What Are The Types Of Bank Account?

 

Although most people have a bank account, that does not mean everyone knows all kinds of bank accounts and what they offer. It is easy to get lost with the different options offered by banks. So this post can be help you choose yours.

Checking Account

Checking Account

The checking account is a type of bank account that allows more transactions. In this type of account, the client can make deposits and withdrawals at any time without the need for prior notice.

In addition, the checking account is ideal for anyone who wants to use credit cards, debit cards or check stubs. The current account transactions can be accompanied by an extract – which can be withdrawn in an ATM or displayed by digital means.

Loans and financing can also be requested through the checking account. For regular workers there are two types of checking account:

Free Current Account – The Central Bank requires all banks to offer a free mode of checking account. It needs to provide basic monthly services, such as:

  • Debit card;
  • 10 check sheets;
  • 2 extracts;
  • 4 lootings (in the bank teller or ATM);
  • 2 transfers between accounts of the same bank;
  • 2 transfers between accounts with the same owner;
  • Unlimited consultations over the internet.

Current paid account (standardized service) – In this case there are two options: the customer can choose to pay each surplus tariff individually, or it is possible to opt for a surplus service package. Therefore, if the customer opts for the current account service paid, we must analyze how many extra services will be needed.

In the case of students, the banks offer another option of checking account: the university account.

University account

University account

Banks are interested in opening special accounts for students. This is based on the fact that they are likely to receive higher salaries after graduation.

The advantages offered vary according to the contracted bank. In general, the university account works as a checking account with less fees.

The advantages commonly offered are:

  • Free rates;
  • Exemption from fees;
  • Proof of income is not required;
  • You can make four withdrawals and two transfers per month (free of charge);
  • Some banks offer credit cards and overdrafts at no additional charge.

Digital Account

Digital Account

 

The digital or digicontact account functions as a checking account, however, the customer does not use a physical agency. Transactions can be made online, as well as 24-hour ATMs.

 

Salary Account

 

Salary Account

The wage bill is opened by the employer at the bank in which he wishes to deposit the employee’s salary. The account is free and the employee can request the transfer – also free of charge – of the salary to his checking account.

The services provided by the salary account are:

  • magnetic card;
  • account maintenance;
  • 5 withdrawals per deposited salary;
  • 2 monthly statements;

 

Savings account

 

Savings account

In Brazil, the savings account is the most used investment. When opening this type of account, the person has the goal of saving money, so it is not possible to receive salary in the savings account.

In addition, it has only a few basic monthly functions:

  • 2 serves;
  • 2 transfers;
  • 2 extracts.

Anyone can open a savings account – even if they are down – and banks can not charge fees for this service.

Savings usually yield 0.5% per month.

 

Savings Account: What Is It, What Is It For And How Does It Yield?

 

Savings account or savings account is the most popular and traditional financial investment among Brazilians.

This type of account is made to save and save money, unlike the current account, used to receive salary and make payments.

To apply savings, it is not necessary to have a minimum value. It is also exempt from income tax and IOF (financial transaction tax).

The profitability of savings is defined by the Central Bank, that is, it yields the same in any bank .

How does the savings account pay off?

 

 

Since 2012, it has been renumbered through two factors:

  • The investment pays 70% of the Selic rate when interest rates are down (up to 8.5% per year).

The Selic is the basic rate of the economy in Brazil defined every 45 days by the COPOM (Monetary Policy Committee of the Central Bank of Brazil). Being the most important of all, it serves as a parameter for other rates.

  • When it is rising, the yield is 0.5% per month plus TR (Referential Rate).

The TR is another interest rate defined by the CB. It influences not only savings but other financial investments. It is calculated based on the average profitability of the CDBs (Certificate of Deposit), another type of investment, of the 30 largest financial institutions in Brazil.

You can calculate today’s TR by using the Citizen’s Calculator from the Central Bank’s website.

What are the risks?

 What are the risks?

 

Savings are a very low risk investment. However, if the bank in your account goes bankrupt, the government reimburses up to R $ 60,000 of the amount applied.

How to open savings account?

 How to open savings account?

 

To open a savings account, you need to submit three documents:

  • Identity document;
  • CPF;
  • Proof of address;

No need to prove income or pay taxes. In this way, it is easy to open a savings account for minors. In this case, the legal guardian must accompany the young person in the opening process at the bank.

As the account holder, you are entitled to:

  • 2 withdrawals per month;
  • 2 transfers per month to another account in your name;
  • 2 extracts per month;
  • Account access via the internet;

Although the savings account income is very low compared to other applications, it still remains a safe investment to save money without loss.

 

 

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