Savings deposit: banks, conditions, interest rate

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Many people would like to have a magic wand that helps them increase their savings. But, alas, this is from the fantasy section. Before you can learn how to make a fortune, you need to be able to at least save what you already have. And we will talk about one of the approaches in this direction, namely about savings deposits in banks.

General information

Any adult citizen can open a deposit in a specialized financial and credit institution. Even those under the age of 18 can get their own account with the help of their parents. This allows you to save, and sometimes even increase the available funds. The interest rate, as a rule, is not very high, but more or less protects against inflation. There are a large number of different deposits, but we will talk about one of the most ancient representatives of this family - about the savings deposit.

What is it?

Savings is a popular way to save money. As a rule, it is the representatives of thisfamilies can offer the highest percentages. But, alas, according to the terms of the agreement, it will be possible to receive all accrued interest only after the term of the deposit expires. They also cannot be replenished. Interest rates on them fluctuate within a significant range. It is quite possible to encounter a situation where one bank will offer 6%, and the institution next to it - 12%. But do not rush to make a choice in favor of the second. It may also be that he has problems with liquidity. And if the bank bursts, then the maximum that can be returned is the principal amount of the deposit. This type of investment attracts many people because of its affordability and simplicity. If you are interested in the possibility of withdrawing at any convenient moment, then you need not savings, but term deposits.

About capitalization

Financial instruments have many attractive features. Savings deposit in this case is no exception. Therefore, attention should be paid to such an attractive moment as capitalization. What does she represent? The essence of capitalization is that after the accrual of interest once a month, they begin to accrue not only on the principal amount, but also on the money already earned. Let's look at a small example. Let's say we have ten thousand rubles. We go to the bank and deposit them for a year at 12%. It turns out that in a month we will accrue one percent on the amount. In this case, it is 100 rubles. In the end, a person will take 11.2 thousand rubles. What will happen to capitalization? So, under the same conditions, weWe earn 100 rubles for the first month. We add to the original amount. And we already have 10, 1 thousand. And now they are already charged 12% per annum. In the first case, we would receive 100 rubles in the second month. And with capitalization it will already be 101. And gradually the amount of interest will grow, the longer - the more. Is there a catch here, or is it necessary to choose the option with capitalization without hesitation? Alas, there is a downside. So, in cases with capitalization, banks offer lower interest rates. Let's say not 12, but 11 or even 10. Therefore, it is necessary to calculate the benefits from each individual option, and only having accurate and reliable data, make decisions. Otherwise, chasing an illusory profit, in reality you can lose.

Risks

In order not to lose funds, it is necessary to adequately assess the situation. So, if the bank is teetering on the verge of bankruptcy, it is not recommended to invest money in it. You should also pay attention only to those institutions that have a banking license and that are members of the deposit guarantee fund. In addition, it is desirable that the size of the deposit does not exceed the amount of 1.4 million rubles. Why? The fact is that this is the limit of the guaranteed amount of compensation. Anything above this amount is not guaranteed, so you will not be able to receive money in case of bankruptcy. You should not exclude fraud by bank employees, so you should always require a contract that you need to carefully study.

What are financial institutions offering now?

There are a variety of options for which a savings deposit is offered. Sberbank, for example, offers 2.3 percent per annum on it. Agree, not much. Why is that? This indicates insignificant inflationary expectations and a low level of demand for credit money. Therefore, this option is suitable for those who are interested in preservation. In this case, a savings account will do. Sberbank, by the way, about a year ago offered its customers about 6% per annum. As you can see, the interest rate is constantly falling. But let's make a comparison. And consider deposits in Belarusbank. Here the situation is much better. So, for example, the maximum interest rate is 10.2 per annum, which is almost twice the average level of accruals on other deposits. Deposits in Belarusbank allow you to consider the classic scheme of savings investments. True, it should be noted that the term for which the deposit is concluded is of great importance. So, the minimum bet is three times less than the maximum.

Destination

When are savings deposits needed? Their services are often used to save money for a large purchase. Gaining popularity and savings deposit to adulthood. It is considered as a tool of help and support at the beginning of an independent life. In general, there are quite a few different specific contributions. There are special offers for pensioners and for a number of other categories. Say they arethey are radically different, it is impossible. But certain bonuses can be provided that are pleasant for these categories of the population.

Modifications and improvements

Initially, savings deposits meant only depositing money and receiving it at the end of the term. But gradually the proposals expanded and improved. So, often time and savings deposits in some banks do not differ at all. Relaxation is offered by financial institutions in matters of replenishment and withdrawal. But, alas, the price of this is a gradual decrease in the rate. So, for example, the well-known Sberbank offers deposits in this area in a very favorable way in terms of providing services. But, as mentioned above, the maximum amount of funds received from this is a small 2.3%. And if you had to choose between, say, 6% and 2.3%, but with a service, many would choose the first option. Indeed, although inflation is slowing down, such a small percentage is still not enough to cover it.

Conclusion

In general, the savings deposit, the interest rate on it leaves much to be desired. Although there are many different individual aspects. So, in the world, it is quite popular to tax the profit of the deposit. In order not to irritate customers, banks formally offer a higher rate, but talk about a lower one, which already takes into account the fee in favor of the state. The approach is also gaining popularity when the interest rate grows along with the amount that was deposited into the account. So, Sberbank on savings deposits firstoffers only 1.5%. And only as the deposited amount increases, the rate will rise to 2.3%. Therefore, it is necessary to read the contract being concluded very carefully, especially what is written in small print. Even if they are in a hurry, there is no need to rush anywhere, because it is the right of every person to get acquainted with all the documentation.