With over 150 years of tradition, Savings Cash is the option of 40 million people to save their money. Among the benefits it offers are the low risk, the ease of making and redeeming deposits and the fact that it does not require a minimum deposit amount to be opened. Check out all you need to know about Cash Savings before opening an account:
How does a savings account work in the Cashier?
One of the most popular investments in the country, Caixa Savings is guaranteed by the Government and its rules, as well as in the case of savings offered by other banks, are regulated by the Central Bank. One of the advantages of this type of investment is the high liquidity, which allows withdrawals to be made at any time via ATM and bank branch. The total balance of your savings is always available.
What documents do you need to open a savings account?
To open a savings account of the Bank, you must present your ID, CPF and proof of residence at any branch of the bank. In a few days, you receive the Magnetic Savings Card at your home. If the beneficiary of the savings is under 16 years, the opening of the account must be made by his legal representative. When you are under 18 and over 16 years old, the opening can be made by the owner, provided that he has the assistance of the person in charge. In this situation, the movement can be done by the minor.
What is the minimum amount to open Savings Cash?
There is no charge for minimum deposit amount to open a Cash Savings. Another point in your favor is that this type of investment is exempt from taxes. The savings account can be opened any day. However, it is important to be aware of the date of first deposit. If you open your savings on days 29, 30 and 31, for example, the anniversary date of the deposits you made on those days will be the 1st of the following month. From that point on, the deadline for calculating yields will be counted.
How is cash savings calculated?
The cash savings income is monthly, calculated according to the date of deposit. The savings profitability, for deposits made as of May 4, 2012, is defined according to the variation of the Referential Rate (TR) + 0.5% per month (6.17% per year). This calculation applies to situations where the SELIC is greater than 8.5% per year. When SELIC is equal to or less than 8.5% per annum, the yield will be equal to 70% of the monthly SELIC rate in effect at the start date of the yield period, plus TR. Since TR is a daily rate, calculated by the government, all savings, regardless of the bank, use the same calculation for savings interest. That is, savings income is the same in all banks. Deposits that are withdrawn before the end of one month are not remunerated. The TR used is always that of the day the deposit was made.