Deposits and savings accounts for new funds. How to use it and earn money

For those who follow the market of term deposits and savings accounts on an ongoing basis, it is no secret what banks expect in exchange for a better interest rate. One example of more favorable interest products are offers for new funds. We suggest how to use the same savings despite the limitation.

In banks, deposits and accounts aimed at new customers are the best valued. A limited group of people will benefit from such an offer and only once. After being included in the promotion, you lose your new customer status. Next in line are products for new funds, into which you can deposit capital again, but then you will not do without new savings or… you can show your cleverness. In this article, we suggest how to use the same funds for this purpose.

Check the date of the funds test

In the case of this type of deposit , the date of testing new funds is key. This is the day in relation to which banks compare the balance of funds in their accounts at the time of making a deposit to a new deposit or savings account. The planned interest rate is then covered by the surplus over the designated balance.

To use the same offer again, you need to deposit funds from outside. The idea is that on the day set by the bank, they will not be recorded in the system of the given bank. A solution in this situation may be to transfer funds alternately between two institutions. Thanks to this, the funds will regain the appropriate status, because they will have been “sitting” for several months in another, competing bank.

I chose four of the highest interest-bearing term deposits and savings accounts for new funds. All deposits are for 3 months. Also for the same period, a better rate is charged on deposit accounts, which are in the table below.

We have checked several variants and suggest what interest you can expect after six months by choosing a given pair of products. At this point, let us emphasize that all calculations are made assuming that the given interest rate will be maintained in the analyzed period. Estimates are made for a period of 3 months, although some banks specify the period for which they charge the given rate more precisely. This may be, for example, 90 days or 92 days. For this reason, the calculations may differ from the received interest to a small extent.

Option 1: Best rates, highest interest

You don't need to do complicated calculations to determine that choosing the offers with the highest interest rates will bring the highest interest while maintaining the same deposit amount. For this reason, interested parties should consider choosing the Open Savings Account at ING Bank Śląski at 6% per annum and one of the two offers at 5.50% per annum. Later, you can return with the same savings to ING Bank Śląski.

What are the other additional conditions?

The offer of ING Bank Śląski is addressed to holders of a personal account in the bank, who during the promotion period make at least 15 non-cash transactions with a debit card or Blik, log in at least 3 times to electronic banking and at the end of the promotion period have a balance higher than the initial one. The rate is covered by the amount lower than PLN 100,000. ING Bank Śląski adds interest resulting from the increased rate at the end of the promotion period.

Additional conditions of the Mega Savings Account at Alior Bank include having a personal account and making a transaction by card or Blik for at least PLN 500 in each settlement period. The rate given applies to funds up to PLN 200,000.

The interest rate given in Bank Millennium on the Profit Savings Account applies if the account is maintained by a personal account holder who performs no less than 5 card or Blik transactions in each month of the promotional period. PLN 100,000 is the deposit limit for the rate of 5.50 percent per annum.

Option 2: Option without a personal account

Not all customers want to be tied to a bank for a longer period of time, and such a relationship is forced by having a personal account, which is often covered by fees for maintaining and servicing a debit card. Of the selected products, only two do not have this condition – Lokata Mobilna Nowe Pomiar from Santander Consumer Bank at 5% per annum and Lokata na Nowe Pomiar from BOŚ Bank at the same percentage.

What are the other additional conditions?

The Mobile New Funds Deposit has a maximum limit of PLN 400,000. In the case of the New Funds Deposit from BOŚ Bank, there is no maximum amount, but the bank applies a different restriction. Anyone interested in the offer must have a savings account in this bank. The maintenance fee is PLN 0 per month.

Option 3: The best account and term deposit

For those who want to try both a savings account and a term deposit, a good choice might be to open an account with ING Bank Śląski and then deposit the funds in Santander Consumer Bank . These two offers have the highest interest rates in their “category”.

What are the other additional conditions?

Additional conditions of the offers listed have already been described above. In the case of the Open Savings Account, attention must be paid to the requirements regarding activity (logging into electronic banking and making non-cash payments) and the capitalization period. A deposit in Santander Consumer Bank has no other conditions than those regarding the deposit of new funds.

Option 4. High limit offers

People who have managed to accumulate large savings may look for products with a higher deposit limit. Among the eight selected ones are, among others, the New Funds Deposit in BOŚ Bank without a deposit limit and the New Funds Deposit in Nest Bank at 4.85 percent per annum with a maximum amount set at PLN 2,000,000. BOŚ Bank regularly introduces the New Funds Deposit promotions, so after receiving the funds in Nest Bank, you can deposit them again in BOŚ Bank at the rate applicable on a given day.

What are the other additional conditions?

In BOŚ Bank, it will be necessary to open a savings account to handle a term deposit. Offers opened at the branch have lower interest rates than those available online. In order to use Nest Lokaty Nowe Pomiar , you must be the holder of a personal account in this bank. Nest Konto is one of the few banks on the market that does not charge fees for maintaining an account and using a “debit card”.

When it comes to savings accounts, the highest limits are offered by VeloBank (Flexible Savings Account) and Alior Bank (Mega Savings Account). The former has a limit of up to PLN 400,000, while Alior Bank has a limit of up to PLN 200,000. A savings account may also appeal to people who plan to pay additional capital during the term of the agreement. Term deposits do not offer such an option.

What are the other additional conditions?

5.40% per annum is the rate that will apply to VeloBank provided that at least 5 payments are made by debit card each month. This means that the account holder will have to set up a personal account. They will also have to provide marketing consents.

We have already written about the Mega Savings Account above. In its case, it is required to have a personal account and make a transaction by card or Blik for at least PLN 500 in each settlement period.

Better conditions for new customers

In the article, we have prepared simulations of deposits for new funds, but many of the banks mentioned have special offers for new customers. As mentioned above, they are one-time, but when establishing a relationship with the bank, there is nothing to prevent you from using this offer instead of a deposit or account with the condition of new money. For example, the top of the last ranking of savings accounts has such an offer. Among the banks that are the heroes of the article, the offer only for new customers is available in Alior Bank, Bank Nowy, ING Bank Śląski, Nest Bank and VeloBank.

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