How to open a deposit in a bank at a favorable interest rate: expert advice
A bank deposit, or, as many call it, a deposit, is a sum of money that the client transfers to a credit institution for a certain or indefinite period. To open a deposit in a bank at interest is a way not only to store accumulated funds, but also to increase capital by accruing income. At the same time, observing several important conditions that financial specialists highlight, there is practically no risk of losing money.
In which bank is it more profitable to open a deposit
This is the first possible guideline when choosing an option that can bring a good income. In the top three among Russian-speaking capital holders are such giants as VTB and Sberbank, however, you should not stop at the first credit institution that comes along. There are many others, not so well-known and popular, but offering more profitable programs.
Determining which bank is more profitable to open a deposit, it is also worth considering the proposals of the following financial organizations:
- Alfa Bank;
- Russian Standard;
In addition to this list, depositors in Moscow open deposits at interest in the following organizations: AKB, Investtorgbank, MKB, Absolutbank, Zenit Bank, Locobank, Gazenergobank, Expobank.
By the way, the profitability of deposits presented by the largest banks in the country is traditionally lower than that which banks that are more modest in terms of assets are ready to offer customers.
When choosing a credit institution, everything is important:
- place in the rating;
- the range of products offered;
- availability of bank branches;
- possibility of remote control of your accounts;
- suggested bids.
If you are a salary client of a bank, it makes sense to study its products. Usually, an increased deposit rate is provided for salary clients.
Program selection: at what percentage to open a deposit
To begin with, we will highlight the criteria by which deposits differ and, accordingly, the programs offered by banks.
So, according to the duration of the bank deposit agreement, term and indefinite deposits are distinguished. The first ones are opened for a certain period of time at a higher percentage, however, with early closure, the client loses a significant part of the income. The second ones have no expiration date and can be closed at any time, but the income on such deposits is extremely low.
There are also deposits with or without the possibility of replenishment and deposits that allow withdrawal of funds or prohibit this option. The replenished deposit allows you to increment the initial amount and, as a result, the total income, non-replenished involves the deposit of a fixed amount.
As for withdrawals, the ability to cash out or transfer money more often applies to perpetual deposits, but sometimes banks allow you to withdraw funds within the limit set by the contract.
According to the method of accrual of income on deposits, programs with and without capitalization are allocated. In the first case, interest is accrued quarterly or monthly, is added to the deposit amount and in the next period is accrued for an increased amount. Accordingly, the yield on such a deposit is higher. In the second case, interest is accrued on the amount deposited, but does not increase it, so the funds accumulated in this way can usually be withdrawn without closing the account.
By currency, deposits that are opened in rubles and deposits that are opened in foreign currency are distinguished.
When placing money at interest in a bank, experts recommend paying attention to the following points:
- Residents of the Russian Federation, in case of bank bankruptcy, can count on insurance compensation in the range of 1,400,000 rubles in total for all deposits opened in one bank. Therefore, if you have accumulated a large amount to have guarantees, it is advisable to deposit funds on deposits from different banks.
- It is better not to trust money to a bank that practices working with so-called “gray depositors”. The bottom line is that, having taken money from such a client, the bank does not take them into account on the balance sheet and does not issue a document confirming the deposit of funds. In such cases, deposits are not insured, so there is a high risk of losing savings.
- You should not trust money to a little-known unverified bank, you always need to check the credit institution for the presence of a license from the Bank of the Russian Federation. One-day credit organizations usually offer the highest interest, but they do not operate for long.
How to calculate the yield on the deposit
The easiest way is to use the deposit calculator, which is available on almost all official websites of banks.
There are also special formulas by which profitability is calculated depending on the frequency of capitalization. Such, for example, are posted on the Raiffeisenbank website, but for the layman they seem very complicated.
To calculate simple interest, that is, interest accrued on the initial amount for a certain period, you can use the following formula:
S- this is the amount of interest;
Р- the amount deposited by the depositor;
I -annual interest rate;
К- number of days of the year;
Т- the period of validity of the contract in days.
What documents are needed to open a deposit
When visiting the office of the selected credit institution in person, you will only need a passport and cash, which will be deposited to the account. Additional documents are required when the deposit is opened to another person, for example, a child. In this case, the latter’s documents will be required. If the client plans to entrust the account management to a third party, his personal presence will be required to issue a power of attorney.
Current bank customers who have a personal account have enough access to Internet banking. In this case, no documents are needed to make a deposit.
Ways to open a deposit in a bank
There are two ways to open a deposit: online or with a personal visit to the bank. The first assumes access to the personal account of the online application of the credit institution and is suitable for regular customers of the bank, the second is the conclusion of an agreement at the branch of the selected credit institution with the provision of a passport to the employee.
How to open a deposit in a bank at the highest interest rate
On financial monitoring, you can find ratings of banks in various categories, including the top best banks for opening a deposit at a high interest rate. If the value of the bid is the determining criterion for selection, use the tips of aggregators, and if you are looking for a program suitable for specific circumstances, it is more expedient to analyze various offers in order to stop at one.
A short-term deposit at the highest interest rate is suitable for achieving any goal, for example, to multiply an already significant amount of funds in a relatively short period of time. Long-term deposits can be considered as a way of investing, and finally an indefinite deposit is perfect for saving capital.
How to close a bank deposit
A profitable deposit opened online is easy to close in the same way. To do this, just log in to your personal account and simply close the deposit. The system will automatically calculate and charge interest, after which the account will be canceled.
When closing a deposit at the bank’s office, a passport will be required, the operator will do the rest, and money can be received at the cash desk. If the deposit is impressive, notify the bank in advance about the closure of the account. Otherwise, the cash register may not have the required amount.
There are no time limits except for those prescribed by the terms of the contract. Accordingly, if the client closes the deposit ahead of schedule, the interest is recalculated at the demand deposit rate, and the amount of income becomes less. If there is no need for early termination of the contract, the deposit is closed at the end of the established period.
Published: 8 June, 2022