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Czech banks have been changing interest rates on savings accounts and time deposits in recent months. In most cases, this is a reduction. The TN.cz editors have compiled a detailed table in which you can look at the interest rates for both savings accounts and term deposits.

Savings accounts

Trinity Bank offers the nominally highest interest at the moment, namely 6.28 percent up to 250,000 crowns. Another advantage is that you do not need to have a current account with Trinity Bank to set up a savings account. The amount above 250,000 crowns is also subject to above-standard interest, namely 5.68 percent.

Here, however, it is surpassed by VÚB banka and Max banka, which have 6.05 percent and 6.01 percent interest on an unlimited amount. Next is Air Bank, which has a lower interest rate up to 250,000 crowns, but above 250,000 it currently gives exactly 6 percent.

Compared to the end of last October, however, interest rates at most banks are falling slightly or holding their own. This is a decrease in the lower tenths of a percentage point. The exceptions are the aforementioned Trinity Bank and Air Bank.

Savings accounts usually work by allowing banks to earn better interest on the money than if you had it in a checking account. The maximum amount of funds in the savings account is limited in most cases, usually to less than hundreds of thousands of crowns. Savings accounts usually do not accept payment cards, but money can be transferred at any time. The interest rate on the savings account can change, the bank will inform you in advance about the changes.

Term deposits

Term deposits are offered for different periods of time, with some banks it is possible to deposit money there for up to several years, or even just for days or weeks. For greater clarity, the TN.cz editors compared deposits for 1, 3, 6, 9 and 12 months, if the bank offers them.

J&T Banka currently has the best interest rate term deposits. But if you are a new client, you must prepare at least one million crowns. But you can find many other banks that offer an interest rate of over 5 percent, as you can see in the table below.

With term deposits, interest falls the most in the case of a longer savings period, even by more than one percentage point (if you have a million dollar deposit, it is more than 10,000 crowns per year before taxes), while with shorter savings, up to as much they do not change, exceptionally they even grow.

Time deposits allow the bank’s client to withdraw money only after the set period. In some cases it is possible even earlier, but this is usually burdened with a contractual penalty. There are also banks that offer better interest rates on term deposits than on savings accounts. Term deposits also tend to have a significantly higher deposit limit.

Savings accounts and term deposits
at Czech banks

bank
savings account
Term Deposit

Czech Savings Bank
3,5 % up to CZK 200,000 (basic interest rate 1.5% + individual interest rate 2%)
5,1 % for 1 month
5,5 % for 3 months
4,8 % for 6 months
4 % for 12 months

ČSOB
5 % up to CZK 250,000 (the condition is to use a ČSOB payment card at least 5 times a month and to open the ČSOB Smart application at least 3 times)
5,5 % for 3 months
5 % for 6 months
4 % for 12 months
deposit amount min. 5,000 CZK, max. 3 million CZK

Commercial Bank
5 % up to 200,000 CZK
5,25 % for 3 months
5 % for 6 months
4 % for 12 months
deposit amount min. 5,000 CZK, max. 3 million CZK

UniCredit Bank
5,75 % up to 2 million CZK (bonus rate if you pay at least 3 times a month with a UniCredit Bank debit card)
4,25 % for 1 month (min. deposit 30,000 CZK)
5 % for 3 months (min. deposit 30,000 CZK)
4,5 % for 6 months (min. deposit 30,000 CZK)
4 % for 12 months (min. deposit 30,000 CZK)
bonus rate for deposits over CZK 1 million up to 0.5%

Raiffeisenbank
5 % up to 500,000 CZK to 1.5 million CZK (bonus rate if you pay at least 3 times a month with a Raiffeisenbank debit card)
2,1 % up to 10 million CZK, 5 % for 10 to 30 million CZK for 1 month
2,3 % up to 10 million CZK, 5 % for 10 to 30 million CZK for 3 months
3,5 % up to 10 million CZK, 4,5 % for 10 to 30 million CZK for 6 months
3,7 % up to 10 million CZK, 3,7 % for 10 to 30 million CZK for 12 months

Moneta Money Bank
5,3 % up to 1 million CZK, 0,5 % over 1 million CZK
0,01 % for 1 month
5,3 % for 3 months
4,5 % for 6 months
4 % for 12 months

J&T Bank
5,25 % (deposit with one-day notice, min. 1 million CZK, for existing clients min. 100,000 CZK)
5,65 % for 3 months
5,75 % for 6 months
5,6 % for 9 months
5,8 % for 12 months
min. CZK 1 million (for existing clients CZK 100,000)

FIO bank
5,5 % up to 200,000 CZK (account FIO account), 4 % for an unlimited amount of deposit (account FIO savings accountmax. 4 withdrawals per month)
3,3 % for 1 month
4 % for 3 months
4,1 % for 6 months
4 % for 9 months
4 % for 12 months
min. CZK 3,000

Air Bank
5 % up to CZK 250,000, 6 % over 250,000 CZK (if you pay at least 5 times a month with an Air Bank card) does not offer

Credits
5,6 % up to CZK 500,000
5,4 % for 6 months
5 % for 12 months
min. CZK 5,000

Max bank
6,01 % (without limits)
5,4 % for 6 months
5 % for 12 months
min. CZK 100,000

Trinity Bank
6,28 % up to CZK 250,000, 5,68 % over CZK 250,000
1.8 to 1.9% for 6 months (bonus rate +0.15%)
1.8 to 1.9% for 12 months (bonus rate +0.2%)

VUB Bank
6,05 % (without limitation) offers

mBank
5,5 % up to CZK 100,000 (mSavings account), 4 % up to 500,000 CZK (eMax Plus accountit is possible to have up to 4 of these accounts, i.e. you can have 4% up to 2 million CZK)
0,01 % for 3 months
0,01 % for 6 months
0,1 % for 12 months
min. CZK 1,000

Data valid as of Friday, January 26, 2024
source: websites of individual banks / TN.cz

Czechs are among the biggest savers in Europe, but they don’t know what to do with their money. Watch TV Nova’s December report:

TN.cz

2024-01-27 04:55:00
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