How to choose your bank account?

Have you already found the bank that is best for you? So let’s continue with the different types of accounts it can offer you shall we? 

What is a current account? 

A savings account, as its name suggests, is a placement meant for saving, that is used only in cases of liquidity problems. 

Such an account must be solid, reliable no matter what. For this reason, you should not be using it frequently for small repeated amounts for instance, because you risk paying significant fees. 

Savings accounts are rarely used to invest: they offer very low returns. 

Actually, because of negative interests, if the amount placed is too high, you might lose some money. But if you have a dormant capital, you should think about making it grow!

In one sentence, savings accounts are: an amount equivalent to three to four times your monthly salary and very few transactions. 

What is a current account? 

A current account is your most dynamic account, the one where you receive your salary, from which you pay your bills as well as your daily consumption of products and services. 

It includes fees for management, withdrawal, cards, yearly documentation, etc. But is is more than necessary. 

Once sentence that would sum up current accounts is: a life without current accounts is like a sky without stars.  

What is a joint account?

A joint account is… (the pun is too easy; we will not fall that low) an account used by two lovebirds to finance expenses they have in common. 

This might not be very romantic, but it is very efficient. Such an account represents an excellent way to calculate (and therefore to control) the expenses of the household. 

Be careful, this is going to be even less romantic: if one of the two lovebirds had debts; this account can be used to pay the entire amount of the debts. 

To sum up joint accounts in one sentence, I would say: good accounts make good… partners. 

What is a 3a bank account?

The account 3a, part of the pillar 3A is part of a planning strategy. 

Every bank offer 3A accounts. While some invest part of it, offering a higher average return, as well as a higher risk. Others, on the other hand, do not offer any kind of investment. This bank account then works as a savings account but with the advantage of being non-taxable.