How to choose deposit?
Deposits are used to achieve certain goals - such as preserving capital, making a profit, accumulating to achieve a goal. At first, it seems that this financial instrument is simple and understandable, but if it becomes necessary to choose where to open a deposit, a lot of little things can arise that will affect relations with the bank in the future.
Varieties of deposits and their potential
Before choosing a reliable bank for a deposit, you need to decide on the purpose of opening an account, that is, understand what purpose it is opened for. There may be several options for deposits in banks at interest:
- Classic - to accumulate the maximum interest;
- Deposit with replenishment - suitable for those who plan both to collect money and to be able to withdraw it at the right time. Interest will be small, but such accounts are more suitable for accumulation for planned purposes.
- The possibility of capitalization - the amount of interest is added every month to the main amount and in the next period, interest will be charged on a large deposit amount. This function allows you to increase the profitability of the deposit.
In order to better understand the functionality of the future deposit, you can use the online calculator, which immediately shows the future income and the optimal storage period.
Choose account currency
Next, we determine the currency of the deposit account. There can be three options:
- U.S. dollars;
Some banks may offer to open a multicurrency deposit - this is when it is possible at the request of the client to transfer the account to the desired currency. At the time of transferring the deposit to another currency, the money will be converted at the current exchange rate. It is also possible to open an account in another currency - for example, Swiss franc.
Checking the reliability of a financial partner
Seriously, you should consider which bank to open a deposit with. Your peace and the nature of the relationship will depend on this. The first sign of reliability is the bank’s participation in the Deposit Guarantee Fund, which guarantees the return of funds from the account in the event of bankruptcy. An important characteristic is also the bank rating and customer reviews on deposits in the bank at interest. Check the information on ratings and success is possible on the official website of the National Bank of Ukraine.
Important! Overstated interest rates on deposits should always be checked for compliance with the standards, and above all, the reputation of the bank.
Offers of Ukrainian banks
For clarity, the best deposits in Ukraine can be viewed and compared on the page with the rates in banks.
Be sure to carefully read the terms of the contract before signing it. There you will find important information on the calculation of interest and the possibility of early closure.
Which deposit to choose?
You have savings in US dollars and you want to get the maximum income - for this, a classic dollar deposit with interest at the end of the term is best suited.
You collect money to pay for training, which must be paid after six months - choose a deposit with the possibility of replenishment and capitalization (or monthly payment) of interest for six months. So you collect training and receive a small income.