You have more cash and you do not know what to do with it? Of course, it’s best not to spend it right away, to have it available when it’s needed. However, the money on the account is exposed to inflation and therefore loses value. How to safely, but also effectively multiply your funds?
Some of us prefer to put down money, while others try to invest in different ways. Currently, we have a wide range of banking and non-banking products that allow us to multiply our capital. If you do not know what to decide for, we invite you to read our guide.
Saving – it’s worth choosing an interest-bearing account or deposit
When you want to put down your money for a rainy day, it’s best to use a savings account or a bank deposit. Currently, we will be able to use such services in any bank, even via the Internet. While savings accounts are high-interest, but it helps in the regular accumulation of money. The advantage of savings accounts is easy to access to funds when they are needed. Remember, however, that usually, only the first transfer from a savings account to the usual one is free – for each subsequent one, we have to pay, for example, 5 zlotys.
Bank deposits are already more interest-bearing, but now, when interest rates are low, they are not as high as in the previous years. The best clients can count on new clients, for which banks prepare special offers with the highest interest rate. We can choose both short-term and long-term deposits. However, it is best not to immediately put all your savings into one long-term deposit. We can choose two deposits – one for short, another for a long period, we can also leave part of the funds on the savings account. It is worth remembering that often when we want to close the deposit ahead of time, we will lose interest earned.
Investing – what to choose not to lose?
When we want more profits, let’s think about investments. We can choose both the less and the more risky. We can use investment funds, we can play on the Polish stock exchange, buy gold or real estate. We can also take advantage of the Forex game – it is a promise of very high profits, but also, on the other hand, of huge losses that we may incur in a few minutes.
Remember that there is no one hundred percent investment. The dependence is simple – on less risky investments we will earn less, in turn on the more risky ones more. Therefore, it is best to diversify your investments so that you do not spend money on one goal only. Then, in the event of losses, we will not be exposed to the loss of all our savings.
So, what is worth choosing when we have additional resources? Everything depends on us and our vulnerability. Regardless of what you decide on, let’s remember to always check the full offer and all pros and cons so that you do not lose your hard earned money.