What can you use a savings account for?

The Savings Account is primarily used for appreciation and creation of the financial reserve. It is not worth to have money on a current account, where there is usually zero interest. But it is also not worth having more money on your savings account.

The Savings Account is primarily used for appreciation and creation of the financial reserve

The Savings Account is primarily used for appreciation and creation of the financial reserve

The recommended reserve is the amount that will cover your current expenses for 3 to 6 months. Keeping a savings account higher is inefficient. You earn more on other financial products.

You can deposit large amounts of money on a savings account if you plan to use them in a short time and need them immediately. Longer-term appreciation on a savings account is disadvantageous.

Savings Account for short-term savings for any purpose

Savings Account for short-term savings for any purpose

You can also use your Savings Account for short-term savings for any purpose. Long-term savings and larger volumes reduce efficiency.

It is also popular to use a savings account for permanent payments to other financial institutions. Send as much money from your current account monthly as you will get on standing orders. Unlike your current account, you do not pay anything for these transfers, and the balance is more profitable.

Either you choose the right product to save yourself and rely on your experience

Either you choose the right product to save yourself and rely on your experience

Either you choose the right product to save yourself and rely on your experience or you can reach your financial intermediary to help you choose the right product. Savings Account is primarily used for appreciation and creation of the financial reserve. It is not worth to have money on a current account, where there is usually zero interest. But it is also not worth having more money on your savings account.