The Importance of Having a Savings Account in Jordan
Jan 11, 2019 by AmwalCom
Regardless of your employment status or lifestyle, if you are living in
Jordan today, it is absolutely essential that you open a savings account.
Having a bank account is definitely the first step to organizing your finances,
but opening a savings account is the first step to building a financially
stable future for yourself. There are so many benefits to opening a savings
account that a checking account simply does not offer. Amwalcom
brings you the top reasons you need to open a savings account today!
What is A Savings Account?
Before talking about the benefits of a savings account, you need to
understand what a savings account is. A savings account is a bank account that
is meant for holding large sums of money for the purpose of building interest
on that money over time. With a savings account, you will have a limited number
of transactions per month and no check book as the account is meant to hold the
money for long periods of time rather than have money move in and out of the
account constantly. You will also need to have a minimum amount in your savings
account at all times. If your balance falls below the minimum balance requirement,
you will likely be charged a fee.
Benefits of A Savings Account:
·
Building Wealth
Savings accounts are about building your wealth slowly over time.
Each bank will offer a certain percentage of interest that they will pay you annually
on the amount of money kept in your savings account. The percentage of interest
offered differs, often significantly, from bank to bank, so you may need to do
some shopping around. This is a huge benefit to you as you will be “investing”
your money without ever actually facing loss. Of course, the money made from
interest in a savings account will be much less than if you actively invest
your money, but over time it will add up to an amount that will be of benefit to
you. The interest you will receive on the balance in your savings account will
also act as a huge incentive for you to keep your money rather than spend it.
You will find that, over time, you will be skipping a night out on the town in
Amman, and instead depositing your extra cash into your savings account.
Emergency Fund
Savings accounts are built to limit the number of times you can
take money out of your bank account. While your bank will likely offer you an
ATM card for your savings account, the number of times you will be able to use
that ATM card will be limited. On top of that, most banks offer no checking
books for personal savings accounts. This means that you will most likely be
leaving more money in your account than spending. This is a huge help for
people looking to save money. Over time, you will find that you have built an
impressive emergency fund in your savings account that you can use when you
actually really need it.
·
Savings Accounts Offer Great Incentives
One of the coolest incentives to opening a savings account in
Jordan is the opportunity to win prizes. Prizes are often offered daily,
weekly, monthly, and annually. There is a catch, however, to being eligible to win
the grand prize draw and that is to have the minimum balance required by your
bank to enter the draw for the grand prize. This minimum balance is different
than the balance required to avoid fees and will therefore be higher. On top of
prizes, savings accounts will also offer you the ability to use online and
mobile banking, as well as being able to deposit your money in numerous
different currencies.
A
savings account should be the first step you take to building a successful
financial future. The great benefits and extras offered by banks on savings
accounts make it very easy to save your money over time. Savings accounts are
also offered by Islamic banks for those who opposed to dealing with interest.
To find out more about the best savings account options in Jordan for your
needs, visit Amwalcom today.