How I arrange my saving accounts

Recently, my bank has increased interest rate on saving accounts to 5,5%.

This rate is quite attractive for me. I’m not able to keep all my money on stocks, especially, when there are all the time conversations about recession and all investments have increased level of risk.

I took a more detailed look into my saving account’s details. Account opening and handling is free. I can deposit how much I want. No minimum limit. I can withdraw at any time, but only once per month free and I don’t lose earnings. Each next time costs 5zl (2,16zl is about 1$). As I already have a personal account in my bank, I can open up to four saving accounts free of charge. Transfers from my personal account to saving accounts are also free of charge.

Of course, I opened four saving accounts. Why do I need four? Is one account not enough?

In my situation, I need flexibility. Very often I stay away from the stock market, waiting for promising investments. Then I’ll keep all my money on saving account. There is no reason why not to let my money work for me. But when I see a good opportunity on stock marker, I have to withdraw my money. I can do this only one time per month, free of charge, from one account. Therefore, having four saving accounts give me possibility to make such transaction four times per month.

I am able to withdraw all my money from one account free of charge, invest part of it on stock market, and put the rest on the second account. I will be able to withdraw them from the second account free of charge as well. I can do similar with third and fourth. Four times per month is usually enough and this way I don’t pay any fees to my bank.

photo credit: vnysia

I strongly advise you to review your bank offer. It is possible you will find an interesting product, service or solution that will perfectly fit into your personal finances. I have to honestly admit, that for a long time I wasn’t up to date with my bank’s offer. Discovering such possibility with saving accounts, as well as attractive interest rate on it, positively surprised me.