Know the available savings modalities

Saving means separating an amount from our monthly income and not spending it, but it is not enough just to save it, it is much better when we make sure that it is giving us interest. If you have an amount of money available and you want it to grow, these are the options you can opt for.

Savings accounts

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Classic savings accounts are those that you open with a financial institution and receive a card in exchange so you can make use of the money whenever you want. These accounts pay you monthly interest for the amount of money you have and the percentages vary depending on the institution where you are.

In addition, some have maintenance costs while in other modalities there is no cost.
If you want to find out which financial institution pays you the most for letting your savings be saved in this type of account, click here . With our savings account comparator you will know your options with a few clicks.

In addition, different banks have a modality of savings accounts that allows you to access different draws from time to time. These accounts usually have a higher interest rate but also a minimum amount for opening.

Fixed deposit

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In this case, you deposit an amount of money in the financial institution and you cannot withdraw it during the agreed time period (six months, one year, etc.). This account pays interests greater than those of the savings accounts since it is counted that the user will not withdraw the money, some of the institutions even charge penalties for withdrawing the money early.

If you have no plans to use the money you have been saving for a certain time, this option is right for you. To find out which institution pays you more interest in this modality, click here . Remember that institutions have different minimum opening amounts for the deposit so you should consider how much money you have and how much time you will deposit.

Mutual Funds

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More than a saving, it is an investment. Here the money will be invested in stocks, bonds, debt purchases, etc., depending on the fund you choose and will produce a certain profit. We must bear in mind that the profitability will not be the same every month, that is, we will not obtain the same amount of profit on each date. What we earn will depend on the type of fund chosen

They do not have a fixed residence time nor a minimum fixed amount to start. Normally it fluctuates between s / .500 or $ 100. If you want to know more about mutual funds, click here. If you want to find out which institution would pay you more for your investment, use our comparator by clicking here.

May your savings not be a loss! Choose the best option and make your money start growing from today.