The Czech National Bank surprisingly sharply reduced interest rates. This means, among other things, that worse times are coming for ordinary savers. Commercial banks will quickly react to this step and reduce interest on deposits. The drop in rates has already been reflected in the savings products of some banks, while others are still holding interest rates of over six percent.
The Banking Council reduced the base interest rate by half a point to 6.25 percent. By determining it, it affects the development of interest rates in the entire economy. For the announced rate, the central bank takes over surplus funds from commercial banks during so-called repo operations, which it then returns to them plus interest. By default, these are two-week deals (two-week repo operations), in some cases transactions with a maturity period of less than fourteen days are also carried out. In addition to these longer-term deals, the central bank allows banks to deposit excess money with it overnight.
In any case, it is true that if the CNB raises interest rates, commercial banks usually react more slowly and do not increase interest on current and savings accounts to clients as quickly, while if the central bank lowers interest rates, banks also reduce the income from deposits immediately. It is a common practice that clients do not move between banks very much and are always loyal to the same bank despite the fact that the competition on the market is very high. However, the difference in interest rates on deposits can be significant
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Increasingly, commercial banks also add various conditions for clients to obtain higher interest rates. Most often, it involves the client making a certain number of transactions with a payment card or, for example, investing part of the funds in other financial products offered by the financial institution. It also depends on the amount of the balance, which bears interest differently.
The most advantageous Trinity and Air Bank, UniCredit has already reduced
The highest interest rate on a savings account can be obtained with Trinity Bank. It offers interest of up to 6.3 percent up to a deposit of a quarter of a million, and 5.69 percent above this limit. When opening a new account at new branches in selected cities and with permanent residence there, you can get an interest rate of 6.08 percent.
Max banka, formerly Expobank CZ, with an interest rate of 6.01 percent, is in second place without restrictions on the amount of the deposit and other conditions. Next comes Air Bank, which pays five percent interest on deposits up to 250,000 crowns. The part of deposits exceeding this limit will bear interest at six percent. But it is necessary to pay five times by card in the previous month.
UniCredit has already reduced the interest on its savings account to 5.75 percent. However, this is an event for new clients only, where deposits up to two million will earn interest in this way, and the condition is at least three card payments per month. The bank guarantees that it will not reduce the interest until the end of February. It gives former clients a standard 2.5 percent on a deposit of half a million crowns.
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Bank Creditas offers a rate of 5.5 percent for deposits up to CZK 500,000, above this limit 3.1 percent. mBank also still offers 5.5 percent, but the condition is a current account and the choice of one of the four regular savings options. Moneta Money Bank has an interest rate of 5.3 percent for deposits up to one million crowns. The part of the deposit above one million is valued at half a percent interest.
Fio banka holds a rate of 5.5 percent, which pays interest on deposits up to 200,000 crowns. At Komerční banka, clients can get up to a five percent rate. The basic interest rate is only two percent and only up to 200 thousand crowns. The bonus rate of three percent extra can be obtained unconditionally only until February 29.
Raiffeisenbank clients can now reach a rate of five percent, of which the basic interest rate is 0.1 percent and the bonus is 4.9 percent. This can be obtained when the client pays by card three times a month. As of February 8, J&T Bank is offering a new five percent, but the condition is a minimum deposit of one million.
At Česká spořitelna, you can get a rate of five percent, but only up to 200,000 crowns. In addition, you must have a Plus account, Internet banking George and invest at least 300 crowns per month by standing order. ČSOB offers an interest rate of five percent for deposits up to a quarter of a million, which is valid until April 5. However, it is necessary to pay by card five times a month and to check the ČSOB Smart application at least once every three months.
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2024-02-13 23:01:00
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