The decision of where to save money, where to deposit it, must be well calculated. We tell you what is the best strategy.
I have a friend from whom I learn a lot about personal finances. I, for example, chose a bank that had many ATMs. He studied which one offered the best return on his savings before opening his account.
But, in addition, it made me think seriously about saving. What we save within the financial system has a multiplier effect on the economy. Your savings are used by the financial institution to lend to companies to purchase machinery, new warehouses, more equipment; for builders; And, of course, for buyers. That money circulates and gives life to business.
On the contrary, keeping money in a safe does not produce the same effect.
Your savings are not just your savings; They are the injection of the economy. Who will pay you better?
Where to open a savings account
As a general rule, in our country, rural and municipal savings banks offer the best rates of return on their savings accounts. It is your magnet to attract customers. Instead, it is common to find other types of strategies in banks to capture money from new customers: gifts and prizes.
You decide what you prefer.
The important thing, always, is to be sure that your money is safe. The entities supervised by the Superintendence of Banking, Insurance and AFP belong to the Deposit Insurance Fund. In the event that the entity suffers a bankruptcy, the fund will respond for your savings. You can check on the SBS website if the institution is monitored.
In any case, which can be 0% or 2%, must be analyzed together with other variables:
- Does the account require a minimum amount?
- Do you charge commissions?
- Do you require an average balance?
- How much do they charge you to withdraw?
- What other conditions do they have?
This is a very interesting savings. As the name implies, you will deposit a sum of money during a given period. Normally, the minimum amount is S / 2,000. The term can be 30 days or 720.
If you don’t need money quickly, choose the furthest term. You will see that the rate improves in the longer term.
The deposit is a safer and more profitable product than a checking or savings account. And if the entity offers you zero maintenance cost, the possibility of choosing the currency in which you will save and the best rate in the market, what more can you ask for.
Pension funds allow voluntary savings and have conservative, half-conservative and risky investment portfolios.
The funds invest in local and international stocks and bonds.
The higher the risk, the better profitability. But you will not always win. That you must be clear about.
Investment in the funds must be monitored frequently. You must be alert to move money when trends change. Transfer it to a more conservative portfolio or withdraw it to other options.
The stock market is volatile and that is precisely what is interesting.
- If the financial results of the companies are favorable, the price of their shares will remain or grow.
- Prices obey the demand dynamic. At low demand, prices fall.
- International indicators, such as the price of oil, the euro, or political crises affect prices.
The profitability in stock market is very appreciated. Therefore, for some it is the best place to save. Stockbrokers are duly authorized to negotiate shares by the National Supervisory Commission of Companies and Securities (CONASEV).