Leaving too much money in your checking account can bring economic disadvantages to be aware of. This is what Stock Market Projections explains before providing a solution.
Accumulate savings it is a goal, a dream or perhaps a utopia for many Italian families. Being able to have on the current account a figure that does not have to worry in case of sudden expenses it is a feat that if achieved it can get out of hand. In fact, when the amount in your account is too high, you run the risk of lose some of your money to match three costs provided by the Banks. Stock Exchange Projections explains in detail the expenses to be incurred if they are to be held 50 thousand euros or more on the current account and then offers a little-known solution to avoid paying.
Money on the current account, what happens above 50 thousand euros
People who have a lot of money deposited in their checking account need to know the costs involved. First of all there are the Bank charges that the credit institution applies in order to effectively manage the current account itself. Then you need to consider stamp duty equal to 34.2 euros and finally there is what Projections of the Stock Exchange defines as a “hidden tax”, inflation.
The three costs when added together represent a loss of savings for the account holder. Fortunately, there is a way to avoid paying them even if banks often don’t offer it – which is easy to guess. Specifically, it is advisable to decrease the amount on the account investing part of the savings.
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Investing in savings, the solution to reduce costs
The checking account should become a deposit for the money which are used to meet the monthly expenses and some additional expenses. In this way it will be possible to limit the costs demanded by the bank. But what to do with the remaining part of the savings? The answer takes into consideration the low-risk investment instruments that allow you to obtain gains even if of modest importance.
On average, Italians have about 17 thousand euros. Most of the people, then, have an average stock of between 15,000 and 50,000 euros per year. Knowing that under 5 thousand euros it is possible not to pay the stamp duty, it is advisable to invest the excess amount by exploiting one of the many possibilities offered by the financial market. THE deposit accounts, for example, they are a safe solution dedicated to those who are not fond of risk. Finally, in case of very high figures it is advisable diversify your portfolio in such a way as to further reduce the risks of capital loss.
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