How to know if I can open a Savings Bank: Requirements, Types and MORE

One of the main advice they give us about life, as we grow, is that we should save a part of our income for the future, or for whatever goal we have in mind. If that moment has already come for you and you ask yourself: «How do I know if I can open a Savings Bank?», this article is the right place for you.

In Manage itWe want to help people to do their paperwork. So yes, yes you can open a Savings Bank and here we are going to teach you how to do it, so you can start saving for your future or the house of your dreams. The objective will depend on you.

Let’s get to work and start saving!

How to know if I can open a Savings Bank: Requirements

The first step in any procedure will almost always be your requirements, although there may be exceptions. In the case of Savings Banks, that is not the case; so we’ll start there.

Requirements are documents, conditions or situations, which we must consign to be able to choose, in this case, to a procedure. In our case, we must present all these elements to the bank that we will choose to open our Savings Bank.

Now, as it is not about a specific entity, but about several institutions dedicated to the banking area, requirements may vary, depending on the banking agency you choose. So, from here, we recommend that you investigate what are the elements requested by the bank where you are going to open your Savings Bank.

However, anticipating a bit, we can gather and create a short list of the more general requirements usually requested by banks to open a Savings Bank:

1. Your National Identity Document (DNI).
2. A Certificate of Income issued by a Public Accountant.
3. The Certificate of the Unique Labor Identification Code (CUIL) [La podrás obtener a través del ANSES].
4. The Certificate of Unique Tax Identification Code (CUIT) [La podrás obtener a través del AFIP]
5. Finally, another of the general requirements is the Evidence of the Identification Code (CDI) [La podrás obtener a través del AFIP]

But, remember, these are some of the general procedures that a bank could request to open a Savings Bank; so, agencies may still have other separate items that they can request.

In addition, another fact that you must take into account when meeting the requirements is that there are different types of Savings Banks. The two main ones are:

Savings Bank in Pesos

It is the main method to open a Savings Bank, since when saving, we always think to do it in our currency first.

So, if you want to open a box to save in the bank, the requirements that you need to consign are the same as we have mentioned above, at least in most of the country’s banking institutions:

At the time of presenting yourself at the banking agency, you must bring a photocopy of all these documents, along with the justification of your income. You must show where the money you will use for the Box comes from.

Savings Bank in Dollars

Another common way to save is to do so in other currencies, preferably one that has more value and support than the national one. In that case, US dollars are a good option to save.

Of course, to be able to open this type of Box, if you are going to need to meet another series of requirements, usually. But, these will be established by each of the banking agencies of the country; so, again, this part will depend on you researching directly with the institution what you will need.

Now, to help you a bit, we have done the homework to find out some requirements of the following banks:

How to know if I can open a Savings Bank: Types

Not everything in this article will be about how to do the procedure, but we will also take the license to explain some things separately, about the opening of Savings Banks.

So the first thing you need to know is that there are different types of boxes -I had already told you above-.

Now each of these types of Boxes has a few benefits / advantages that you should consider at the time of opening this form of savings:

How to Know if I can Open a Savings Bank: Advantages and Better Banks

So, you already know what you need to open a savings account and the different types that exist, so you can start the process whenever you want.

But, if you still need to convince yourself to open an account to start saving, here we will help you. Next, we will present a list with the advantages that you will have when opening a savings bank:

1. You can make your purchases and payments with the Debit delivered by the bank. Say goodbye to cash in your wallet!
2. But, if you need cash for a specific time, you can use the ATMs to withdraw the money you need.
3. You can make use of the Online services of the different banks, such as the example of Home Banking.
4. You can do all your transactions and payments from any mobile device with Internet. Simplify your payments!
5. Even if you want to deal with international currencies, you can do it through Paypal. With a savings account, you can charge and buy through the service financial.
6. You can rest assured that your money will be in a safe and secure place, you will not need to hide it around your house.
7. Also, you can increase your savings through interest, depending on the type of box you end up opening.

Now, surely, you already have more reasons to open a savings account; so, now, we will share with you what they are the most recommended banks for this process:

Processing costs

Before finishing, we cannot let you leave without clarifying one of the most common doubts about this procedure: The cost.

Knowing if you have to pay to do this procedure is one of the loudest concerns on this issue; but, there is a reason to be.

The first thing you should know is that you should not make any payment to open your savings account. It is totally free.

However, this is where the issue becomes tangled. While you don’t have to pay to open the account, you do have to pay a maintenance amount. This amount varies according to the banks.

What is a Savings Bank?

So, you already know the most important things about savings banks, but, we don’t want to let you go without reinforcing the idea about what a savings bank is. Savings bank.

Finally, we hope we can have helped you with that initial concern about: «How do I know if I can open a Savings Bank?».

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