A savings account is a type of bank account that allows you to deposit and withdraw money from your account easily and which pays you some interest (depending on the prevailing market deposit interest rate scenario), on an annual basis.
What is a Savings Account?
Savings Accounts are the most commonly used type of accounts offered by Banks in Malta. Most banks offer the facility of a debit card to enable you to withdraw money from an ATM in Malta and abroad or to pay for goods and services in those places where bank cards are accepted. Don’t forget that ATM withdrawals may be subject to cash advance fees, as determined by the respective banks.
What is needed to open a Savings Account?
Each bank will have its own conditions for deposits or withdrawals from such accounts as well as their specific requirements to open such accounts (for example, some banks may require a minimum amount of money being deposited and kept to open an account whilst others can establish that you can simply open it). These conditions form part of a framework contract.
Make sure you are aware and fully understand these conditions before opening an account.
Which are the main advantages of a Savings account?
Savings accounts are very popular because they are:
- SAFE. Your money is much safer in a bank than at home;
- PRACTICAL. Payment instruments associated with bank accounts allow payments to be made without cash, even at a great distance;
- CONVENIENT. Bank services associated with bank accounts allow regular payments to be made and received automatically (paying bills, receiving your salary, etc.);
- FAST. By using the services available on the banks’ website portal, you can access your accounts and make transactions from your computer or mobile phone.
