Banks have become part of everyday life of each person. If before their services were used only by businesses or individuals with a high level of abundance, today this list, you can add students, and retirees, and the individual worker.
In this article we will look at types of Bank accounts, their purpose and terms and conditions of their service. The information is absolutely relevant for all banks differ tariffs for settlement and cash services and maintenance of accounts.
Bank account. Concept and types
For the implementation of any non-cash transactions, any organization or person should have in the Bank, a special "wallet" which they can Deposit, transfer or withdraw funds.
A Bank account is a virtual cell that can be opened by natural or legal person to store money or to implement them with any cash and non-cash transactions. For each customer, the Bank opens a separate account and directs the accounting of all transactions that committed by the client.
Depending on the use and type of transactions, the following are the main types of Bank accounts:
3. Deposit (cumulative).
It should be noted that sometimes these types of accounts are interwoven in speech. For example, often mention the Bank account, mean current or card that can be used to carry out calculations and payments.
Used both physical and legal persons for all kinds of cash and non-cash payments, and is also used to store cash.
With this account you can perform the following operations:
- settlements with suppliers of goods or services;
– implementation of payments (including utilities)
– perform transfers to other accounts
– introduction, storage and withdrawal of funds.
These accounts do not expire, withdraw or invest money at any time. As a result, they are called "demand deposits". For opening such an account will have to make a one-time fee or the minimum amount of the minimum balance.
For individuals banks are willing to open an account for free, and for legal entities the fee can be different and walk to an average of 2,500 rubles. And for small, medium business or corporate clients current account implies also a monthly service charge in the amount of 700 rubles.
With regard to legal entities, this type of accounts remains relevant up to now, while for transactions that are carried out by individuals, it is no longer in demand due to its crowding out with card accounts.
The main advantage over the previous form, the card account is the presence of a plastic card. It is, in fact, is the clock key, which you can use to make transactions with their money placed in a Bank.
In addition to the implementation of the same operations that are available to customers with current accounts having a plastic card offers many additional services. For example, this score may combine the credit limit and cumulative functions.
The cost of servicing of card accounts is highly dependent on the level of card: instant, standard, gold, platinum or premium. Each of them has its own set of options and additional features – the higher the level, the more opportunities open in front of her owner.
But for a large number of additional services will have to pay a higher price. Thus, the average service card standard class costs its owner about 500-800 rubles per year. While the card account is premium costs about 10 000 rubles a year.
This type of service is gradually fully replaces the ordinary conduct of current accounts. Because in order to carry out any transaction on the card account, there is no need to go to the Bank and stand in queues – everything can be done either through the Internet or through self-service boxes and ATMs. While using the card to make payments or carry out transactions anytime, regardless of schedule of the Bank.
Is a banking product designed to hold large amounts of cash for long periods. Because customers place the money in such accounts, the banks pay them a certain percentage. They are a great way to save your capital from inflation.
Such an account can access as individuals or a corporate entity. For companies, organizations and businesses interest rates are slightly lower than for ordinary people. This is due to the size of attachments that they can do. For example, the average interest rate on deposits for individuals as at the moment is at the level of 6-10% per annum, and for legal entities – 7-9%, if the Deposit in rubles.
Different types of savings accounts
A savings account has a lot of varieties. It can be opened both in rubles and other currencies, for example in US dollars or euros. Deposits exist with or without replenishment of such possibility. The validity period can be termless and urgent.
But even opening a Deposit account for a fixed term, it can include the possibility of automatic prolongation, which actually makes it indefinite.
Some of them involve monthly payments of interest only at maturity. The best are the types that include a monthly capitalization, which means an increase in the amount of the Deposit to the level of the Deposit paid remuneration. Thus, on the second month you will receive a greater number of charges than in the previous, not investing new funds.
Some call Deposit savings account. It is not an error, as they are synonymous words. All the conditions that may include these types of Bank accounts, affect the level of interest rates which describe the interest of banks in different types of deposits.
Credit score is a means for issuing to client credit of funds, as well as a gathering place of monthly payments. That is, it is open to him to charge the body of the loan. After issuing money to a borrower, the Bank starts to accept credit payments on the same account for ease of accounting of liabilities.
After the customer pays and the body and interest, the Bank just closes the account with the loan agreement.
In recent years, an increasing number of banks changed this lending scheme and more likely to use a more versatile option, applying for such purposes the credit card account.
There are various types of Bank accounts. Each of them has its own purpose and its own service arrangements. But there are some products that can only be used directly by banks.
The offset account is a way of interaction between the banking institutions.
For example, performing Swift transfers from the account to the account, the Bank uses them to transfer money to other banks and countries. Financial institutions are using correspondent account for their own internal accounts.
That is the usual natural or legal persons is not possible and necessary to use such a financial product.
You need to open an account?
The world is not standing still. The banking sector develops in the same way as the rest of the economy. If yesterday it was difficult to imagine what to obtain the credit through the Internet, today this is no surprise.
For individuals there are two ways to open an account – go to the Bank or apply online. In both cases, you will need a passport and an identification code. In addition, making any banking product, you will have to complete a survey to fully identify the client, which EN masse are now pursuing banks to provide a full client base.
Carefully read the contract before signing
At the end of the procedure, the Bank employee will ask you to sign a contract for the maintenance of your account. At this stage, you need to very carefully study it. Although there are different types of Bank account agreement, they all have similar and equivalent structure.
Most importantly, read the sections describing the subject of the contract, obligations of the Bank and the client and also the reasons why it can be terminated.
Legal person is obliged in most cases to issue a new account only through Bank branches. This is due to the fact that this requires much more documents that identifies the firm or company. In all other respects the process of discovery is similar to the previous one.
Constantly monitor changes in service rates.
Whether we like it or not, modern life makes absolutely everyone to use the services of banking institutions. Receive wages, stipends, pensions, savings, own funds, loans – is carried out by means of banks.
With each passing day the number of special promotions, new types of services expands. But the basic principles and types of Bank accounts, almost no change. In order to use certain services with benefits is to constantly monitor the changes in tariffs, news and new offers from financial institutions – only in this case you can choose the most suitable option, and to constantly find the best deals.
The main thing – to choose the suitable savings, credit or Bank account, which will fully satisfy your needs.