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What you should know

Before you start collecting information about the various savings products you need to have clearly answered these questions.

  1. When will you want to withdraw the money?
  2. What is the minimum amount that you need for a particular purpose or for unexpected expenditure?
  3. What is the maximum amount that you can afford to be without?
  4. Once you have this information in mind it is easier to choose one of the various offers open to you.

Example
You have decided to take out a savings account from which you can make free withdrawals. Now you can go and find out about the various providers of this type of account, e.g. by looking at websites that compare financial products or by asking for brochures and terms and conditions.

How to choose a provider?

There are many different ways to choose a provider. There are a number of factors to consider such as the interest rate, the provider's terms and conditions and whether or not you will be able to make a free withdrawal of the balance.

Be careful

Always look critically at offers and do not be taken in by advisors just because they have a good story. If you bring in an intermediary, always be aware that intermediaries receive commissions and are therefore not as independent as they seem.

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