How to save in a bank so you don’t lose

How to save in a bank so you don't lose

Saving in the bank is the best option for those of you who want to save and manage money better. However, you can not just save you know. There are several things you should pay attention to so that your savings can increase – not the other way around.

The right saving strategy is actually not only about discipline or how much money you save. You also have to be more selective in choosing the savings plan and the type of account you choose so that your balance is not constantly deducted by bank admin fees.

Well, here are some ways to save in the bank so you don’t lose that we can share this time:

Choose the type of savings you need

First, before starting to deposit your money in the bank. You have to choose which type of savings you need the most. If you want a regular type of savings that can be withdrawn and deposited at any time, you can choose a general savings type.

If you need savings for investments that can only be taken after a certain period of time with one deposit, then you can choose deposits. Various banks have their own products and each product has certain criteria. So, before choosing it, it would be better if you read the terms & conditions, procedures and costs of each type of savings. You can get this information on the websites of each bank.

Choose Bank Type

Second, you must choose the type of bank that suits your financial goals. There are conventional banks and there are also Islamic banks that run their systems based on Sharia principles.

Recently, digital banks have also emerged. Examples of such digital banks are NeoBank, Bank Jago, Seabank, Jenius from BTPN, and so on. Digital banks offer easy transactions that you can fully access online, higher deposit interest rates, and free transfer fees and administration fees.

Don’t Just Have 1 Savings Account

The third way to save in a bank so you don’t lose is don’t just have one savings account. You can create multiple accounts at different banks. The goal, so that you can separate the money you have and allocate it to certain posts.

Example :

  • 1 BRI Simpedes account to accommodate your emergency funds. These funds may only be used in special conditions.
  • 1 BCA account to accommodate salaries or payments from your clients.
  • 1 NeoBank account for bill payments, transfers or other activities.

You can easily access ATMs and BRI Bank branches anywhere. Paying salaries or receiving payments from clients usually use BCA Bank, most clients will usually also ask for your BCA account. So, it is recommended that you have a BCA Bank account (depending on your needs).

Meanwhile, payments and transfers using NeoBank are free of charge so you won’t lose out on large transfer fees.

Note: the above is an example, you can adjust it according to your needs. Consider these bank fees so as not to lose.

Why should you create different accounts for different purposes? So that your money is not mixed and you can more easily organize and find out the value of each post of necessity.

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See Fee Details in Each Bank

Next, you must also know the details of the costs of a type of savings in the bank. These fees will reduce your savings balance. The following are some types of fees that are common in each bank:

Bank Administration fee

Make sure you are aware of the bank’s monthly admin fee deduction. This admin fee will be deducted from your account balance every certain date. For example, your bank admin fee is IDR 6,500 per month. In 1 year, the accumulated admin fee has reached Rp. 78.000,-

Card Fee

The use of a debit card or credit card will usually also be subject to certain admin fees. For example, if your debit card costs Rp. 3,000 per month. So, you have spent IDR 36,000 per year.

Cash Withdrawal Fees at ATMs of Other Banks

Cash withdrawals at ATMs of different banks will usually be subject to a certain fee. Generally, a fee of IDR 6,500 per transaction will be charged.

Transfer Fees to Other Banks

You will be charged a fee of IDR 6,500 for 1 transfer transaction to another bank.

Bill payment fees and e-wallet top ups and other transactions.

In total, in a year you can spend more than Rp. 200,000 for costs like the ones above. If you don’t want your savings to be cut for the things above, you can choose a type of savings that is free of admin fees, free of transfer fees, free of charge for bill payments, and also free top up.

Make sure your account is always active

Furthermore, you should also always make sure that your bank account is always active. This is done to avoid fines/penalties/dormant fees for passive accounts.

In addition to the things above, there are still lots of ways you can do so that you don’t lose money.

Are There Limits on Savings at the Bank?

The answer is, no. However, it all depends on the policies of each bank. In general, you can save as much as you want. There is no maximum limit of money you can save in the bank. However, there is a limit to the amount of money withdrawn through an ATM machine and the amount of fund transfer. Usually you also have to confirm in advance if you want to withdraw cash at the teller with a large nominal.

As additional information, LPS will only guarantee customer deposits up to a total of IDR 2,000,000,000. Meanwhile, the amount of deposits above Rp 2,000,000,000 will be settled by the Liquidation Team based on the results of the liquidation of the bank’s assets.

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