When we want to save no strict recommendations regarding the time and money we want to put money aside. The choice of each person is influenced by the purpose for which saves yields offered by banks on deposits in the currency gets its income and exchange rate developments.
If you wish to purchase products whose price is denominated in other currency than euro, then it is recommended savings in the national currency. The situation changes if we are interested in purchasing some goods priced in euros, such as a car or a house, a deposit is recommended in the euro.
Depending on what criteria it is recommended to choose deposit?
No doubt that when someone wants a deposit look at the interest that both will receive product features and savings (term deposit, withdrawal fees, penalties for eventual liquidation ahead of schedule etc.).
In this regard, the client should take into account the period in which it saves. If he estimates some unexpected expenses, then it is advisable to save the short term. Otherwise, if the client closes deposit ahead of schedule, according to the bank will charge interest only for the current account and will be charged a cash withdrawal fee before maturity.
Ideally, savings instruments should be more diversified, both in terms of deadlines, and in terms of currencies in which it saves. This mix will enable customers to face all contingencies.
Costs for deposit
Usually, banks do not apply cash withdrawal fees for liquidating the deposit at maturity, but there are situations that do not prove the rule. Instead, cash withdrawals before maturity may be fees. In case of liquidation before maturity, the interest due for the entire period is calculated by applying the current account interest rate.
In addition, do not forget that savers receive a net interest calculated after tax of 16% is paid by the state. Also, banks may charge a management fee for current account behind the warehouse, which can amount to a few dollars per month.
However, customers who receive their salary in a bank account and want to save and benefit from free current account management and zero commission on cash withdrawals no matter when the stored liquid.
Deposit benefits
First it has mentioned the coverage provided by the Guarantee Fund of Deposits of up to 100,000 euros. Secondly, deposits have a level higher interest than savings account type instruments, interest which most often is fixed throughout the term of the deposit, regardless of market developments. Also concerning the additional benefits fall wide variety of deadlines and payment of interest.
These benefits can add zero cash withdrawal fee at maturity for deposits matured automatic extension of the deposit at maturity with interest capitalization or pay its current account and establishment or extension of term deposits through internet banking.
Issues to be considered so that the final amount of the deposit is not less than the initial
For the final sum to be greater than the initial customers must comply with due date and eventually to withdraw money at maturity.
However, there may be some exceptions in this direction, and some banks to fee cash withdrawals of deposits on maturity. Currently, in most of the banks, cash withdrawal fee is zero when the deposit reaches maturity.
Furthermore, they must ensure, where were deposited in a bank that does not receive salary or other income, as net interest on the amount you deposited is higher than the current account management fee.
