What is a savings plan?

Discovers how works this type of products of saving and investment.
In view of the uncertainty that generates the future of the pensions, more and more hard-working take awareness of the importance of save for your future retirement. Regardless of the pension plans traditional and of other similar products, in recent years have started to commercialize some new tools of saving and investment that are more and more popular. In this item, you explain what is a savings plan so that can start to take out party to your capital for the future.
Upper banner calculate returns Upper banner calculate returns
Takes out party to your money
Choose the best investment fund for your needs.

In what consist the savings plans?

The savings plans were launched in 2015. These instruments also know as Savings plans 5, since are designed for have a duration of 5 years. During that period of time, the account holder of the plan has the possibility of carry out contributions on a regular basis or punctual, as long as these not overcome an established maximum of 5,000 euros a year.

The savings plans consider products of low risk , since guarantee the refund of, at least,85% of the capital contributed initially, with which invests in assets of fixed-income , as treasury bills or bonds of the State, so are recommendable for the savers of profile more conservative. The percentage remaining can dedicate to other assets as the equities , trying search a profitability additional.

These instruments of saving present two modalities different: the First-party Insurance products of Saving to Long Term (SIALP) and the Individual Accounts of Saving to Long Term (CIALP). The SIALP hire through an insurer (that can belong to a banking organization) in the shape of life insurance-saving. To the contract a SIALP, the account holder does the times of policyholder and payee of the policy associated to the plan. In the event of death, are theirs of the borrower which profit from the financial resources that guarantees the insurance. The CIALP, on the other hand, constitute a product typically banking that involves the opening of an account in which enter the benefits generated for the investment of the contributions of the account holder. In this respect, result very similar to the deposits banking traditional.

So much the SIALP as the CIALP are regulated by law and not is allowed have contracted two of they in a simultaneous way.

Rescue and taxation of the savings plans

As already has mentioned, the savings plans are designed for have a duration of 5 years. Those account holders that keep your investment during this period of time and that contribute an amount lower than 5,000 euros a year can enjoy the tax advantages that offer this type of products: in this case, the saver is exempt from pay taxes the outputs generated as a result of the contracting of the plan.

Nevertheless, the savers have the possibility of rescue your initial investment and the outputs derived from the same one at any time , on condition that the money steps aside in its entirety. This retreat anticipated supposes the loss of the tax advantages previously mentioned and demands that the account holder declares the interests corresponding as outputs of movable capital, to some types between 19% and 23% and with a retention implementable of 19%.

Differences between the savings plans and the pension plans

The pension plans are instruments of saving long-term that can, to simple view, very similar opinion to the savings plans. Nevertheless, both types of products present essential differences that the do more or less suitable depending on the type of saver and of your future objectives.

In the first place, the pension plans are especially designed for encourage the saving for the retirement, that is, long-term. This involves that the account holder of a pension plan only has the possibility of rescue the money when arrives the moment of your retirement (except for in some extreme cases as in situations of long-term unemployment, incapacity for work or severe illness), whereas the savings plans allow to the individuals have your capital at any time , although without tax advantages if is before 5 years. Nevertheless, the pension plans see incremented your liquidity from January 1, 2025, since since then be possible rescue those contributions with at least 10 years of seniority.

Central banner Central banner
Fund Finder
Discover the BBVA investment fund catalog.

Generally speaking, the pension plans usually offer a potential profitability greater than that one of the savings plans , since, as well as present periods of more prolonged investment, tend to work with a more diversified portfolio, including so much assets of fixed-income as variable income assets. Nevertheless, depend on the type of plan, as there is a wide range, from the more conservative until the more decided in terms of risk. Likewise, the limit of the yearly contributions in the case of the pension plans is great, and can ascend until the 8,000 yearly.

Last of all, fits mention that both products present certain tax advantages, but in different phases of the tax payment. Whereas the outputs of the savings plans can be exempt from tax, the contributions yearly to the pension plans qualify for tax exemption in the PERSONAL INCOME TAX, reducing the basis of assessment and therefore the fiscal bill. Nevertheless, both the invested capital and the generated benefits owe declare in the shape of earned incomes once rescued the pension plan.

In BBVA want help you to that serves the maximum party to your savings. For that reason, put at your disposal a wide variety of products of saving and investment so that can choose the one which more conforms to your objectives. Enters bbva.es and discovers the safest and most intelligent way of save.

CTA subhome funds CTA subhome funds
Investment funds - You might also be interested in Investment funds - You might also be interested in

You might also be interested in

  • Learn about the characteristics, types and description of what we know as financial assets.
  • We'll explain how investment funds work and everything you need to know about investing your money.
  • Reduced risk and known, guaranteed returns are two of the characteristics of a fixed-income investment.
Investment funds - Tools Investment funds - Tools

Investment fund tools

  • The BBVA investment fund calculator helps you to find out the returns you can get with your savings.
  • You don't know which investment fund best suits your needs? Our comparison tool will help you choose the best option.
  • Find the best investment fund in which to invest your savings and start to get a return on your money.
  • Calculate the returns of an investment quickly and easily using the calculator we provide you.