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5 reasons to have a savings account

Earning money is the first step to achieve real financial stability. If you are part of today’s working world, you will know that the most difficult part of organizing money is, in fact, finding a way to save a part. A savings account is one of the most practical and safe ways to save money. These accounts offer customers modest interest rates, allowing you to slowly increase your money without any risk.

If you’re making money, it makes sense to save what you can, even if you don’t have long-term plans for your savings. Here are some of the most important reasons why you should open a savings account today.

Unexpected expenses

Unexpected expenses

You can never predict an emergency until it really happens. Not having a money reserve in these situations can have serious financial consequences and leave you in debt for many years. Unpredictable emergencies such as house fires or traffic accidents happen to even the most skilled people, leaving them dependent on their savings accounts to overcome financial turbulence.

Asset protection

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The money you have in a savings account, along with your accumulated interest, can be used to help you during difficult financial periods. These savings will help you cover any unforeseen expenses while leaving intact all other financial assets you own. This means that you do not have to face losses by selling any valuables, bonds or shares that you may own at an inconvenient time to pay for emergencies.

Security

Any money you invest in your savings account receives interest and maximum protection. This means that even if the bank closed suddenly, your money would be reimbursed by the government (up to a limit).

Opportunity to take advantage

Having a good savings history will help you if you are ever looking for a bank loan. The money in your savings account is liquid, unlike the money you may have invested in stocks or investments. This means that you can use your savings money and a loan to quickly invest in profitable business opportunities as needed.

Freedom of credit

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A savings account can give you freedom of credit. You can use the money from your savings accounts to achieve your financial goals without needing to borrow. This makes it financially strong enough to make purchase decisions on time.

Negotiate Mortgage

If you have a mortgage with a fixed interest rate and where the maturity is about to expire or if you have a loan where the interest rate is variable, you are in a position where the interest rate can be negotiated. This of course applies even if you are going to take out a new mortgage. Compared to other types of loans, the bargaining potential is much greater for mortgages. But to get the best interest rate, it goes without saying that you are negotiating properly.

A lender can hardly be interested in lowering an interest rate if a customer comes in with a bad attitude and starts to make unreasonable demands. Or if this customer is just generally unpleasant. We should therefore have good tips that can help you get as low interest rates as possible.

1. Make sure you are prepared

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Going into a bank office and starting talking to an official without having any control over the situation is not a good idea. You will then not know if the offer you are getting is good or not.

To find out the interest rate situation and other similar information, the Internet is a good place. There are many sites like this where you can find the list rates that the lenders offer. These can give you a good idea of ​​the price. Furthermore, there are forums and the like where bank customers print out exactly what they have managed to negotiate for any interest rate.

The loan institutions’ own websites are also the good places to find information that might help you. Then it is never wrong to talk to people you know before. Maybe there are friends who have negotiated with this lender and thus can advise you on their rates. Or have they negotiated with another lender that you might have to switch to thanks to the low interest rate there.

2. You are a valuable customer

2. You are a valuable customer

The banks like customers who are valuable to them by, for example, having most of their banking services. Such as savings account and payroll account but also other things like funds etc. Therefore, if you can prove to the lender that you are a valuable customer, the chances will increase greatly when it comes to getting a lower interest rate.

3. The list rate is a ceiling

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The mortgage rates that you find listed for the various lenders should be treated as the highest interest rates from this lender. It is therefore not important to be too cowardly when the interest rate is negotiated, but to state that you believe this is a maximum and that you, as the good customer you are, should receive a clearly lower interest rate. Do you know about other people who have received a different interest rate then it is very good idea to mention these. This puts a pressure on the lender to also offer you the same terms.