The savings account is one of the functions offered by banking institutions, these have the function of depositing money in a special account called “savings account”, this saved money can be directly in cash or through original checks issued by others. banks, even if they are stored in the savings bank, the money will remain with the owner and maintain the availability or access of the owner.
These transactions or deposits can be made in a quantified number of occasions that are usually five times a month, the banks that act as cash deposits charge a monthly interest of a very small sum for having offered their service to the client who has the account to your name. ; It should be noted that the interest received by the bank is so minimal that it does not cover the cost that these institutions have to keep the accounts active.
Within this savings account, in addition to depositing money directly in the bank, you can receive online payments (transfers), payroll deposits and migration of money from one account to another, in order to preserve security when making any movement of money, and this account can be used to pay taxes or household services; All transactions or movements made will be recorded, these receipts will be printed in the book received by the client at the time of opening the account.
The savings bank can work with the use of national or international currencies, this will be influenced by the economic measure that each nation has; Generally, when foreign currency account creation is allowed, it is for the storage of US dollars.
There are few requirements for opening a savings account, these will be imposed according to the criteria of each banking entity, but generally the requested charges are: customer identification certificate, some document that proves the domicile of the same (residence letter, utility bill) and letters sent by acquaintances (letter of recommendation).
