Is it worth leaving money in a savings account?
“I have all the money in the bank. They are safe there, and they even appreciate themselves a little to me,” Czechs often say. But is it really that simple? And if you leave savings in a savings account in a bank, how many to put away there? We will answer that too.
.avif)
(This article is NOT financial advice)
Savings accounts are heard the most in times of high inflation, when the Czech National Bank raises interest rates. This is exactly what happened in the previous two years, and so today ordinary people can appreciate their money on “savers” by an average of 5-6 percent per year. Such interest is decent, given the low risk (deposits in savings accounts tend to be generally considered almost risk-free). However, as you will read later in the article, the amount of revenue is need to put in context.
Read in another blog post how Czech and foreign inflation developed in 2023.
What is a savings account and what it is for
When you leave finances lying in a checking account, you don't get an extra penny. If, on the other hand, you save them to a “saver”, you will receive a return on a regular basis.
https://www.loom.com/share/60393dfc21ae4c06a5d515f801f7042b
When you leave finances lying in a checking account, you don't get an extra penny. If, on the other hand, you save them to a “saver”, you will receive a return on a regular basis.
.avif)
