Salary Account vs. Checking Account: Do you know the differences?
Salary Account vs. Checking Account: read the text and discover the main differences, advantages and disadvantages.
Advertisements
There are currently different bank account models on the market. Each one meets different needs.
Among the options, we find the salary account and the current account, which are the most well-known and traditional, as well as savings accounts.
However, despite having been on the market for years, many people still have doubts about these two options.
In today's text you will discover what the main differences between checking account and salary. Don't miss it!
In this text we will cover topics such as:
- What is a salary account?
- What are the advantages of a salary account?
- What are the disadvantages of a salary account?
- What is a checking account?
- What are the advantages and disadvantages of a checking account?
- Salary account vs. Current account: conclusion.
What is a salary account?
A salary account is a bank account exclusively for the employer to deposit his employee's remuneration.
It can only receive deposits from the employer, so it is not a checking account.
However, in addition to salaries, employees may receive wages, pensions, retirement benefits and other similar benefits.
The salary account comes with a debit card for making withdrawals, checking statements, and paying for purchases with debit.
It must be opened at the employer's initiative, and after the contract ends, this account will also be closed automatically.
When you are hired by another company, you will be informed whether it makes payments through a salary or current account.
Both must be opened at the company's partner bank, unless the company accepts depositing the payment into any checking account.
What are the advantages of a salary account?
Despite being a completely limited bank account, we can highlight some advantages of having one.
The first is that it has no maintenance fee, which can be very advantageous for someone who uses a bank account only to receive their salary.
Furthermore, it does not offer any credit products, so you stay away from credit card debt, for example.
Another advantage is that the bank doesn't perform SPC and Serasa checks before opening a salary account. This means no one risks losing their job because they can't open an account due to a bad credit rating.
Typically, salary accounts are opened by traditional banks, for example, Itaú and Bradesco.
This way, customers have the option of making withdrawals at branches or 24-hour ATMs. This makes it easier to withdraw their money, as they'll be able to find a branch easily.
What are the disadvantages of a salary account?
The salary account is very limited. To be honest, it's not practical in our current context.
Nowadays, it is possible to transfer money in an instant, pay bills, top up your cell phone, get a credit card and apply for a loan, for example, without having to leave home.
Therefore, a person with only a salary account loses these advantages and all the services that a current account can offer.
Read also🔜 Salary and debt account at the bank: there may be discounts?
The good news is that you can do the salary portability and receive your payment wherever you want.
What is a checking account?
The current account can be opened by the holder on their own, that is, without the intermediation of a company.
Additionally, the customer can choose where to open the account. It can be used to receive salaries or any other type of money transfer, such as TED and DOC.
With a checking account, you can make a variety of banking transactions. You also have access to many other financial services and products, such as:
- Checkbook;
- Credit card;
- Payment of bank slips;
- Real-time extract;
- Loans;
- Financing;
- Consortia;
- Payment of bills;
- Direct debit;
- Cell phone top-up.
In the past, checking accounts could only be opened by people with a clean credit history, so salary and savings accounts were an alternative for those with bad credit.
However, it is now possible to open a current account even if you have a negative credit history, especially for payment accounts.
However, some credit services may be limited for this audience initially.
What are the advantages and disadvantages of a checking account?
A checking account is advantageous due to its range of services. It brings more convenience to your payments and receipts.
Some services are even unlimited and free. Furthermore, it allows you to develop a better relationship with the bank and receive credit services, even if you have a bad credit history.
One of the biggest drawbacks of this account model is the fees, charges, and annual fees. However, there are now some very affordable options available.
With some thorough research, you can find the ideal account for you. To make the process easier, you can opt for a payment account.
They are digital accounts, but they offer the same services as checking accounts. You can even receive your salary through one when you transfer.
Here on our blog, you'll find many recommendations. Be sure to check them out and compare to find the best option for your needs.
Salary account vs. checking account: conclusion
As power, the salary account x current account are completely different. A salary account is limited and only serves to receive salary and some benefits.
Furthermore, only your employer can deposit money into it, not to mention that you cannot transfer money to anyone from a digital channel.
Therefore, it may not meet your needs very well.
Digital accounts, in turn, offer many banking services and financial products. However, they come at a higher cost.
Of course, you can have a checking account and salary, however, to save money and make your financial life even more practical, you can opt for a payment account, that is, an account with a digital bank.
It offers everything and more than a checking account, but with all the savings of a salary account. Take advantage and find out if 👉 Is it possible to open an account with just a CPF?
