Both options are an ideal tool for workers who wish to save a capital, which in fact is found as a labor benefit in job vacancies; But before considering them, it is important to know their differences, since it depends on this that savings increase and that the benefits are much more attractive to employees.
What is a savings account?
In this savings scheme, it is the workers who make the contributions, but it is the company that manages them and ensures that the process works correctly. And it is that one of the objectives of this modality is that when gathering said savings, the company can grant loans that help both parties, that is, on the one hand, the worker requesting the loan may have lower interest rates than those offered by banks, and on the other, the participants of this savings bank can have high returns.
Its policy is established in the company’s bylaws and the limits, interest rate and method of payment are considered. Loans are established for up to three months of low interest wages.
As for the settlement date, it is variable or indefinite, it is not necessarily granted at the end of the year, but at the end of the stipulated period, the returns are distributed among the people registered in the box.
Savings bank benefits
It does not imply any fixed cost for the company, in addition, by managing the savings account, fraud is avoided. As for the employee, he can count on short and medium-term loans without problems with more efficient returns for the credit rate that is applied.
Depending on the bank where you want to invest the savings bank, the banking institution will offer better investment options, 24-hour access to the account statement, informative talks for company workers in which this option is explained in detail savings and its benefits.
The requirements for a company to register a savings account in a bank are: Constitutive Act of the Public Registry, RFC of the company, plan regulations, official identifications of the current proxies, proof of address no more than three months after holder (lease contract, electricity, telephone, water bill, account statement or property payment slip). The powers with acts of administration stamped by the Public Registry of Commerce for signatories will also be important.
What is a savings fund?
This is a contractual labor benefit, that means that it is not foreseen in the labor regulations of the country so it is not mandatory. But many companies offer it as a way to attract and keep their employees because its operation has advantages for workers. And it is that its main characteristic is that the employee gives an amount to the fund and the company contributes another amount. Generally, the worker contributes 13% of his salary and the employer does the same with an equal or greater percentage each month.
In this type of savings, the percentage is chosen by the employees and it is done constantly, every week, fifteen days or month. Unlike the savings bank, basically the worker can only access his capital on set dates, generally, companies deliver it at the end of the year.
Likewise, belonging to a fund is mandatory when the company provides this benefit, otherwise it is optional for each worker.
It should be noted that the contributions provided by the employee may be tax deductible as long as the equivalent of 1.2 times the Unit of Measurement and Update of each region is not exceeded. Likewise, the company must integrate the fund into a social security plan.
Because there is a certain level of uncertainty, savings funds tend to target government or corporate debt instruments with good risk ratings. It is important to mention that its operating rules and statutes must be subject to the Regulations of the Income Tax Law, as well as deductions.
Both in the savings banks and in the funds it is necessary that there be some advice from various financial institutions that seek to optimize the profitability of savings without risks.
Popular savings bank
This option is for people who do not have the possibility of accessing a banking institution, so they solve their savings needs in a company that is formed jointly with other individuals, and that is how savings and loans cooperatives are formed. .
Currently, and according to the National Commission for the Protection and Defense of Users of Financial Services (Condusef), there are around 127 cooperatives authorized by the National Banking and Securities Commission.
An entity of this type must be a simple alternative with favorable conditions, its interest rate must be competitive and it must allow depositing small amounts as well as smaller loans compared to banks.
Some other popular savings banks provide financial education and can be found in rural areas.
One of the best known cooperatives is the Mexican Popular Box which was created in 1951 and is supervised since 1995. Among its characteristics is its assemblies every period of time and a death insurance for partners in which the beneficiaries receive double the savings of the account holder, funeral aid, among other benefits.
To be a member of this savings entity, you must be of legal age and fill out an application at a branch. It is also required to cover the social part which is approximately $ 750 pesos and the membership credential that costs $ 20 pesos.
Likewise, it will be necessary a proof of address, a copy of current official identification, CURP and provide a cell phone number, have at hand the data of the beneficiaries, and in case of being a legal representative, the document that guarantees it.
The Caja Popular Mexicana also has savings options for minors, debit card, personal, business and automotive loans; life and auto insurance. It also offers payroll, savings and investment services, financial education and more.
Currently this institution serves more than six million people in the country, and they hope that within twenty years the number will increase to 30 million users. Interest rates are competitive and there are more than 460 branches.