
In fact, there are savings accounts for minors and university students, who are the first step to financial inclusion. Many others do with a payroll account when they start their first job. The problem of savings deposits and which users complain about is the profitability they generate, since they are more associated with the profit received from them after one year, which ranges from 0.13% to 3%, 75% (annual effective interest rate).
On the other hand, there is the inactivity of the accounts, since although the number of openings increased by 2.3% in 2016 with about 62.5 million accounts. Only 46% of the total remained active during the Last six months. A worrying fact because they are products that even remains with balance and without any movement which has led to decision-making as the money left in the dormant accounts.
According to the financial inclusion report, this is the account that most open the men since about 36.1% participate with this type of product. Usually when you open a savings account like these, you are given a debit card to make moves with your money, saving either it, withdrawing it or doing some sort of transaction. Depending on the entity, its policies and products vary the costs associated with it and it is important that you know that the benefits associated with this account. The financial institution must recognize to the users a minimum interest rate in all the savings accounts no matter the amount of money that has saved.
Simplified Processing Savings Account
Also called CATS, they are useful if you feel you do not have enough income to pay the handling fees or transaction costs associated with a normal account. According to the report of financial inclusion, women are more participatory in this type of product, since 51% has an account like these. In terms of figures, the report also indicated that the number of savings accounts simplified procedure had an increase of 41%.