Savings account interest rate, when my savings account reached 50k CZK the interest dropped from 2.something to 1.something and after 100k it dropped to 1 and now it's 0.75, are they serious ? They just don't want you to save with them it seems

by Cautious_Composer_27

24 comments

  2. It’s about the same all over the market.

    They are trying to force you to use other means of investments.

  4. And you haven’t seen their interest rates in Austria! I get amazing 0,01 % p.a. AND I have to pay 5 € a month for that shit😂

    But yeah, Česká spořitelna isn’t the best bank on the Czech market…

  5. There are different types of accounts and options to invest with them. This one is basically just for your monthly expenses and maybe keeping up some reserve. It’s not that different from other banks.

  6. You are giving them your capital for practically free. The interest rate isn’t a joke, it’s the price you pay for the convenience of liquidity and the illusion of safety, so yeah…it is what it is, man…

    I had a brief stint in a very, very large Austrian banking group. i wasn’t on the retail side of course… I was structuring financial products for the private wealth division. You know what we called the entire retail savings portfolio? The “cash cow.” It was a massive, incredibly cheap source of capital. We would take the billions from accounts just like yours, bundle it all up, and use it to fund the real profit centers. The spread between the 0.75% they give you and the 8-10% they make on that capital is… well, you can do the math…

    … If you want your money to actually work, you need to get it out of the retail ecosystem and into real, performing assets.

  7. it was 1.25% at the begining of the year, then dropped to 1% and recently to 0.75%…it does not matter how much money you have stored on that account, they decreased it globally for everyone. I had account in that bank as well but after that I moved to Air Bank (and closed the account in Ceska Sporitelna) that offers a saving account with 2.5% rate for up to 500k CZK and you only have to pay by card 5 times a month to get that 2.5% next month, and for up to 1M CZK if you get at least 25k CZK on your account every month…I also got email from AirBank that they increase the rate to 2.7% from September

  8. it depends on type of account. there still possible to have 3% in Ceska sporitelna.

  9. The bigger percents are up to 200K, the rest is 0,75%. Also if you use monthly investment (I think 1.500 CZK), they’ll give you extra 1%.

  10. Trading 212 currently has the best “savings account” for CZK at 3.7%.

    Insured up to 20k EUR.

  11. Moved my savings to stocks with dividends. Got much more money now. These saving accounts are joke.

  12. As other say – trading 212, csob or revolut, depending on where you are from and where is your financial residency – they all give above 3.5%

  14. I have 2% in Česká spořitelna. To get this, you have to have the Plus account, use George app and send 500 monthly to your retirement fund. To get 3,8%, you need to invest or save 2000 for retirement every month.

  15. I have 3.8% on my savings account rn. To have this, you need to invest 2000 monthly (i.e. a retirement plan) and use george.

  16. They are passively encouraging you to look for other sources of passive income.

  17. Banks can thank their lucky stars that there are people out there stupid enough to keep anything more than a emergency reserve, in the amount of 6 months worth of living expenses to cover any unforseen expenses or sudden loss of employment, in these dogshit savings accounts, but I have seen people who have literally millions of crowns sitting around in these below 1% savings account rotting away due to inflation, well I guess its an improvement over keeping them under their mattareses, but still…. I am sure the banks execs are laughing their asses off, since they can scoop up these billions of crowns, pay you ,the sucker around 1% in interest, and net 7 to 8% using those funds for real investments…. if you are really conservative and wanna keep a larger safety cushion, keep a maximum of 8-9 months worth of living expenses in this tomb for money that people call savings accounts, but anything more is just painful to even imagine…..

  18. Don’t let such money be wasted in the bank. Open a brokerage account and invest it into an index fund. If you are afraid of the risk of investing in stocks or funds, use short term bonds such as ICSH or SGOV. Both funds are relatively safe, hold values even during the market crashes and pay 4.90% dividends. Fuck the banks and their savings accounts… They are jokes. Btw, I have parked my cash in those funds for years and even during the 2008 crisis the funds lost only 0.4% (while the market lost around 64%).

  19. You can easily get like 3% without playing these stupid games and with no additional requirements.
    Just put your money somewhere else. They are ripping you off.

  20. Ceska Sporitelna gives you 3.8% if you read the terms and apply that knowledge. They want to be your main bank and then you get all the benefits. Its part of their financial stability program, which leads you to think about money, not just blindly let it sit on your savings account

  21. just invest in Stocks… S&P500 or other ETF .. .there is better %

  22. yes, česká spořitelna is a joke and always has been. 

  23. Here in Slovakia in Tatra Banka i have staggering interest of 0,00% p.a. no wonder that i moved all of my money that i don’t need right now into investments

  24. That’s why I’m looking into investing into long term ETFs. Saving accounts in banks are a joke. You lose money.

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