It is also necessary to compare the savings accounts. Comparing savings accounts is quite simple. You are looking for a savings account with long-term high interest, free of charge, unlimited transfers and possibly without unnecessary restrictions.
Recovery on savings account
Valuation is always higher than on current account. Interest is even comparable to interest in semi-annual and annual term deposits of the largest banks.
The assessment of the most advantageous savings accounts for “internet banks” ranges from 0.8% to 2% pa (February 2014). Banks adjust the appreciation of the market situation and competition. Usually, the last bank to enter the Slovak market offers the best interest and conditions.
Banks also offer interest-rate advantages when different conditions
In some cases, banks also offer interest-rate advantages when different conditions are met. This is mostly an increase in deposit with existing clients or a specified minimum balance.
When comparing interest, the frequency of attributing interest must also be taken into account. The same interest in different savings accounts will not bring the same profit. In the case of the monthly attribution of interest you get more than in the quarterly.
Savings account in ordinary or internet bank?
As the popularity of the internet bank savings accounts is growing, our “stone banks” have also decided to compete. They were thinking of different variations and hybrids of normal savings accounts just to keep their clients’ money.
These are not full savings accounts. Usually, there are different conditions and restrictions on obtaining interest, which are mostly lower than on the savings accounts of internet banks.
Somewhere there are conditions in the form of regular savings, some restrictions on withdrawals or sometimes even the need to keep a current account for an unnecessary fee.
Either you choose the right product to save yourself and rely on your experience or you can reach your financial intermediary to help you choose the right product.