About 900 credit institutions operate in our country, and almost each of them boasts a fairly wide range of bank deposits. However, not all banks are reliable and stable, so finding a suitable deposit is sometimes quite difficult. What, first of all, should you pay attention to when choosing a bank? Which deposits should you prefer?
Today, citizens can open deposits for a period from 1 month to 5 years and place a variety of amounts on them. How to find a deposit that will be not only profitable, but also convenient? Experts recommend paying attention to several important conditions, the observance of which guarantees the selection of the optimal contribution.
Bank participation in the deposit insurance system
This is the first and main condition. If it is met, your savings in the amount of up to 700 thousand rubles are insured by the state. In case of bankruptcy of the bank, your deposit and already accrued interest on it (within the sum insured) will be returned.
Interest rate
The total profitability of the deposit depends on it. However, a deposit with high interest rates is not always more profitable. The procedure for calculating interest is also of great importance. With an equal rate, it is better to prefer the deposit on which they are accrued monthly and attached to the principal amount of the deposit (in other words, the interest is capitalized).
In second place in terms of profitability are deposits with monthly accrual and interest payments. They are convenient in that income from the placement of free funds can be received during the entire term of the deposit agreement.
Deposit term
Traditionally, “long” deposits have a higher rate than short ones. They are beneficial for both the bank and the client. The credit institution receives financial resources for a long term, and the depositor receives a large amount of accrued interest. However, when opening a deposit for a period of more than a year, you need to be absolutely sure that you will not need this money earlier than the date indicated in the agreement. Early termination of "long" deposits is always accompanied by the loss of accrued interest or a significant decrease in the deposit rate.
Additional bonuses
When opening a deposit, ask a bank specialist about the validity of any seasonal offers or the availability of additional options. You may be offered:
• free registration of a plastic card to receive interest;
• Internet banking connection, which allows you to manage your account remotely;
• an accumulative program of discounts for payment of certain goods;
• joining the insurance program;
• small gifts or souvenirs.
All this makes the deposit more profitable and the client loyal to the bank. Perhaps, after the expiration of the contract, you again decide to place free money in the same credit institution. In this case, you can count on additional bonuses for regular customers.
