An increasing number of citizens prefer bank deposits, gradually abandoning the storage of funds at home. The reasons for this are logical and lie on the surface: increased financial literacy of the population, advertising in the media about the benefits awaiting those who have bank deposits, and so on. Yes, and the understanding that storing money in a glass jar is much less reliable due to the risks of fire, theft and other unpleasant circumstances suggests the need to save money outside the home.
Another advantage of a bank deposit is the opportunity to participate in various loyalty programs, including preferential lending conditions.
Interest Rates and Risks
The idea is that if you give money to the bank for use, then at the highest interest on deposits, it visits almost everyone, however, in addition to this desire, you can not but consider other factors when choosing a deposit and its opening location.
When opening a deposit, it is worth considering that these highest rates can really be obtained only if you deposit a large amount of money for a period of a year or more. The second trouble may be the news that this interest rate is valid only for a certain period of time, in most cases falling on the last three months of placing money on the account.
And finally, one of the most obvious factors: the highest rates are offered on deposits in rubles, which can hardly be called a stable currency. So, the next crisis can completely depreciate ruble savings, which has already happened and, alas, more than once. If we talk about reliability, then leadership on this indicator definitely takes a multi-currency contribution. The average interest rate on it is likely to occupy an intermediate position between indicators of ruble and foreign currency deposits.
Advantages of placing funds in different currencies
A multicurrency deposit in most banks assumes different interest rates for each currency included in it, but some offer a single average interest rate. Technically, when it is opened, the client receives one account for each currency placed on deposit. Over the term of the deposit, it is possible to transfer the placed funds from one currency to another, however, as a rule, the bank announces the minimum amount that can remain on each account.
The program "Multicurrency deposit" can be found in almost any bank. Traditionally, in Russia, such deposits can be replenished in rubles, dollars and euros, which can be made both in equal shares and in other ratios.
State insurance, which in case of bankruptcy of the bank allows you to repay up to 700 thousand rubles to the borrower, also applies to a multicurrency deposit, which, of course, gives confidence in its reliability.
The fact that opening a bank deposit does not require any knowledge and a large package of documents makes it a very attractive tool that allows you to save your savings.
Differences in deposits of different banks
In various financial institutions, the conditions for opening and servicing such deposits may differ in such parameters as:
- minimum amounts for opening a deposit;
- the possibility of early closure;
- the possibility of replenishment of funds;
- terms of deposits and other conditions.
Thus, by opening such a deposit as a multicurrency deposit, you can make a good investment with minimal risk. However, one should not get carried away by transferring money from one account to another within a deposit, as the bank’s exchange rates for such operations may not be the most profitable and nullify all the profit from such an investment.