Bank deposits, for example a savings account or a deposit, are popular investment products. Their most important advantage is their safety – the deposit is protected by a bank guarantee of up to EUR 100 000. On the other hand, when putting money into a deposit or savings account, you cannot count on spectacular profits. However, there are ways to maximise them, which you will read about in our guide.
Start by analysing your deposit offer
It’s a good start to shop around for the best deals. Online deposit and savings account comparison sites will help here. When a certain bank has by far the best offer on the market, get it right away and check the terms and conditions for setting up a deposit, for example.
Don’t hesitate to open an account with another bank
It is important to realise that banks simply lure customers with good deposit offers and want to bind them more firmly to each other. It is often the case that in order to be able, for example, to set up a deposit at a high interest rate, you have to open a savings and checking account at the same time. This is not a big problem and there is no need to be afraid of this. When the deposit expires, you simply close the account and that’s it.
Forget about being loyal to your bank!
The biggest mistake made by savers is to keep their funds still in the same account or deposit, even if the terms have long since ceased to be competitive. Loyalty to the bank really does not pay off. Banks treat regular customers much worse than new ones, so look for more favourable offers and unscrupulously take advantage of them, even if you are happy with the service you have received so far from your current bank.
Move your deposit whenever a good offer comes along
To maximise your returns on bank deposits you need a bit of commitment. Usually the best offers are for a period of three to six months, after which the interest rate on a savings account or deposit drops dramatically. At that point, you should immediately transfer your funds to another bank that offers a much higher interest rate – and so on and so forth.