The golden age for savings accounts may end as interest rates slowly decline. However, there are still opportunities to earn over 6%, although these high rates are often subject to various conditions.
These changes are due to decisions made by the central bank, which has already reduced introductory interest rates twice. As these rates influence the interest on savings and term deposits, a further decrease in deposit products can be expected in the coming months.
For instance, Moneta Money Bank announced that starting in March, they’ll reduce the interest on savings accounts. However, the changes will only affect new accounts and deposits, not existing ones, and will only apply to term deposits, not savings accounts.
Similarly, Bank Creditas slightly reduced their rates on February 19, where the rate for deposits up to half a million dropped from 5.5% to 5.4%, and over this limit, from 3% to 2.9%. Max Bank also adjusted its rates during the same period, with the annual interest rate on the Czech crown savings account dropping by 0.31% since the beginning of the year.
Despite this general trend, many banks are still committed to offering the best rates in the market. Meanwhile, others are adopting a wait-and-see approach, planning to adjust their rates depending on the situation and further actions by the national bank.