Do you know all the types of checking accounts?

If the crisis has taught us anything, it's that having a small savings buffer can be essential. Just as stuffing the mattress with cash doesn't seem like the best way to take care of our wealth, neither would feeding our savings account without attention to detail be a smart strategy. Without going any further, the usual changes in retail price can mean that tomorrow's savings will be worth more or less than today's savings.

On the other hand, we must have in mind that when we save properly, not only do we not lose purchasing power, but we can even make our savings profitable through a range of investment possibilities that adapt to all profiles. In this sense, for each savings profile there is a certain type of financial product, and choosing the right one is one of the keys to ensuring that our monetary safe-net is tailored to our needs.

What types of checking accounts are available on the market today?

First of all, it is important to specify that a checking account is nothing more than a contract between a person and a bank whereby the former undertakes to deposit money. In turn, through this contractual link, the bank is obliged to keep the money available for the client according to the agreed terms and to give it to him every time he requests it through checkbooks, ATMs or the bank's teller window. The main ones would be the following:

1. Interest-bearing Accounts

The most relevant feature of these is that they offer a higher profitability during the first months. However, it sometimes happens that at the end of the welcome period of three to four months, the profitability may vary. In their day they even offered substantial accounts without commissions.

2. Payroll accounts

This type of account offers the possibility of bringing our income there in exchange for rewards ranging from gifts to financial advantages for entrusting them with the accreditation of our salary.

3. Savings Accounts

Savings accounts offer a remuneration for entrusting our funds, therefore we will receive the payment of periodic interests that will be agreed in a contract and unlike deposits, they allow us to have free availability of the funds. The interest payment can be fixed or variable. In the first case, it will be paid through an APR that will always apply and will not vary. In the second, on the contrary, the remuneration will depend on the variations of the index to which it is referenced, such as the Euribor. On the other hand, it can be paid monthly, quarterly or annually, which is usually the most common.

4. Accounts for companies and the self-employed

Many banks have checking accounts specially designed for companies and the self-employed. With respect to the others, they usually have greater margins of indebtedness and, sometimes, with the possibility of accessing short-term deposits.