10 Tips on Savings Accounts

1 | You should be aware of the interest rate on the balances credited to the account.

2 | Try to use the ATMs of the financial institution where you have opened your savings account, since their use is free of charge. You will have to find out transaction costs for other institution’s ATMs.

3 | It is worth knowing the availability of ATMs in your area. If they belong to your bank’s ATM network, it will be cheaper and more convenient for you.

4 | If you use your debit card to make purchases, in many cases you will get a 4.13% VAT refund. For example, if you pay 363 pesos with your debit card, you will be credited 15 pesos in your account, which equals the average cost of a basic account. Discounts for purchases of products and services should also be considered.

5 | It is important to ask if check deposits in the savings account involve additional costs.

6 | A good option with a savings account is to pay for public services and taxes using direct debit; thus, saving time throughout the day.

7 | Another option to explore is Online Banking (Home Banking) and/or phone banking.

8 | If you usually travel to other countries, it is convenient to ask if the debit card associated to your savings account will allow you to make withdrawals abroad.

9 | It is recommended to evaluate the guarantee of deposits just in case your bank had a problem.

10 | Financial institutions are not allowed to include savings accounts in pesos in multi-product packages.