One of the classic and beloved ways to store your savings are bank deposits. Despite the relatively low profitability, this option is chosen much more often than, say, investment in business or trading on stock exchanges. Commercial banks now advertise a wide variety of deposit offers, which they call beautifully, “packing” a standard standard contract into a bright attractive wrapper.
To understand what really is a good and profitable offer, and what only seems to be a profitable and profitable option, we will consider what types of deposits are currently on the financial services market.
The main types of contributions, their characteristics and conditions
According to the duration of the contract,
bank deposits are divided into urgent and unlimited. In the first case, the client gives the financial institution the right to use its funds for a certain period of time - from 3 months to 2-3 years. As a rule, the longer the term of the deposit, the higher the interest rate on it. Types of demand deposits are convenient in that you can withdraw the required amount at any time or withdraw the deposit completely, but the income from them is small. Moreover, commission fees for banking services sometimes reduce it to almost zero. This is a way to keep money until the right moment without worrying about cash being stolen.
A deposit in the form of a deposit line is also possible, which can be replenished at any time, with a limited or unlimited maximum amount. Such types of deposits are often called “Piggy Banks” and words that are similar in context, because in this way it is convenient to make savings for some big purchase or just for the future.
The types of bank deposits differ in the currency in which they are accepted. Some banks, for example, Sberbank, offer almost all types of deposits in different currencies, and there are also multicurrency deposits. Depending on the choice, its interest rate also changes - the more reliable and stable the currency, the lower it is.
As for the payment of interest, there are also possible options: paying them monthly or at the end of the contract, or capitalization (adding to the main deposit amount) every month or quarter. It’s convenient when you have the opportunity to choose, or to report interest yourself through online banking. Such a service is offered by many leading Russian banks.
These are almost all classical types of deposits, their combinations and variations give rise to a whole sea of
special offers from financial organizations. The relatively high income from deposits can be compared with the level of risk for the client: the larger the amount of investments and the term of the contract, the higher the rate. Opportunities such as capitalization and
account replenishment also increase profits
.There are also exclusive offers from financial institutions. These are the so-called indexed deposits, the profit from which is tied to a certain factor, for example, the price of valuable metals or oil, the stock exchange indicator, etc. They already belong to the category of investment, and have their own characteristics and nuances.
Important to remember
When choosing the type of deposit, you need to pay attention not only to the conditions, but also to additional payments, commissions and fines. Different types of deposits have their own nuances and features. For example, in case of early termination of the contract there may be a recount of interest for the entire period of its validity, and for replenishment of the account, withdrawal of interest and other banking services, they may charge a separate fee. It is also worth noting that only those deposits are insured, the amount of which does not exceed 700,000 rubles.