From a financial point of view, the objective of any self-employed person does not differ much from that of salaried workers. After all, they both want their income to exceed their expenses, so that they can pay all their expenses and, if possible, also save enough to live comfortably.
However, the way to achieve this goal can be very different, among other things because the self-employed they can undertake a series of actions to save in their businesses. Whether thanks to deductible expenses, taking advantage of Social Security bonuses or teleworking as much as possible, the truth is that any self-employed person can increase their bank account at the end of the month.
How do freelancers save?
The self-employed seek to deposit their money in low-risk products, since they see the need to economize and control their expenses and savings. Based on this European savings report, we can emphasize the importance, for the self-employed, of depositing their money in a savings account at a trusted bank.
The main advantages include generating interest in exchange for depositing our money in the account as well as being able to immediately access the profitable balances without any type of limitation.
For all these reasons, self-employed savings accounts are the preferred financial products for these workers. They guarantee the liquidity of the business, allow immediate availability to meet the needs and, in some cases, provide a certain guaranteed interest.
Advantages of a savings account for the self-employed
Savings accounts provide a series of advantages for the self-employed compared to other types of similar accounts.
total availability of money
Savings accounts offer the self-employed total availability for money. Of course, to make the refund, it will be necessary to give an order to the bank to make the transfer to another current account, since from it it will not be possible to link any credit or debit card to make purchases, nor use it to domicile the main bills. .
Account separate from the personal account
In general, experts recommend that freelancers have separate accounts for their business and for their personal day-to-day. In this way, it is possible to have a much more exhaustive and true to reality control of personal and professional finances.
What’s more, since the self-employed person is required to keep their business accounts independently, a separate savings account will give them a clearer view of their flow of receipts and payments.
Unlike demand deposits and checking accounts, savings accounts earn guaranteed interest. And although the current context of low interest rates has caused a collapse in the profitability of these accounts measured through their APR, the truth is that foreign banks offer more attractive products that can be contracted from Spain through platforms such as Raisin , with the same conditions as if it were done in Spain and completely online.
Same guarantee as the rest of the deposits
Savings accounts are guaranteed by the Deposit Guarantee Fund (FGD) of each country, just like the rest of current accounts and deposits. In Spain, the FGD insures the first 100,000 euros per holder and entity, and the same conditions apply in other countries of the European Union.
Absence of commissions and conditions
Most savings accounts are exempt from opening or maintenance fees. In addition, the conditions to open a savings account as a self-employed person are quite easy to meet, since they do not usually require a minimum monthly income, nor the contracting of other financial products.
“Ad-hoc” accounts for freelancers
Savings accounts designed specifically for the self-employed have a number of advantages for businesses. Specifically, some offer access to a series of financing for companies and public aid for entrepreneurs, the possibility of depositing checks or simple applications designed to keep business accounts.
What is needed to open an account for freelancers?
In general, as these are accounts designed specifically for the self-employed, in addition to the usual documentation (DNI, NIE or passport), the account holder must submit a copy of the corresponding economic activity to the Treasury through form 036 or 037, in addition to the annual VAT report, personal income tax return and payment of Social Security fees.