A savings bank account is an account you may use not only to store funds and receive interest, but also periodically withdraw portions of the deposit.
The benefits of a savings account are:
- higher interest rates, than of an ordinary deposit;
- the account is valid for an indefinite period;
- the capitalizing of interest;
Disadvantages of a savings account:
- the requirement of a large deposit amount to receive an increased interest;
- control of the irreducible balance;
- the risk of introduction of a variable interest rate on the account;
- annoying additional banking rules and services;
Before opening an account, VigoLex lawyers shall assist to rank the banks, provide data on interests, fees, carry out an analysis of financial risks and the conditions of the chosen bank.