And it is absolutely unnecessary to keep them at home. But I do not recommend you to open a common bank deposit as you will get significant sanctions for pre-term withdrawal of the assets.
For many people so called universal deposits allowing to be fulfilled, and partially withdraw the money at any convenient moment, are not surprising. However it can be the news that recently the banks have set high interest rates for such kinds of deposits. If previously the rates for deposits with right for withdrawing the money didn’t differ much from the rates for current accounts, now they have become close to the rates for other kinds of fixed deposits. Under conditions of the current inflation, these offers are very appropriate. Here are, for example, deposit rates in the national currency on the market:
- Megabank, ‘Megalopolis’ deposit – 18%;
- ‘Credit-Dnieper’ bank, ‘Open’ deposit – 18%;
- Arma Bank, ‘Universal’ deposit – 17.5%.
Nevertheless, when arranging the universal deposit, I would recommend you to pay attention not only at the rates that the bank is paying, but also at other terms of placing the assets. These terms, but, unfortunately, disadvantages, I will have a better look at by examples of three deposits mentioned above.
So, according to the terms of ‘Megalopolis’ deposit, you can withdraw without any sanctions only 20% of the deposit amount. Withdrawal of the bigger sum equals early termination of the contract, and the interest is paid according to the rate of 1% annually. Also the bank can introduce such limitations as necessity of having non-reducing account balance, or the right for money withdrawal during a certain period of time. The same restrictions can be introduced for the right for account fulfillment. Some banks charge commission for money withdrawal and/or the deposit fulfillment, so I recommend you to find out its amount before opening a deposit.
The second important feature of such deposits is a possibility of issuing a plastic card and using it for money withdrawal and deposit fulfillment. Thus, in order to fulfill the ‘Open’ deposit at ‘Credit-Dnieper’ bank, or to withdraw some part of money, you will have to visit a branch of the bank, which makes certain inconvenience.
Among the deposits that don’t have such disadvantages we can name VISA deposit card ‘Profitable’ of Delta Bank, and ‘Mega-flexible’ deposit of Universal Bank. The rates for these deposits are lower but they are much more convenient. However, in any case, you should choose the terms that are appropriate for you personally.
Rates and terms of universal deposit you can see here.
Have a good assets placement!
