GoodFishers Bank base rates are at a record low and will not move here for quite some time. So it’s worth looking at what deposit rates banks offer for our money. If that’s not enough, you should look at other forms of savings or otherwise increase your yield.
The highest interest rates are found in small credit institutions, while the highest rates are below 3 percent unconditionally. Higher interest rates can only be obtained if different conditions are met. What can these be?
For a long time, we will commit our money
It is important to know that by depositing money in a Long Term Investment Account (TBSZ) we can get away with interest tax and EHO. This can greatly increase the value of our savings and expect higher yields even with lower interest rates.
The most common interest trick for banks is the fresh money deal, which is usually used by all credit institutions to attract more and more savings. The transaction fee and other transfer costs also help them reach their goal, because after the initial high interest, no one is happy to take their money elsewhere, so from now on, we are prepared to leave our money alone where we are willing to leave it alone. it is.
Banks usually pay very high interest rates on our new savings, which can be 2 or 3 months. New savings, or fresh money, increase the amount of savings we hold in the bank after a certain time.
In most cases, banks do not announce the date from which they will be counted as new money, so that the customer does not transfer their money elsewhere, repays it after the appropriate day and receives a higher interest rate on the total amount.
Although this trick is not really worth it anymore, as the average cost of fresh money offered is 1-2 percentage points higher than the transfer cost.
It may be worthwhile for us to do this if we are able to find high yield savings even after a short period of high interest rates.
Banks that offer other investment options appear in banks’ offerings. In this case, the bank pays a huge amount of money for a shorter term than today’s market interest rates, but in return expects to borrow another amount over a long period of time in a specific product, such as insurance, mutual fund, bond or other security.
Mainly those who are good clients of the bank, so they keep their account with the credit institution and receive a good monthly amount. Or use your card regularly to set up direct debit orders.
For example, at AIX Bank, customers with an OKÉ4 account package always receive interest on fresh money, no matter what the deposit money comes from. However, in order for this account to be free, you need a credit of $ 100,000 in income.
Elsewhere, we get bonus rates if we re-deposit our money. This is usually less than the interest paid on fresh money, but a few tenths of a percentage point higher than unconditional.