Banks have started to remove fees for keeping money in accounts

From August 1, 2022, all customers of “UniCredit Bulbank” – individuals and legal entities, will not pay a monthly deposit fee for storing cash on their accounts. This was announced by the financial institution. By decision of the Board of Directors, the bank removes the fee in response to the change in the macroeconomic situation, including an increase in the main interest rates and the increasing rate of inflation.

Before that, four other major banks in Bulgaria: United Bulgarian Bank – OBB (in force from August 1), KVS Bank Bulgaria (the temporary name of Pfeisenbank Bulgaria – in force from August 1), Posten Bank (already in force from 25 July) and DSK Bank (from August 1) also announced that they are increasing the fees charged to business and private customers for checking balances.

So far, there is no recommended date when this fee will be removed, but most likely the other banks in Bulgaria will also remove it, and there is a possibility that other service fees will be raised, such as cash withdrawals.

TBI Bank is the first bank in Bulgaria to remove the fee for storing cash on current accounts for corporate clients, regardless of their size. For individuals, the bank did not introduce such fees, but TBI Bank is one of the few lenders that did not lower interest rates below zero for its customers’ savings.

The mention is related to the decision taken by the Governing Council of the European Central Bank (ECB) on July 21 to increase interest on deposits by 50 basis pointswhich happened for the first time in 11 years.

Charges on money stored in banks was introduced at the end of last year, as a recommendation of the ECB to limit the accumulation of money on deposit in banks, especially large amounts. Fees vary from 0.5% to 0.7% for amounts over BGN 200,000 for individuals and over BGN 500,000 for legal entities. The fee is charged on an annual basis and is payable monthly.

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