What types of bank accounts are there?

The world of finance, although at first glance it may seem complex and difficult to understand, is part of our daily lives from the simplest events. From online banking payments for our public services, to innovative investment tools such as virtual currencies, the financial environment is gaining more and more space in modern society every day. Having a bank account has become an essential tool to move comfortably in the most diverse areas. But, do you know what are the types of bank accounts, their functionalities and conveniences? Join us to discover the type of bank account that suits you best, according to your interests, projections and lifestyle.

What are the most popular types of bank accounts?

Before talking about the types of bank accounts available in the market, it is important to be clear that these are products that financial institutions offer to their customers, in which they can deposit, safeguard and manage their money from a platform. Similarly, bank accounts provide the support for other types of financial services, such as credit or debit cards, loans or mortgages, among others. The fundamental thing is to know in depth the characteristics of each type of account, to select the one that best suits our interests.

Checking accounts

Checking accounts are the most common and popular for the families. They are instruments that allow us to have access to daily operations and transactions such as making collections or direct debit payments. They generally offer the possibility of managing a debit card first, and then a credit card. Depending on the financial institution you choose, they usually include a base amount for maintenance or administration fees. They do not offer remuneration to the client for the maintenance of his money in the account.

Savings accounts

One of the most useful financial tools for all those interested in managing their savings are savings accounts. These instruments have the advantage of generating some kind of remuneration for the money we have saved in our account. Also, unlike fixed terms, they give us the possibility of making use of the money immediately, whenever we need it.

Payroll accounts

For all those people who work under a dependency relationship with a company, institution or organization, the payroll account is a practical and decisive option. This type of financial instrument operates in a similar way to checking accounts, but usually offers some advantages for direct deposit of payroll, such as discounts, interesting credit card packages, among others. The basic requirement for accessing an account of this type is to have your monthly salary deposited directly into the account. Many companies contract with a bank, a payroll account package for all their employees.

Securities accounts

For all those people interested in the world of investments, securities accounts are the ideal option. These are financial instruments that are usually associated with a checking account, and allow the realization of actions such as the deposit of securities: shares or bonds. Also the purchase and sale in the stock market, the collection of dividends, the custody of securities, among others.

Bank accounts for companies and businesses

If you are a representative of a company or you have your own commercial project, banking matters will be a fundamental part of your finances. A good relationship with the banks with which you decide to establish commercial ties will allow you to improve your credit lines, access loans in case they are necessary, open payroll accounts, among other matters. As with personal accounts, business and corporate accounts can also be checking or savings accounts. The fundamental thing is that you give it an active and consistent use, which helps to grow your reputation as a company in the financial environment.

Online accounts

The rise of the Internet and new technologies in modern society have also changed our way of generating, managing and understanding money. In this sense, there are many financial institutions that, perceiving a need for cutting-edge technology, have migrated to digital platforms. Online accounts respond precisely to this premise. They are fast, simple and easily accessible instruments for account holders, which allow them to make all kinds of operations from a mobile device, without the need to go to physical branches.

This implies not only a much higher banking penetration of the population, but also a tool that goes in favor of practicality, and allows banks to reduce costs in the maintenance of physical branches. With this brief overview of the different types of bank accounts available in the market, you will already have safe guidelines to choose the one that suits you best.