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FINARCH helps you compare bank accounts in Albania with transparency and ease. View in one place the fees, interest rates, related services and key terms of current and savings accounts to identify the alternatives that match your needs.
Current and savings accounts
What are bank accounts?
Bank accounts are products that allow you to manage your funds, make payments, transfers and save money. The two most common types are checking accounts and savings accounts.
What's the difference?
Checking account
Used for everyday financial transactions, such as:
Bank transfers.
Card payments.
ATM withdrawals.
Bill payments.
It usually offers full access to your funds and comes with a debit card and online banking services.
Savings account
Used to hold and grow your savings.
It may offer interest on deposited funds.
It has less of a focus on everyday transactions.
It may have specific conditions for deposits or withdrawals.
What should you compare?
When comparing bank accounts, pay attention to:
For checking accounts
The maintenance fee.
Cards included.
Transfer fees.
ATM fees.
Online and mobile banking services.
For savings accounts
Interest rate.
Account currency.
Terms for depositing and withdrawing funds.
Minimum required amount.
Interest payment frequency.
What you need to know?
The most suitable account depends on your purpose. If you are looking for an account for payments and daily financial management, a checking account may be more suitable. If you intend to keep savings and earn interest, a savings account may be more suitable.
Frequently asked questions
Can I have both a checking account and a savings account?
Yes. Many customers use a checking account for daily transactions and a savings account for funds they want to keep aside.
Do I earn interest on a checking account?
This depends on the product. In many cases, checking accounts do not offer interest or offer lower rates than savings accounts.
Can I withdraw money from a savings account?
Yes, but the terms for withdrawing funds vary by bank and product.
What should I compare besides interest?
In addition to the interest rate, it is important to compare the fees, commissions, terms of use, and flexibility of the product.