“The CNB unexpectedly raised interest rates sharply and this is the most significant one-off increase in interest rates since June 1997, which opens up room for banks to significantly increase interest rates on client deposits,” comments Lukáš Kovanda, a member of the government’s National Economic Council and chief economist at Trinity Bank.
Trinity Bank raises the savings account rate to 2.08 percent per annum. The rate is offered without restriction on the amount of the deposit and any other conditions.
Creditas has been raising interest rates on savings products since 10 November. The new rate for the Savings Account + will be 2.0 percent pa for a part of the deposit up to CZK 350,000 and 1 percent for a part of the deposit above this limit. The rate for a savings deposit with a notice period of 1 month will be up to 2.1 percent. Rates are also attractive, for example, for term deposits.
“The CNB’s actions are once again returning the banking market to conditions where banks are competing for deposits. From the point of view of saving clients, this is therefore good news, “comments Ivana Pícková, Bank’s Director of Retail Banking, on the changes.
In addition, Air Bank will join the increase from 22 November. It will increase the value of money in the savings account for clients at a rate of 1.5 percent, but only for deposits up to CZK 250,000.
From 1 December 2021, Česká spořitelna will also increase interest rates on savings accounts, from 0.2 percent to 1.5 percent for clients with a PLUS account and clients of the Erste Premier and Erste Private Banking services.
It still applies that interest of 1.5 percent per year will interest the balance up to the limit set according to the type of savings account. The balance above this limit (CZK 200,000, CZK 400,000, CZK 1 million depending on the type of account) bears interest at a rate of 0.01 percent per annum.
The savings account is used by more than 1.8 million clients of Česká spořitelna, which represents 90 percent of Spořitelna’s primary bank clients. However, according to spokesman Filip Hrubý, only about half of them have a corresponding financial reserve.
Savings accounts do not cover inflation, but they are ideal for short-term reserves
“In the context of rising inflation, the importance of creating a short-term reserve that will cover household costs for at least a few months continues to grow. According to statistics, a quarter of Czech households manage with a reserve of less than 10,000 crowns, “says Roman Choc, head of investment and savings products at Česká spořitelna. “The interest rate on savings accounts has long been below the inflation rate in the whole of Europe. The savings account cannot beat inflation, but the creation of a short-term reserve is a key condition for clients to start using investment products that represent a truly effective appreciation of savings and a tool for creating a long-term financial reserve. ”
What interest do you get now?
|Bank||savings account||interest (in percent, pa)||condition|
|Trinity Bank||Good client||2,08||without conditions|
|MONETA Money Bank||Saved A, Savings A||1,50||up to 1 million crowns|
|Expobank||NEO account||1,40||without conditions|
|Banka CREDITAS||Savings account +||1.30 (2.00 from November 10)||up to 350 thousand crowns|
|J&T Bank||Savings account||1,10||minimum deposit 1 million crowns|
|Hello bank!||Hello savings||1,00||up to 200 thousand crowns|
|Air Bank||Savings account||0.75 (1.5 from 22 November)||up to 250 tic tons of crowns and 5 card payments per month|
|Raiffeisenbank||Savings account XL||0,40||up to 150 thousand crowns / active use of a current account|
|Equa bank||HIT savings account||0,40||up to 200 thousand crowns / 3 card payments per month|
|mBank||mSavings||0,40||up to 100 thousand crowns|
|ČSOB / Poštovní spořitelna||Savings with a bonus||0,35||od 500 tis. korun do 1 mil. korun|
|Sberbank||FAIR SAVINGS PLUS||0,30||without conditions|
|Česká spořitelna||ČS savings||0.20 (1.50 from December 1)||up to 200 thousand crowns|
|Commercial Bank||KB Savings Account Bonus||0,20||up to 200 thousand crowns|
|bank wire||konto wire||0,05||up to 1 million crowns|
|UniCredit Bank||PRIMA savings account||0,05||up to 500 thousand crowns|