(this article originally appeared on adamfayed.com)
This article will look at some of the best savings accounts for expats in Kuwait.
It continues our analysis at savings solutions after I looked at options in numerous countries.
The article will look at the best options available in Saudi, although it remains our position to in an era of 0% interest rates, saving money in the bank doesn’t make sense.
For any questions, or if you are looking to invest, you can contact me using this form.
Savings Accounts are the bank accounts that provide profits to a depositor in the form of interest on the deposit made by them. Usually, the savings accounts are offered by banks and other financial institutions, but mostly by banks.
Savings Accounts are known to be a reliable and most secure form of investment when compared to other investment options. However, the profits attained from the savings accounts in the form of interest can be very low when compared to the profits acquired from other investment opportunities.
Most savings accounts have accessibility towards the funds within them and these can be a good choice to store cash for the short term while earning profits from the parked cash. Anyhow, in the long run, even the savings accounts are known to provide a good amount of profits to the individuals.
The banks use the funds stored in the savings accounts and loan it to individuals who borrow from them. These banks charge an interest rate to the borrower, which is higher than the interest given to the depositors. The difference in the interest rates is kept by the banks as their personal profits.