Savings accounts for different purposes
A bank can attached more than one savings account to one current account and open more than one standing order.
Thus, why not have one savings account as a reserve for more short term plans and expenditures like holidays, dental costs, Christmas gifts or other yearly recurring expenses and different savings account to accumulate wealth for those medium to long run goals, like renovations on the house, a dream car, once pension, the education of the children.
Generally, your online banking service allows you to label your different accounts. These account names make it even easier for you to distinguish between your different savings accounts.
Every year, it is the same old story: we have to fill in our tax declaration. For many of you, this annual exercise is like a chore. It is a pity because a tax declaration, correctly optimised, can save you money by reducing your taxes.
An automatic savings plan (aka ASP) is a standing bank transfer order that transfers money from your current account to your savings account on a fixed date.
You want to improve the return on your savings and make your first steps in the investment world but you don’t know how to do it? Why not trying regular investments? This financial solution is to invest on a regular basis (every month or every quarter) the same amount of money, fixed in advance, in an investment fund. Here are the main advantages.