How to choose a deposit to get more profit and fewer problems

2024 Author: Malcolm Clapton | [email protected]. Last modified: 2023-12-17 03:44

Decide what and when you are going to do with the money, and the task will become easier.

How contributions differ

By date

• Urgent. The money is deposited with the bank for a fixed period. At this time, the bank puts them into circulation. The interest on such a deposit is higher than on an indefinite one. The financial institution expects to be able to dispose of funds for a specific period. But if you withdraw money earlier, the interest on the term deposit is usually reduced, and to negligible values.
• Perpetual. Money from such a deposit can be received on demand without recalculating interest. But the income on them is extremely small. For a bank, your desire to return funds is akin to a lottery: you cannot predict when it will arise.

If possible, replenishment

• With the possibility of replenishment. You add money to the account and it is added to the amount on which interest is calculated.
• No replenishment. Usually we are talking about term deposits, on which you put a fixed amount.

Working with interest

• With capitalization. Interest on the deposit amount is charged monthly or quarterly - depending on the conditions of the bank. They are added to it, and the next month the accrual is carried out for an increased amount. This increases the profitability of the deposit.
• No capitalization. Interest is calculated on the amount that you put when opening a deposit, but is not added to it. Income can usually be withdrawn and used until the end of the term of the deposit.

If possible, partial withdrawal

With some deposits, you can withdraw part of the amount at any time. More often we are talking about unlimited options.

By currency

Deposits, like loans, are in rubles and in foreign currency. And, as with loans, the rates for currency options are lower.

Banks earn money by taking money from the population at a low interest rate and lending it at a high interest rate. Now foreign currency mortgages and loans are reluctant to take, therefore, the conditions for such deposits are not the most attractive.

What else to pay attention to

Deposits up to 1, 4 million rubles are insured by the state. Therefore, if you have saved more, it makes sense to divide your savings into portions so that they do not exceed the insurance maximum, and take them to different banks. The list of banks where deposits are protected is published on the Deposit Insurance Agency.

It is also worth excluding the situation of falling into the number of "gray" depositors. In this case, the bank takes money from you, but they are not recorded on its balance sheet and, accordingly, are not insured by the DIA. Therefore, ask the financial institution for a document stating that you have deposited money.

And, of course, do not trust funds to banks that you are hearing about for the first time. Check the license, history, key financial indicators. Suspiciously high interest rates on deposits should also be alarming: the bank may have set them because it is not going to return the money.

Why consider a savings account

Now banks offer to open a savings account, which in its functions largely duplicates an unlimited deposit, only offers more flexible conditions. You can deposit and withdraw money whenever you want. On the minimum balance, interest will drip on a monthly basis, which is added to the total amount. Consequently, capitalization is present. Interest is also very attractive even in comparison with a term deposit.

So consider a savings account as an alternative to a perpetual deposit.

How profitable to put money at interest

Based on the specified criteria, we will select the appropriate contribution for each situation.

Situation 1

Given: student Vasya finishes the fifth year in four months. After defending his diploma, he is thinking of living in another city. He recently won a grant, which is enough to move, but the prudent Vasya wants to save more.

Vasya has a clear term by which he will need funds, and he is going to increase the money, not spend it. Therefore, a three-month term deposit with the possibility of replenishment and capitalization of interest is best suited for him.

It is worth considering the option without replenishment, since the interest on it may be higher. In this case, Vasya will transfer the additional income to an unlimited deposit or savings account, so that this amount also grows, albeit at a slower pace.

Situation 2

Given: Anna sold the apartment and immediately thought about buying a new one. She doesn’t want money to be just lying around. But she may need them at any time, as soon as a good option appears.

An unlimited deposit is suitable for Anna, or a savings account is better. And the money grows, and you can withdraw it at any time. With a term deposit, the interest is higher, but she risks losing income if the funds are needed before the expiration of the contract.

Situation 3

Given: Peter got tired of work and sold his expensive business. Now he wants to get some rest. He has no other sources of income, so he intends to live on interest.

If Peter managed to put together a cool business, but never learned how to invest, he only has a term deposit for a long period with monthly interest payments. But at the same time, it is reasonable to leave part of the money on a perpetual deposit or savings account so that you can dispose of them when interest is not enough.

The best option is to divide the available amount into portions of 1, 2 million and put in different banks for different times: one or more parts for three months, one or more for six months, and invest the rest long-term. When, after three months, he wants to buy something expensive, he will have the required amount on hand. And if he does not bear it and withdraws the money earlier, he will lose interest on only 1, 2 million. The rest of the funds will continue to be in the account with full income accrual.

Your situation

If you intend to save and you know exactly when the money will be needed, your choice is a deposit with interest capitalization. As for the replenishment, you need to look at the conditions of the bank. Sometimes it is more profitable to open a deposit without replenishment, and save new income separately. At the same time, it is extremely unprofitable to withdraw money ahead of schedule: the income will be minimal. Lower than on an indefinite deposit.

If you do not know exactly what you will do with the money and how urgently you need it, consider the option of perpetual deposits and savings accounts. The percentage is lower than on a term deposit, but it will remain so, no matter what you do with the money.