Among the many financial products that banks and entities make available to customers, one of them is the online paid account, a type of account with which you can obtain returns on your money instead of losing purchasing power.
But, exactly, What is a paid account? Is it as good an idea as it seems? What advantages can it offer you? That's what we want to talk about next. Shall we begin?
What is a remunerated account
The first thing you need to be clear about is what we are referring to with a remunerated account. Understanding its concept is quite simple. It is a bank account in which, Every time you deposit money, you are given interest, sometimes automatically, and other times after a period of time.
For example, imagine that you have a remunerated account and you are going to deposit 1000 euros. The bank can give you, at that time, the interest agreed on in that account, so that you would not have 1000 euros but the money that you deposit plus the income that the bank gives you for having that type of account.
For that, The bank may or may not require a minimum amount for that remuneration. The interest rate can also be set in a fixed manner, although sometimes it can be variable. And these can be obtained either progressively or in installments that are reached in the money you have in the account.
All of this will allow you to save and, in addition, make your money go a little further even if it is not working. But that does not mean, in many cases, that you cannot use it. Many of these accounts allow you to withdraw money without penalties. This means that your money is still available for whatever you want to use it for.
How the remuneration works
One of the most common doubts people have is knowing how the remuneration of a paid online account works. Well, this is always It is carried out on a franchise basisThis means that there will always be a cap on your remuneration. What does this mean? That once you reach that maximum, any money above that figure will not pay you anything.
Just as there is a maximum limit, there is also a minimum, which is what will be required for you to receive compensation.
In addition, depending on the entity you choose, there may be some specific conditions, such as the remuneration being temporary or indefinite, the settlement of different interests (some immediately, others in instalments, fixed or variable...), or even the permanence of the interest. That is why our advice is to carefully review the conditions before signing up for such an account.
For example, imagine that you have a remunerated account that gives you a 1% return. To do this, you are asked to have 1000 euros in the account. In this way, those 1000 euros give you a return of 10 euros in a given period and in the end the money in your account goes up without you doing anything, just keeping it there.
Are a remunerated account and a savings account the same thing?
Sometimes, remunerated accounts and savings accounts are confused with each other. This is common, because they are very similar. But in reality, they are two different products.
To begin with, A savings account does not allow you to make daily transactions, such as having associated cards or direct debits. These also offer some interest, but these are low and constant. In the case of remunerated accounts, especially at the beginning, they can have higher interest rates to encourage people to take them out, and then they are reduced, something that does not happen with savings accounts.
Advantages of having a paid account
Now that you have a better idea of what a remunerated account is, it is time to find out what advantages this financial product can offer you.
The first, and also the most important, is the fact that offers you profitabilityIn other words, it gives you more for your money. It may not be a huge amount in the short term, but it is a huge amount in the long term, making your money grow little by little as long as you keep it in the account.
It is true that the interest rate you get on these accounts is lower than on other financial products. However, you should also keep in mind that it is one of the safest. And the fact that you can enjoy your money without it being “frozen” or not being able to use it in the account until after a certain period of time sometimes gives you more peace of mind and security, especially if you need it for some urgent reason.
But that's not the only advantage it gives you. You also have a liquidity for a given period of time. This means that you can access your money by requesting it. However, in this case, you should take into account the conditions for this in the account contract.
And depending on the bank or entity and what they offer you, it could happen that you have liquidity at all times or that it only occurs for a period of time. Or you may need to comply with a period in which you will not move the money in order to get that return in exchange.
Another advantage of a paid account is the interests in themselves. These are guaranteed and there is no risk and they are not related to markets or indices, which helps you know that you will always have them. And the best of all is that they are always guaranteed by the Deposit Guarantee Fund.
This means that you will receive interest regardless of how the economy or economic indicators are doing.
Depending on the type of remunerated account and where you open it, you may find another benefit, such as the fact that don't have commissions. In addition, most of them allow you to carry out daily transactions, just like a normal account. That is, you can make transfers, use credit cards, carry out banking transactions, etc.
The decision to open a paid online account or not is up to you. It certainly offers many advantages and, on the other hand, there are not so many that could make you discard the idea. What do you think? We'll read you in the comments.