“Life can be so expensive” … A thought we’ve all had before. Sometimes there seems to be no end to the bills that have to be paid, so that sometimes there is not much margin left to be able to enjoy the nice things a little.
In addition, you would also like to save some money, just to avoid those unpleasant surprises, or for an apple for the thirst of your old age.
The banking crisis has done no good to the saver, but we will continue to save. But how do you get the most out of your savings? By comparing! Below you will find useful information about savings accounts and interest.
An apple for your (grand) children
The media regularly reports on how children often depend on the contribution of their parents when they want to build or renovate their own house. You can anticipate this and, when the time is right, give them access to the savings account that you opened when they had not taken their first steps.
There are a number of options for this with regard to youth savings accounts. A few examples:
- Regiobank Zilvervloot Sparen: the account can be opened between 0 and 15 years and at the age of 18 a switch is made to a Spaar-op-Maat account. The minimum deposit for a calendar year is € 600 and no minimum initial deposit is required. The effective interest rate is 1.35%, one of the highest currently offered. Moreover, there is also an additional price of 1% for the perfect calendar year, up to a maximum of 10%.
- Triodos Bank Children’s Future Plan: the account can be opened between 0 and 11 years. At 18, the account is not automatically converted to another type, but the bank offers you the choice. There are no conditions regarding the minimum initial investment or investment for a calendar year. The effective interest rate is 1% for the year and no additional premium is offered.
- Argenta Youth Savings Account: the account can be opened between 0 and 17 years, and at the age of 18 there is automatically switched to a regular Argenta Internet Savings Account. There are no investment requirements and the effective interest rate is 0.40%. No extra premium is offered.
Which apple do you like best?
Saving for your (grand) children is a very noble gesture, but you must not lose sight of yourself. When you decide to save, you must ask yourself a few questions. You will find the answer below!
- Will I open a savings account with my own bank out of convenience?
You can, but it is not guaranteed that you get the most out of your savings. After all, the offer nowadays is so large that it really pays to broaden your horizons and start comparing. Banker are also aware that consenes take the time to do so, so they try to create the most attractive offer possible, even though today it is no longer as easy as before.
- What is the use of a deposit account?
A deposit account, in which you secure your savings for a longer period, has the biggest advantage that you enjoy a higher interest rate than with a savings account where you can withdraw your money freely. Moreover, the agreed period is not always conclusive and many banks offer earlier withdrawals. So if you can miss it, the deposit account is definitely worth considering.
The Consumers’ Association has conducted a test and the results can easily be tailored to your needs by entering your preferences. We opted for a term of 5 years and these are the results:
- The choice of SNS: received a test assessment of 9.1 and has a maximum duration of 10 years, an interest rate of 0.20% and early admission is always possible. If you go for a term of 10 years, the interest is 0.80%.
- Deposit savings from ASN Bank received the same test score of 9.1 and also has a maximum duration of 10 years, early withdrawal is always possible and the interest for 5 years is 0.30%. If you opt for a term of 10 years, you will receive an interest rate of 0.90%.
For comparison: the current interest rate that is currently offered for a regular savings account can be as low as 0.03% (with certain types of savings accounts from eg ING, Rabobank and ABN Amro) to 0.50% (such as with certain savings accounts from eg Advance Bank DHB Bank). So it is definitely recommended to look further than what your own bank offers you.
But the interest alone cannot determine your final choice. The most valuable tip is: think of the snakes under the grass! Take your time when you decide and be sure to read the conditions carefully so that you know for sure that you will get what you are looking for.