What does planned savings mean? Is it worth it?

Read this text and discover what planned savings means, and also find out if it's worth it and where to do it.

THE savings is a low-risk investment and also has coverage from the Credit Guarantee Fund.

Because it's easy to apply and withdraw, some people prefer this option to start saving.

However, because it's so easy, it's harder to have discipline and let your money earn more for longer.

In this case, the ideal option is to opt for planned savings. After all, What does programmed savings mean?

Read the text and find out! See the index of this post below:

• What does programmed savings mean?
• Are planned savings worth it?
• 1. Santander;
• 2. Bank of Brazil;
• 3. Itau;
• 4. Bradesco;
• Conclusion.

What does programmed savings mean?

THE programmed savings is a service where you can schedule a transfer from your checking account to your savings account.

This transfer can take place on any day you wish, and the amounts and application time can also be defined.

Some features may vary depending on the bank, however, the rule is usually the same.

It's a great alternative for those who want to save but have difficulty getting started.

Are planned savings worth it?

To identify whether this service is worthwhile or not, it is important to observe the advantages and disadvantages it offers.

One of the great advantages of programmed savings It's discipline when it comes to saving. By setting aside your money for this purpose, you can be sure it will go where it should.

You also save time and it's more practical, as everything is already scheduled and you can do it through your bank's app.

You can even cancel or subscribe to the service whenever you want, free of charge. This gives you more freedom and always remains in control.

If you're having trouble organizing your finances to start saving, this service could be a great option.

The main disadvantage of this alternative is that savings yield less than other investment options.

Even if there is no income tax charged on the income, the amount withdrawn will still be lower if the money were invested in another investment fund.

So, it's important to evaluate these small differences before choosing.

Now, discover below some options for banks that offer this application model.

1. What does Santander programmed savings mean?

Banco Santander offers this service, however, it has a different name: Scheduled Savings Deposit.

It is an alternative for short-term planning, and there is no income tax on the income.

Your money can be invested in savings on any day of the month, but ideally, you should schedule it for the same day your payment is deposited into your account.

Even if you choose multiple dates to apply, at the time of redemption, the savings account will choose the best date to benefit you.

With Santander, by investing in savings, you can earn progressive discounts on your checking account service package, depending on the amount invested, and you can even get fee waivers.

Furthermore, it is an economical option, as there are no fees, tariffs or even IOF charges.

Account holders can hire the Santander Programmed Savings directly from your account app, at the cash desk or by going to a branch.

This option is also available for minors under 18, just go to a branch with your guardians and the necessary documents.

To find out more about this service, click here.

2. Banco do Brasil Programmed Savings

With this option, you also have the freedom to choose the day, amount, and number of months you want to invest. BB then transfers the funds to your savings account according to your preferences.

If you have an outstanding balance in your checking account, you can authorize automatic withdrawal to pay off the debt.

Banco Brasil customers already have a savings account; to activate it, simply make the first deposit or transfer to that savings account.

It has daily liquidity and its profitability occurs according to the Selic rate:

• If the Selic is equal to or less than 8.5% per year: TR + 70% of the Selic.
• Selic greater than 8.5% per year: TR + 0.5% per month.

(*) Balances prior to 04.05.12, yield TR + 0.5% per month.

You also receive a card for transactions, including the ability to make withdrawals abroad.

If you are not yet a customer, but want to have your Banco do Brasil Programmed Savings, go to a branch with your main documents.

3. Scheduled transfer to Itaú Bank savings account

With Banco Itaú you can also schedule transfers to your savings, however, there is no exclusivity for this service.

Some of the features are that you can choose transfers for any day and time, including Sundays and holidays.

There is a daily transfer limit between Itaú accounts. If you happen to exceed this limit, you can perform this service at the branch.

The returns on Itaú savings accounts also yield, as per the example mentioned above, based on the Selic rate.

4. What does Bradesco programmed savings mean?

With savings at Banco Bradesco, your money earns interest, but is always available for you to use whenever you want.

Your invested balance can be used to pay off any debt in your checking account, as long as you authorize the withdrawal.

Additionally, you can also have your savings account deposits credited. When it's time to withdraw, the system will indicate the best anniversary date—the one that will yield the most income.

You can also set up automatic debit for necessary expenses, such as water, electricity, and telephone bills.

With Bradesco savings, you can invest up to R$1,400,00. The investment is guaranteed by the bank's liquidity and is also covered by the FGC (Government Fund for the Protection of Children and Adolescents).

If you are already a Bradesco customer, click here and plan your savings. If you are not yet a customer, click here and see how to open your account.

Conclusion

Savings accounts are a good alternative for those who want to save: they are simple, easy to withdraw, have fewer risks, are covered by the FGC (Government Fund), and are not subject to income tax.

For those who have difficulty starting to save and having discipline, planned savings is a great alternative.

However, once you develop the habit of saving, you can start taking a little more risk and investing your money in investment funds.

Because it's a short-term investment, it's important not to limit yourself to it. Savings should be used solely as a tool to create a savings habit.

If you spend a lot of time investing in savings, over time it ends up no longer being worth it for your pocket.