How to choose banking products to save?
You can save money in many ways , but it is worth looking for such opportunities on a daily basis, also by choosing banking products. What factors to consider? Check below!
You pay for an account to get additional services that you don’t use or use occasionally. Or maybe you don’t even think about it?
Find a bank account that suits your needs
This is a mistake! The bank account should be adequate to your needs. If you usually pay without cash, find a product that has a free card and best offers the moneyback service (i.e. reimbursement of part of the costs paid with the card).
However, if you usually pay in cash, then pay attention primarily to the cost of withdrawals from ATMs. Also look at the costs of running an account or the costs of transfers. There are still accounts on the market for which you won’t pay a single zloty. You do not believe? Take a look at our comparison site and check the best personal accounts – data is updated here on a regular basis.
Check if you pay for unnecessary financial products
Charges for unused accounts or additional services charged on a monthly basis can be a large sum after a few years. Review your credit card and account statement. Check if you accidentally incur fees for financial products or services that you don’t even know about. If you find something like that, call the bank and just give them up.
Use the help of an adviser when choosing a mortgage
The differences in total mortgage costs can be huge if you compare offers at several banks. A trivial USD 30 difference on a monthly installment plus costs for additional products that the bank requires to buy – with a loan of USD 400,000, they can even give a difference of USD 100,000!
What to do then? Instead of making an appointment with a credit advisor at the bank where you have an account, compare the offers of different banks. It’s best to make an appointment with an independent credit advisor – it’s a free service, the bank where you decide to take a loan will pay for his work.
However, if you do not want to use the help of an intermediary, then at least use the online loan comparison websites. Get an idea of the costs and apply for a loan at banks that can borrow you the cheapest money for your own apartment or house!
Create a savings account
Deposits have several important advantages:
- First of all, thanks to them you can develop a habit of systematic putting away – just set up a standing order from your personal account.
- Secondly, you can accumulate even small amounts on them.
- Thirdly, the funds accumulated on them are not frozen as on deposits – you have permanent access to them.
- Fourth, separating savings and money into expenses makes budget management easier.
Remember, however, to choose the bill correctly. What to follow? In addition to interest, pay attention to the costs of keeping the account and fees for transfers. You can find full information on this in our savings account ranking.