Is a digital account a checking account or a savings account?
Find out if a digital account is a checking or savings account!
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Controlled entirely by apps, digital accounts have been gaining more and more space in the daily lives of Brazilians.
After all, they speed up financial transactions and allow consumers to save on bank fees.
But is a digital account a checking account or a savings account?
That's what you're going to learn now! Keep reading to find out more.
What is a digital account?
A digital account is a financial account that allows all transactions to be carried out digitally.
It can be opened, moved and closed online. In other words, you don't need to go to the branch to carry out banking transactions and resolve problems.
In general, they work in the same way as traditional accounts. But the advantage is that in this case, you don't need to leave your home, as all you need to manage your account is a cell phone with internet access.
Is a digital account a checking account or a savings account?
Digital accounts are considered payment accounts.
The Central Bank states that a payment account can be used for withdrawals, transfers (between accounts held at the same or other institutions), bill payments and transactions carried out using cards.
As you can see, digital accounts are checking accounts and savings accounts at the same time.
In the case of a checking account, the consumer can carry out more basic financial transactions. It can be used to make withdrawals. In addition, the customer can request a debit card.
The savings account has a guaranteed income. It does not normally entitle you to a debit card.
How to open a digital account?
Each financial institution has its own procedure.
However, they all have something in common: the process is carried out entirely online.
To create your account, you will first download the app on your cell phone. The institution will ask for a copy of the requested documents and a selfie (which you can take at the time).
In the selfie, you will have to hold the photo ID, such as your ID and driver's license, for example.
Register your personal information and create your digital signature.
Do digital accounts charge fees?
One of the main advantages of digital accounts is the absence of fees.
Certainly, in this regard, they beat conventional accounts, which often charge high fees for carrying out financial transactions.
These institutions do not have bank branches, which is why they can reduce or eliminate the fees they charge.
How to make withdrawals and deposits with a digital account?
After all, if there is no physical branch, how is it possible to make withdrawals and deposits?
If you don't want to open your digital account because of this, don't worry!
Withdrawals are always made at Banco24horas ATMs, located in markets, pharmacies, shopping malls, galleries, etc.
Other banking operations are controlled by the app, except for payments made with debit or credit cards.
There are institutions that charge for withdrawals, while others set a limit on free withdrawals per month.
Therefore, if you prefer to use physical money and this service is important to you, it is worth opening a digital account with an institution where you can make several withdrawals per month for free.
Are digital accounts safe?
This is one of the main questions for those who want to open a digital account.
The good news is that yes, they are super safe!
In fact, institutions that provide services in the digital environment guarantee the protection of consumer data through various mechanisms, such as encryption and device authorization.
Is it better to have a digital account or a traditional savings account?
Both options have certain advantages.
The traditional savings account, for example, has coverage of FGC (Credit Guarantee Fund).
As for digital accounts, some have this protection and others do not.
The problem is that when it comes to income, savings are not so advantageous.
At this point, digital accounts win, as most of them offer a yield of 100% of the CDI (or even more).
In any case, one option does not exclude the other, as you can keep your traditional savings account and open a digital account!
What are the main advantages of a digital account?
Now you know whether the digital account is a checking or savings account and what its main features are.
But after all, what are the main advantages that digital banks offer? This is what you will find out now:
1. Easy and uncomplicated access
Opening and managing your account is very simple.
You can perform and control all operations through the app. This saves time, which helps you have more peace of mind and convenience in your day-to-day life.
2. Lower costs
It is possible to save on fees involving banking services.
In fact, in most digital accounts, you can already register your Pix key and, thus, save money when making transfers!
3. Income
The money invested in your digital account will yield interest.
Furthermore, this tool offers liquidity, meaning you can withdraw your money whenever you want.
For this reason, it is worth using them to build your emergency fund, because if you need the money, you can withdraw it without having to wait for the maturity date to arrive, unlike some investments.
4. Less bureaucracy
Digital banks offer less bureaucracy for customers who want to open an account and carry out financial transactions.
But this in no way means that digital banks are less secure, on the contrary, as they also have great security tools.
What are the best digital accounts?
There are several digital accounts.
Each of them has specific advantages and characteristics.
Among the main digital banks, we can mention:
• Nubank
- Inter Bank
- C6 Bank
- Original Bank
• Neon
- PagBank
• Agibank
• Next
Conclusion
Is a digital account a checking account or a savings account? In fact, it is a payment account, which can be used both to save money (and earn income) and to make withdrawals and payments.
In addition, many of them provide access to loans, credit cards and cell phone insurance without bureaucracy.
Change your financial routine through digital accounts!
