Financial optimization: 3 simple tips for everyone!

Financial optimization

Financial topics are often complex. This is why many consumers are afraid to take their finances into their own hands. But especially the own financial optimization is important. Because who would not like to have more money available? For this reason, we have compiled 3 simple tips for financial optimization for you. These are easy to implement and help you save a lot of money.

1. Financial optimization – use free current account

Financial optimization starts with the current account. Today, almost everyone has such an account to send and receive money with it. Many consumers pay for their current account, however, fees to the bank. These can be both a flat monthly usage fee, often referred to as an account maintenance fee, and variable costs for certain services – such as transfers or standing orders.

Fortunately, you can easily avoid these fees. Because there are some banks that offer their customers a permanently free checking account. So all you have to do is choose one of these banks and you will have successfully mastered the most important step towards optimizing your personal finances.

In recent years, more and more consumers have opted for a free checking account. No wonder: with such a financial optimization you can save several hundred euros – and not just once, but year after year. Since several banks offer a free checking account with a different range of services, the choice between the many offers is not easy. So that you can save yourself a time-consuming comparison as part of your personal financial optimization, we have compared numerous banks with each other. Our recommendation is the current account of DKB , for which there are many good reasons.

The DKB current account is permanently and unconditionally free of charge. Some other banks, however, grant such a free of charge only for a certain period or under certain conditions. So this is already a decisive advantage, because sustainable financial optimization is important.

Financial optimization is of course not only about saving money. The supply of cash also plays an important role for many users. DKB's current account is also convincing in this respect. Because to the current account of the DKB one receives automatically a permanently free visakarte. With the visa card, you can withdraw cash from atms worldwide absolutely free of charge. The only important thing is that the ATM is marked with the visa logo. Since more than 95 percent of all atms in germany and abroad are marked with the visa logo, you can withdraw money free of charge at almost any ATM worldwide.

Last but not least, the current account of DKB scores with great additional services. For example, if you need money at short notice, you can use a flexible overdraft facility. The overdraft facility of DKB is very favorable compared to other banks and therefore ideal to bridge short-term financial bottlenecks. Furthermore, DKB offers all savers a flexible call money account as well as a free securities account.

Current account of DKB

Permanently free current account

Permanently free visa card

Withdraw cash worldwide free of charge

If necessary very favorable overdraft facility

Several times distinguished test winner

2. Financial optimization – open a flexible savings account

Who would like to fulfill itself or others larger desires, must put for it as a rule continuously money aside. In the context of the personal financial optimization it is a question of saving cleverly. Because many consumers still use a traditional savings account to invest money today. In earlier times, this may have been an acceptable solution. In recent years, however, the interest rates on savings accounts have fallen rapidly.

Currently, the interest rate on savings accounts is only slightly above absolute zero. For this reason, the use of savings books currently makes no sense, especially since this financial product not only yields very low interest, but also has other disadvantages.

Fortunately, there is a very good alternative to the classic savings account, which smart savers can use for financial optimization. This is the call money account. In a direct comparison of financial products, the call money account clearly wins out. This already begins with the credit interest, which is almost always higher with the call money account than with the savings book.

Also with the availability of the money the daily money account has the nose in front. Since there is no notice period with a call money account, you can dispose of part or all of your credit balance at any time and free of charge. With a savings account, on the other hand, you can have a maximum of 2.000 euro per calendar month. If one needs an amount over 2.000 euros, one must observe a 3-month notice period. The notice period for a savings book can only be avoided if a portion of the interest earned is waived.

Advocates of the passbook often cite the high security of this financial product in the field. This is not fundamentally wrong. The call money account is however still safer in the direct comparison. Both financial products are equally protected by the deposit protection of the respective bank. But what many consumers don't know: A savings book is a "limping bearer security". This means that the bank is not obliged to check personal details when making withdrawals. Thus it happens again and again that savings books are plundered by thieves.

In the case of call money accounts, on the other hand, this risk does not exist, as withdrawals are always processed via the checking account specified by the customer. Those who take their personal financial optimization into their own hands should always give a call money account preference over a savings account.

In view of the wide range of call money accounts on offer, it is often not so easy for interested parties to find the optimum product. We recommend in the context of the personal financial optimization to use the daily money comparison of weltsparen. This is free of charge and because weltsparen exclusively compares financial investments, the internet portal is an absolute specialist in this area.

3. Financial optimization – replace expensive credits

As already mentioned, we are currently in a low-interest phase. Although the low interest rates are bad news for savers, they are really good news for debtors. The low interest rates have also led to a sharp drop in interest rates on loans. However, many consumers are still sitting on old loans that they took out at a time when interest rates were much higher.

For this reason, it is advisable to replace expensive old loans with inexpensive new loans in order to optimize your finances. This can be both an installment loan taken out years ago and a currently used overdraft facility. In financial jargon, the whole thing is also referred to as a loan redemption.

Replacing a loan is easier than many consumers think. Thus one replaces an expensive overdraft facility best by a favorable installment credit. The advantage is clear. While some banks charge interest of up to 15 percent for an overdraft facility, a low-cost installment loan is available for a fraction of the cost. Thus quite simply several hundred euro per year can be saved.

If, on the other hand, you want to pay off an installment loan that you took out at a time when the interest rates were still much higher, you simply send a letter to the appropriate bank. In the letter one asks for forwarding the current redemption sum for the credit. As soon as one has received the answer letter, one takes up a more favorable installment credit in height of the redemption sum. If the installment credit then on the current account was credited, one must transfer only the money on the account of the old credit and thus one has successfully mastered the credit redemption.

Basically, the credit market is very fast moving. The credit conditions of the individual banks can change thus within short time very strongly. For this reason, you should always carry out an independent credit comparison before you decide on a provider.

Particularly recommendable in this connection is the free credit comparison of smava . The free credit comparison of smava has a crucial advantage. After input of your credit desire and the personal data smava accomplishes a credit assessment. The credit check is schufa-neutral and takes only a few seconds. Subsequently, you will be shown all banks from which you can obtain a loan and at what conditions this is possible.

In contrast, most other comparison portals do without a credit check. Here you are shown only showcase conditions, which often turn out to be much more expensive after applying for the loan. With smava this cannot happen to you. Here you can reliably find the most favorable offer for your loan redemption and thus save a lot of money.