Whether you are a private individual or a corporate entity, having a bank account is a necessity in a modern world. Some countries in particular – for example Switzerland – are in particular famous for strong banking sector and extraordinary financial services. However, international banking groups tend to have wide networks of branches all around the world. So no matter what is your current place of residence, you will most probably find an office of your bank just around the corner.
Most banks offer 2 types of general banking services: services for private and corporate clients. In case of opening a corporate bank account you should represent a legal entity. While a private bank account can be opened by any individual over the age of 18. Bank usually requires client’s ID and proof of residence to complete all necessary paper work. What are other types of private bank accounts?
Savings and checking accounts
Both checking and savings account are designed to be liquid, which means they provide easy access to your money. Basic savings accounts unfortunately offer very little interest, hence should be considered using as an overdraft protection or a safe place for your emergency fund. No monthly fees, easy access to the account, no requirement on minimum balance have become common features of savings and checking accounts.
Certificate of Deposit (CD)
Certificate of Deposit (CD) is another way to increase your savings. CDs are usually offered in certain terms, which vary between 3 to 6 months. It’s typical that you get fined (pay a penalty), if you withdraw the money before the agreed date. However, the benefit is the longer the term of saving, the higher the interest rate.
Money Market accounts
Money Market accounts offer higher interest rates, however there are a few requirements. First of all, there is a requirement for minimum account balance. Some banks may require you to wait up to 7 days for money withdrawal.
It’s pretty obvious from all the above, that the most common purpose of bank account opening is to make your money work for you = earn more. Swiss Financial Yard offers an attractive alternative for private and corporate clients. Through bank account opening in one of our partner banks in Liechtenstein, Dubai, Singapore or Latvia you will not only protect your assets, but also manage your funds in the most profitable way. Learn more regarding offshore bank account openings from our article or contact us directly.