The organization of Spanish consumers and users (OCCI) recommends that it is not more than three months of salary in a bank account. The reason for this amount? Avoid risks in case of unforeseen events and ensure safer and more profitable financial management.
Keeping all funds in a checking account may seem practical, but it is not effective. According to the Digital Spanish newspaper El Diario, OCI considers that, for those who earn 1,400 euros a month, about 4,200 euros is enough to cover emergencies such as damage, unexpected medical expenses or extraordinary accounts.
More comfort, less profitability
Current accounts rarely generate interest. Leaving values higher than the recommended is equivalent to having the money “stopped”. In addition, if an unexpected debt arises and the balance is insufficient, the bank may apply discovered commissions.
Another risk identified by OCO is the loss of protection if the amount exceeds 100,000 euros. This is the limit guaranteed by the Deposit Guarantee Fund in case of bank failure. The solution is simple: diversify heritage by various financial institutions.
In practical terms, the limit of € 100 000 by depositor and by bank means that if your institution fails, the deposit guarantee fund only reimburses it to this amount, any amount exceeding 100,000 € is out of state protection and may be lost in full or partially in the settlement process.
Therefore, those who accumulate higher savings should dispersing them by various entities, or resort to products covered by other warranty mechanisms, in order to keep each individual balance below the assured ceiling. Thus, it maximizes the safety of heritage and avoids exposing a significant part of economies to unforeseen risks.
Safe alternatives to invest the surplus
For savings with a horizon less than one year, OCO suggests deposits within 12 months. For medium and long term goals (five to ten years), it recommends products with profitability, even taking on some volatility.
Each decision must take into account the level of income, professional stability and risk tolerance degree. Occupa reminds that the most important thing is to secure first a “mattress” of three wages first and then think of more profitable applications.
Simple but effective rules
According to the advice, it is clear: it does not accumulate more than necessary in the day to day account. Use this amount as an immediate reserve and look for more advantageous alternatives for the remaining capital. These recommendations aim to protect the consumer from unpleasant surprises and improve the financial health of families.
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