Savings accounts: interest rates are also falling in KB, Max banka and Creditas

Savings accounts: interest rates are also falling in KB, Max banka and Creditas
Savings accounts: interest rates are also falling in KB, Max banka and Creditas
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Banks continue to reduce interest rates on savings accounts.

Komerční banka has reduced interest rates since the beginning of April. On the savings account in the new KB+ application, it now offers 4.5% per year for deposits up to 200,000 crowns, previously it was 5%. Without the new application, the basic savings account rate remains at just 2%.

Max banka, which until now offered the highest interest rate (5.7%) on a simple savings account without restrictions and other conditions, is starting today with a new product called the Max savings account. It will leave the rate at 5.7%, but only up to half a million crowns. Any part above half a million will earn a little less interest: 5.6%. Unlike its predecessor, it is a non-payment account – money can be deposited into and withdrawn from it only via a regular Neo account, not by direct transfer from (to) another bank. In practice, it is not a big difference, formally it is: it will allow the bank to react more flexibly to market developments, in the event of a reduction in interest, it is not bound by stricter conditions than in the case of a payment account.

The existing savings account of Max banka (called Savings account in CZK) will reduce the interest rate from 5.7% to 5.2% from April 4 and to 4.2% per year from April 26.

From March 28, Creditas reduced the interest to 5.2% up to half a million crowns (previously 5.4%) and to 2.5% above half a million (previously 2.9%).

From April 12, Air Bank will reduce the interest for deposits up to 250,000 to a maximum of 4% from the previous 5% per year. For deposits over 250,000, it will drop to a maximum of 5% from the previous 6%. These interests are available to clients who have activated a special offer and at the same time paid at least five times by card in the previous month. The promotion with a preferential interest rate will last until May 2, when Air Bank will end it.

ČSOB will keep the maximum interest of 5% for deposits up to 250,000 until the end of April, but from April 6, it will slightly change the method of interest. This will bring a lower interest rate for deposits from 250,000 to a million (newly 2.8% instead of 3.3%) and also a lower rate than before if the conditions for active account use are not met (five card payments per month and logging into the ČSOB Smart mobile application at least once every quarter).

Since April, Raiffeisenbank has reduced the interest on older Hit Plus savings to 4.5% up to 500,000. The new Bonus savings account continues to earn 5% interest for deposits of up to CZK 500,000 (Smart account) or up to one million (Active account) or up to 1.5 million (Exclusive and Premium account) with at least three card payments per month.

UniCredit Bank attracts new clients at 5.5%, in the previous month it was 5.75%. It already gives only 4.5% to March newcomers, and offers 2.5% to its loyal clients as standard.

From June, Česká spořitelna will change the method of interest. It will significantly simplify the complicated conditions it introduced a few months ago. We described it in more detail in a separate article. It is not yet clear what the specific interest rate will be, the bank will probably announce it only in May.

Who has the highest interest now?

Trinity Bank continues to offer the highest interest rate on a savings account under the name Spring Great account. The rate for deposits up to 250 thousand is 6.31% pa, for the part from 250 thousand to ten million it is 6.08%. Any portion above ten million will earn 4.08% interest at Trinity.

The second place in the ranking belongs to a savings account from the new Partners Bank with a rate of 6.03% without a ceiling on the amount of deposits. It is part of the package together with the current account. For paid packages For two and For family interest is credited in full without further conditions. For the basic free package For one the interest is unlimited in the first four calendar months (including the month of opening the savings account), from the fifth month it is necessary to pay by card at least five times a month – if the condition is not met, the interest will be halved.

Best savings accounts as of April 3, 2024

Flask Name Maximum interest (pa) Limitations
Trinity Bank Spring Great account 6.31% For deposits up to CZK 250,000. Any part from 250,000 to 10 million bears interest at 6.08%. Above 10 million, interest is 4.08%. Interest may be lower for deposits made before March 6.
Partners Bank Savings account 6.03% No ceiling on the amount of the deposit. A current account is required. This is free in the basic version (package for one person), but full interest is automatically credited only in the month of opening the savings account and in the following three calendar months. Then the full interest remains for at least five card payments per month, otherwise it drops to half. For higher packages (For two and For a family) there is full interest without a time limit, i.e. without card payments.
Air Bank Bonus action up to 6% Interest is 5% for deposits up to CZK 250,000, and 6% is applied only to the part exceeding this limit. For example, for a balance of CZK 500,000, the resulting interest is 5.5%, for a million 5.75%, for five million 5.95%. The condition is at least five card payments in the previous month (with a discount for new clients) and activation of the bonus. From April 12, the interest will drop to 4% up to CZK 250,000 and to 5% for higher deposits.
VUB Savings without limits 5.8% No conditions, but: It is a branch of a Slovak bank. If the client does not provide a tax domicile certificate from the tax office, the bank will deduct Slovak tax (basic rate of 19%). Whoever submits the certificate must solve the tax liability for the calendar year themselves (15% rate in the Czech Republic). Those who do not exceed the limits for taxable income do not need to file a return.
Max bank Max savings account 5.7% For deposits up to CZK 500,000. Any part above 500,000 will bear interest at 5.6%.
UniCredit Bank Promotion for a new current account 5.5% Only for new clients who open a checking account. Interest is paid on deposits up to two million. The condition is at least three card payments per month. By default, he gives only 2.5% up to a limit of half a million to previous clients.
Fio Bank Fio account 5.5% For deposits up to CZK 200,000. For the band from 200,000 to a million, the interest is 0.1%, from one to ten million 0.15%, above ten million 0.2%. The minimum balance is CZK 100, which is returned only when the account is cancelled. Another product called Fio savings account earns interest on the entire deposit without a ceiling, but has a rate of only 4% and can be withdrawn from it a maximum of four times a month.
mBank mSavings 5.5% The condition is a (free) current account and the choice of one of the four variants of regular savings. This takes place in the form of goals, each of which can save a maximum of CZK 100,000. The limit can be increased up to CZK 800,000 thanks to the fact that it is possible to establish up to eight goals. In practice, it is not necessary to save regularly. The bank guarantees that it will not reduce the rate until the end of June.
Creditas Bank Savings Account+ 5.2% For deposits up to CZK 500,000. For the part above this limit, the interest is 2.5%.
Money Bank coin Savings H, G, F, E 5.1% For deposits up to a million crowns. The part of the deposit above one million bears interest of 0.5%. The bank guarantees that it will not reduce the rate until the beginning of May.
J&T Bank Savings account 5% The initial deposit must be at least one million crowns. The condition does not apply to existing clients who already have or had deposits of at least one million or investments of at least CZK 100,000 in J&T Bank. The notice period is one day.
Raiffeisenbank Bonus savings account 5% For deposits up to CZK 500,000 (Smart account) or up to a million (Active account) or up to 1.5 million (Exclusive and Premium account) with at least three card payments per month (if the condition is not met, the interest will drop to 0.1%). The part above the limit bears interest of only 0.01%.
ČSOB Savings with a bonus 5% For deposits up to CZK 250,000, if you pay by card at least five times a month and log into the ČSOB Smart application at least once every three months.
Until April 5: For the band from 250 thousand to a million, the interest is 3.3%, above a million only 0.15%. With fewer than five card payments per month, the base rate is 3.3%, without the app just 2.3%.
From April 6: For the band from 250 thousand to a million, the interest is 2.8%, above a million 0.15%. If the conditions are not met, the basic rate is 1.5% up to CZK 250,000.
Air Bank Savings account 5% For deposits up to CZK 250,000 with at least five card payments in the previous month. Any part above 250,000 bears interest at 6%, so the resulting interest gradually increases with a higher deposit. The condition is activation of the offer, otherwise the interest is a maximum of 4.25%. From April 12, the interest will drop to 4% up to 250,000 and to 5% above 250,000.
Commercial Bank Dispute. KB+ account 4.5% For deposits up to CZK 200,000 upon establishment (and control) in the new KB+ application. Deposits above the limit are practically free of interest (0.01%). Without the new application, the basic savings account rate is just 2%.
The table only contains classic savings accounts that are available as standard for regular retail clients. Source: official bank documents, Peníze.cz

Petr Kučera

Editor-in-Chief of the Peníze.cz website. It focuses on a wide range of personal finance and consumer topics. He graduated from the Faculty of Law of Charles University in Prague, but he likes the media even more than paragraphs. He led the coverage of the Czech… More articles by the author.

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