The times have passed where you saved in the piggy bank of the house, or under the mattress.
Currently you can put your money in a savings account and that way it will generate interest. If you are thinking about where to save, in this note I leave you some tips so that your savings are safe .
Save in a bank that pays you interest
Before going to a bank (or a box) to open an account it is better to find out how much interest you are going to pay. If the entity does not offer you any percentage, at least, do not have your account with them. And if you don’t get anything because they keep your money, you better keep your money at home.
I recommend that you find out the annual effective rate of return of the financial institution that interests you. You can even compare the TREA through platforms such as the SBS website .
Don’t go with the first option
Compare the offers of each bank in which you are interested in having a savings account. Not everyone offers you the same interest rate for your money.
Do not just go with a single type of financial institution, keep in mind that in contrast to banks that pay up to 4% for your savings, a municipal bank can pay up to 6% and even a little more for your money.
Save in local currency
If you want your savings to earn a higher percentage of interest, I also recommend that you save in soles . And it is that the accounts in the local currency generate more interest than those that are opened in currencies such as the dollar or the euro .
Before opening a savings account in a bank (cash or other financial institution), learn well about it. Through the SBS you can acquire different information about the entity that interests you and compare rates, among other factors.