Czechs like savings accounts, at least one is used by six out of ten people, every fourth is the owner of two accounts and every seventh is even three or more.
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Savings accounts are popular in the Czech Republic mainly due to easy access to money, zero fees and, last but not least, interest rates on deposits. According to a survey by the Ipsos agency for Expobank, people mainly transfer free funds from a current account to savings accounts without a specific purpose, said about 38 percent of respondents.
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“We found out that about a quarter of Czechs use a deposit-bearing account mainly to save on planned larger expenses, such as replacing household appliances or holidays. A similarly high number of clients have a savings account as a financial reserve, “added Radek Lišák from Expobank.
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Rates will go up in December as well
At the beginning of November, the CNB Board raised the key interest rate by 1.25 percentage point to 2.75 percent. The reaction of the banks did not take long, credit clients will pay extra in installments, while those who save on the other hand can expect a more interesting appreciation thanks to higher interest rates.
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Most banks started raising interest rates on savings accounts during November, and from 1 December, clients of Česká spořitelna, Equa bank, Fio banka, mBank and Raiffeisenbank can also count on higher rates on savings products.
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Banks do not rule out rate increases in the future. “We are ready to respond to any further changes in rates on the part of the CNB,” Kristýna Dolejšová, a spokeswoman for mBank, told Právo. Representatives of Fio banka, Monety and UniCredit Bank, for example, expressed a similar opinion.
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| Current offer of savings accounts | |||
| Bank | product |
Major annual interest rate |
Follow-up annual interest rate |
| Air Bank | Savings account (1) | 1.5% up to 250 thousand CZK | 0.1% balance from 250 thous. up to CZK 1 million |
| Creditas | Savings account + |
2% up to 350 ths. CZK | 1.0% balance over 350 thousand CZK |
| Česká spořitelna | ČS savings | 1.5% up to the limit according to the type of savings account (2) | 0.01% balance above the limit |
| ČSOB | Savings with a bonus |
0.5% to 250 thousand CZK | 0.6% from 250 ths. up to CZK 0.5 million (3) 0.75% from CZK 0.5 million to CZK 1 million (3) 0.15% amount over CZK 1 million |
| Duo Profit |
3 % (4) | — | |
| Equa bank | Savings account Max | 0.1% to CZK 0.5 million | 1% balance over CZK 0.5 million |
| HIT savings account |
1.5% (0.1% + bonus 1.4%) to 200 tis. Kč (5) | — | |
| Expobank | NEO current account |
2,01 % | — |
| bank wire | konto wire | 1.5% up to 200 thousand CZK | 0.05% balance from 200 thousand up to CZK 1 million 0.08% balance from CZK 1 million to CZK 10 million 0.1% balance over CZK 10 million |
| Hello bank! |
Savings account | 1.8% up to 200 ths. CZK | — |
| Commercial Bank | KB Savings Account Bonus (6) | 0.2% to 200 thousand CZK | 0.03% balance from 200 thousand up to CZK 30 million 0.02% balance over CZK 30 million |
| KB Savings Account Bonus Invest (6) (7) | 1.0% up to 200 ths. CZK | 0.71% balance from 200 thousand CZK to CZK 10 million | |
| mBank | mSavings | 1.5% up to 100 thousand CZK | 0.01% balance over 100 thousand CZK |
| Moneta Money Bank | Savings B / Savings B | 2.5% up to CZK 1 million | 0.5% balance over CZK 1 million |
| Raiffeisenbank | Savings account XL | 1.5% up to 150 thousand CZK | 0.1% balance from 15 thous. up to CZK 0.5 million 0.01% balance over CZK 0.5 million |
| Sberbank |
Fair Savings Plus | 1.5% or 1.8% up to CZK 1 million (8) | 0.8% or 1.0% balance over CZK 1 million (8) |
| Trinity | Good client | 2,58 % | — |
| UniCredit Bank |
Before |
0.05% up to CZK 499,999 | 0.01% from 500 ths. CZK |
| Source: banks; Notes: (1) deposits are remunerated only if the client pays at least five times a month with a card set up for a current account; (2) limits: 200 000 USD CZK, 400 ths. CZK, CZK 1 million; (3) interest on the entire balance from CZK 1; (4) the rate is guaranteed for the whole year, at least the same amount is invested in selected ČSOB / KBC investment products; (5) bonus: three card payments per month, or at the last day of the month the current value of the investment is at least 50 thousand. CZK; (6) interest formed from the basic rates and fixed bonus rates valid until 31.12.2021; (7) bonus interest – investments in selected investments. products; (8) Clients with a Fair Plus account or a Fair Extra account will receive a more advantageous rate | |||
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However, it must still be expected that even at the highest interest rates offered, the money saved will lose value due to high inflation. Year-on-year growth in consumer prices in the Czech Republic reached 5.8 percent in October and, according to economists, will accelerate in the coming months.
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Higher interest only with conditions
The vast majority of banks offer more favorable interest rates if various conditions are met, whether they relate to the amount of the deposit or the use of other products of the bank. However, clients are not satisfied with this approach, for example, the survey showed that three quarters of Czechs would prefer a savings account with an attractive interest rate without conditions over an account with an even more favorable rate, but with conditions.
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The trend of “higher interest on condition” is out of line with two banks, which also offer some of the most advantageous rates on the market. The highest appreciation of deposits is now provided by Trinity bank, which has increased the rate on the Good Client savings account to 2.58 percent per year since November 25. The offer is also the most interesting because the bank will pay interest on any amount of the deposit at this rate without any restrictions. The same approach was taken by Expobank, which offers a rate of 2.01 percent per year and enhances the entire amount of the deposit in the NEO current account without further conditions.
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Two more banks got over two percent, but with conditions. Moneta Money Bank will evaluate a deposit of up to one million crowns on Spoření B or Spoříto B products at an annual rate of 2.5 percent (the products have the same parameters, differing only in the negotiation channel). Creditas currently offers an annual interest rate of 2 percent for Deposits + Savings Account + up to CZK 350,000.
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Other banks also show different interest rates at different rates, as the table shows.
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At Air Bank and Equa bank, you must meet even more conditions in order to achieve a “better” interest rate. You have to make several payments in a given month with the card set up for the current account, in the case of Air Bank five are required, in the case of Equa bank three.
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Sberbank will give higher interest to clients who also use a current account. ČSOB and Komerční banka offer savings products, the interest rate of which depends on the use of investment products.
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Poll
Do you have a savings account?
A total of 1484 readers voted.
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