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Banks raised interest rates on savings accounts by up to four percent, with inflation dropping dramatically

Banks raised interest rates on savings accounts by up to four percent, with inflation dropping dramatically

Banks have responded to the additional rise in interest rates of the Czech National Bank to five percent by increasing interest rates on savings accounts, which, however, continue to suffer greatly due to double-digit inflation. Savings accounts offer interest rates of around four percent, mainly due to stiff competition from smaller banks, but they are marred by many conditions, according to Porto’s current analysis. Inflation jumped to 12.7 percent in March.



Prague

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Savings accounts offer interest rates of around four percent, mainly due to stiff competition from smaller banks Photo: Jerry Matojic | Source: Wikimedia Commons | CC BY 3.0

“Interest rates on savings accounts also react to an increase in interest rates. However, the conditions set by savings accounts with the highest interest rates are problematic,” said Porto City analyst Filip Lozinski.


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As of April 11, the highest interest rates on savings accounts were J&T Banka (4.0 percent), Echo Bank (4.0 percent), Trinity Bank (3.68 percent), Creditas (3.6 percent) and Expobank (3.51 percent). .

However, at J & T Banka, according to Loužensk, clients must make 1 million kroner or investments worth at least 100,000 kroner. If the customer selects a one-month notice period, he will get 4.15 percent interest.

According to him, Equa Bank will add interest only on the deposit of three million kroner, and in the case of any outgoing payment, that is, also in the case of sending to a current account, the interest rate will drop to 0.1 percent.

Trinity Bank offers its interest only on deposits of up to 400,000 CZK and, in addition to the annual fixation, Creditas offers high interest only for amounts up to 350,000 CZK and it must be a new deposit and only Expobank has its benefits without any restrictions, he added. .

resource protection

“Interest rates on savings accounts seem relatively favourable, mainly due to stiff competition, and smaller banks tend to offer a higher rating. Large banks such as Česká spořitelna, Komerční banka or Raiffeisenbank have significantly lower interest rates on savings accounts and are currently making a decent living from Customer deposits. If they actually offer a higher interest rate, it will make it conditional on using other high profit margin products.”


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Deposits in checking and savings accounts have declined since August last year. On the contrary, deposits in products of agreed maturity are increasing very rapidly, Louženský told ČTK.

Since July last year, the volume of these deposits has increased 13 times. According to him, this clearly shows the desire of people to at least somehow protect their resources.

According to a survey by Generali Investments, 95% of people fear the effects of high inflation on their finances. The percentage of Czechs who consider savings accounts as the most appropriate way to save money has fallen from 36 to 28 percent in the past year.

CTK

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