Savings deposit is a type of term deposit. Its peculiarity lies in the possibility of replenishment during the entire period. Most often, all such deposits are used when it is necessary to accumulate funds for any large purchase.
Distinctive features of savings deposits
A replenishment deposit is a good way to save your own funds, which allows you to accumulate the necessary amount for any large purchase. For example, going on vacation, a new car, or getting an education.
A feature of savings deposits is the inability to withdraw money before the end of the contract. At the same time, banks often set a maximum or minimum deposit amount. The latter often coincides with the base amount of the deposit. Minimum - varies depending on the bank. For example, it can be 10 thousand rubles. Another distinctive feature is that such deposits are opened without prolongation.
It should be borne in mind that interest rates on savings deposits are slightly lower than on savings - by about 0.25-0.5 points.
To open a savings deposit, in most cases, only a passport and money are required.
Of course, the main disadvantage of savings deposits is the impossibility of partial withdrawal of funds, but at the same time, the depositor has the opportunity to replenish the deposit. In case of early withdrawal of the deposit, interest will be charged on it at the rate of 0.01% per year. At the same time, due to the constant increase in the amount of the deposit, the profitability on it will grow steadily.
Criteria for choosing a savings deposit
Different banks offer different conditions for savings deposits. Therefore, it is important to conduct a detailed preliminary analysis of the programs currently on the market. It is necessary to choose a bank based on a number of criteria.
First of all, you should pay attention to the proposed interest rate. As a rule, it depends on a number of parameters - the less often interest payments occur, the higher the rate; the more the depositor has freedom to manage money, the lower the percentage. Deposits with capitalization are more profitable and have higher profitability.
In Sberbank, on the "Replenish" deposit, the interest rate ranges from 4.60 to 7.28%, on the "Manage" deposit (with the possibility of partial withdrawal) - from 4 to 6.68%.
It is also worth clarifying how the yield on the deposit is paid. As a rule, the amount of interest on a savings deposit can be obtained at a bank branch or transferred to a bank card account.
In the process of choosing a deposit, it is necessary to take into account what deposit rate is valid for the replenishment amount. Sometimes it can be less than the principal amount.
It is worth paying attention to possible restrictions - for example, some banks allow replenishment of deposits only in the first half of the agreement, others limit the minimum amount of replenishment. A number of banks prescribe the need for monthly replenishment of the account for a minimum amount to save interest.
Of course, it is necessary to invest only in reliable, licensed banks that are part of the deposit insurance system.
