How to protect the value of money? Deposit interest rates have been falling for many months

Poles do not want to lose money due to prices or high inflation. Therefore, they are constantly looking for the best ways to save their finances. One of the more popular options is to open a deposit in a bank. Financial institutions most often offer short-term deposits of up to 12 months. It is a safe deposit, allows its holder to earn money and does not block access to the money longer than the contract stipulates.

Banks have been cutting deposit interest rates for many months

The disadvantage of keeping deposits is the fact that banks keep cutting interest rates on deposits. Even the last decision of the Monetary Policy Council, which kept interest rate cuts unchanged, did not stop the decline. According to data collected by HREIT, which deals with, among others, Real estate market analyzes show that within a month, as many as seven banks reduced their promotional deposit offers.

As experts emphasize, deposit interest rates have been falling for eleven months. In November, the average interest rate on the best deposits and savings accounts was 5.78%. This is clearly less than last month, in October it was higher by 0.3 percentage points. Only a few financial institutions allow you to earn at least 7%. on an annual basis.

Bank deposits. Deposits are subject to additional requirements and limits

– When looking for deposits with better interest rates, we must take into account additional requirements and limits – e.g. the maximum amount and a period of higher interest rates of at most several months. – says Bartosz Turek, chief analyst at HRE Investment Trust.

In his opinion, the selected bank will also ask us to use additional products (card, account, mobile application). – Most often, promotional deposits are also targeted at new customers or at least people who will bring new funds to the bank – notes the expert.

Bank deposits. More and more stars appear in deposit offers

However, this is not the end of the difficulties. Customers also pay attention to the numerous “stars” that appear in banks’ offers when creating promotions. One of the additional requirements may be regular top-up of the account and active use of payment services (card and BLIK).

It has become increasingly common for people setting up deposits to provide marketing consent. This means that the promotional interest rate will be charged when bank employees contact us regarding further products or services.

Only a few banks offer the highest interest rates on deposits

Nest Bank is at the top of the list among financial institutions offering the best interest rates on deposits. Customers can get 7.1% on the six-month “Lokata Witaj” The maximum amount with a given interest rate is PLN 25,000. zloty. The same bank offers the same amount on the Nest Savings Account. By making this deposit, you can deposit up to PLN 100,000. PLN for three months. Third place was taken by several financial institutions offering a profit of 7%. These include: mBank, VeloBank, Citi Handlowy and Bank Pekao.

VeloBank offers two different deposits with a yield of 7%. The first one is a two-month deposit, where you can deposit PLN 50,000. zloty. The second one is a three-month deposit with a maximum amount of PLN 300,000. zloty. In turn, mBank offers a three-month deposit “My new goals” with a maximum amount of up to PLN 50,000. zloty. The offer is addressed to all customers. A three-month deposit “Lokuj z Żubrem” with a profit of 7%. Bank Pekao also offers. The maximum amount we can deposit is PLN 50,000. zloty.

Citi Handlowy was also on the lowest step of the podium. New bank customers can count on 7 percent. on an annual basis. The offer is addressed to people who will open a Citigold account as part of the “30 years of private banking in Poland” offer. You can deposit from PLN 20,000 to PLN 200,000 on a deposit. zloty. Other banks offer interest rates on short-term deposits below 7%.