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Deposits in banks. What is the average interest rate? Where to save? [PORÓWNANIE LOKAT]

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“The most tempting proposals are disappearing from bank deposit offers. Last month brought a series of changes to the disadvantage of savers” – emphasized in the HREIT analysis. It added that “this brought the average interest rate on the best deposits to the lowest level in almost a year”, and the reason was “expected interest rate cuts”.

As stated in the analysis, 6.76 percent. amounted to the average interest rate on the best deposits and savings accounts and “decreased by 0.3 percentage point during the month”. It was recalled that “at the end of June this year, the best bank deposits had an average interest rate of 7.05 percent”. It was noted that “these are the tangible effects of the expected interest rate cuts” and although “they may take place only after the holidays”, “banks already seem to be preparing for these changes today”.

Bank deposit interest rates

“The decrease in interest rates on the best deposits and savings accounts observed in recent weeks is the result of many changes that banks are making in their offer. We counted as many as 12 of them. They consisted in withdrawing products with a promotional interest rate, reducing the offered rate, shortening the period or the maximum amount for which a deposit can be made,” HREIT analysts wrote.

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They added that “among these changes, you can see at first glance, for example, that the largest bank has stopped tempting mobile application users with a 10 percent deposit.”

“The round percentage was interesting despite the fact that it was charged up to an amount not exceeding PLN 50,000. In addition, only users of the mobile application could take advantage of the offer, the deposit was available for 6 months, and breaking it ahead of time resulted in the loss of interest. For this, at least one of the three conditions had to be met – set up a standing order, purchase any insurance or buy investment fund units” – they reported.

Average interest rate on depositsHREIT

Deposits – offers, rules, requirements

“Numerous, and sometimes even sophisticated, requirements for people using promotional deposits are an increasingly common standard. What can we expect? Banks may require us to set up a personal account and obtain a card, transfer remuneration, purchase additional products or actively use the card or account. In addition, promotional deposits are often addressed only to new customers or at least people who bring new funds to the bank. vaults,” the HREIT analysis said.

It was added that “for example, in one of the institutions, 7.50% or 7% per year will be added to our savings, provided that several card or BLIK transactions are made”, and “others will offer us 7-8% per year, but only after giving marketing consents”.

“This means that the promotional interest rate will be charged, but only when we allow bank employees to contact us regarding the sale of other products or services. Such consent cannot be withdrawn until the end of the term of the deposit” – explained.

“Among the stars, we will also find fees for maintaining an account necessary to open a deposit. In one of the banks, the cost of maintaining it is as much as PLN 40. This fee can be avoided by ensuring an inflow of at least PLN 9,000 in the settlement period or maintaining an average monthly balance on deposits of at least PLN 150,000” – the analysts indicated.

In their opinion, “these are perfect examples that you should carefully check the regulations of promotional deposits”, because, as it turns out, “it often turns out that several requirements must be met at the same time to get a high percentage on our account” and “if we do not meet one of them, banks apply standard interest rates, which are often much lower and amount to, for example, only 2 percent per annum”.

Bank deposits and deposits – what next?

“This is not the end of bad news for savers. If, as expected, interest rates will be cut after the holidays, it will also mean a decrease in interest rates on bank deposits and retail treasury bonds. Banks, aware that the situation may develop in this way, have been changing their offer addressed to savers for several months.

They reminded that “as part of our ranking, we collect information on the best interest-bearing deposits and savings accounts every month.”

“We focus on those in which we entrust money for a maximum of 12 months. Safety is key for us, so a deposit or savings account must be guaranteed by the BFG (or an identical institution from another EU country). And although we accept offers that require the use of additional products (accounts, cards and even insurance), we do it only if you can cancel them or avoid costs by actively using the card or account” – they wrote in the analysis.

The best deposits and savings accountsHREIT

Main photo source: mat. sponsored

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