When you already have a certain amount saved, you start wondering whether to keep your money in the piggy bank or open a savings account.
In Mexico, 63.2% of people between 18 and 70 years of age resort to informal savings, according to the latest Financial Inclusion Survey (Enif) prepared by the National Banking and Securities Commission (CNBV) and the National Institute of Statistics and Geography (Inegi).
This means that most Mexicans prefer to keep their money at home or save through batches, rather than resort to a financial institution.
However, some advantages of having a savings account at a bank or other financial institution are the following:
Have your money more secure. The bank deposits of savers in financial institutions are backed by the Institute for the Protection of Bank Savings (IPAB).
In addition, if you have a problem with the bank, you can go to other bodies such as the National Commission for the Protection and Defense of Users of Financial Services (Condusef) who can also help you in resolving any conflict.
Various ways to dispose of your savings. Most institutions give you a card with which you can use your money in a large number of establishments or ATMs.
Some also offer the ease of handling it or carry out operations such as payments or transfers through online banking, through their website or the mobile phone application.
You avoid spending that money. By keeping an account separate from the one you use for payroll, you will avoid mixing the money you are saving with that of regular expenses.
Also, if you try to leave the card at home every time you go out, you don’t run the risk of making a compulsive purchase that you end up regretting later.
It can generate returns. There are some savings accounts that give returns. Although the interest rates are very low, it would be generating some money.
There are different options, even within the same financial institution. It all depends on what your savings goals are.
In addition, the recommendation is that you compare between different products and banking entities before making a decision:
There are several options such as savings accounts with or without a checkbook or others that generate returns, each one has its own requirements and conditions.
Check that the financial product that you are going to contract does not force you to maintain a minimum balance, charge commissions or account management.
Have on hand all the documentation you require, normally it is an official identification and a proof of address.
The opening process is usually quite fast, the signing of contracts and the delivery of the card can be the same day and it only takes a couple of hours.
Verify that it is an institution backed by the Condusef, so you will avoid giving your money to fraudulent entities, you can check that here .
Finally, remember that the options are very varied, so you should look for the one that best suits your needs or your purposes.