Saving on sight is that capital of a natural or legal person whose availability is immediate and free by its owner.In general terms, sight savings are those resources deposited in any bank account or location that is not subject to requirements, delimitations and restrictions of any kind, such as a personal checking account. In contrast, there are other types of savings that are not in sight, for example any type of deposit through which we rent an interest in exchange for temporarily lending it to an entity without being immediately available, or in the case of If this possibility exists, count on penalties such as commission expenses as well as a reduction in interest.
The sight savings is usually represented in a checking account with those that operate in the usual transactions such as payroll income, receipt payments, cash withdrawals and the like, thus distinguishing itself from any other financial product that requires limitation, whether temporary or monetary, of the capital movement itself.
Features of sight savings
- Absolute liquidity. The sight savings are not subject to any impediment in your transactions, it is immediately available.
- Possibility of associating credit and debit cards for purchases.
- They usually have management and maintenance fees.
- Possibility of directing payments of receipts and payroll.
- Low or no profitability. The theory of profitability is associated with interest and liquidity, so high liquidity goes hand in hand with low interest.
- Possibility of being associated with one or more natural or legal persons.
- Possibility of associating it with other types of savings accounts and financial products, in such a way that resources are transferred from the sight account to another of deposits, investment or savings account in deposit.