Winter will begin soon. It’s time to think about opening a deposit that is “tied” to the season.
Why such proposals deserve attention?
Seasonal deposits: benefits
Such contributions have several interesting distinctive features :
- they are opened for a fixed term (for 3 or 4 months, less often for half a year) without the right of prolongation;
- they are usually set relatively high interest rates – about 7-9%.
Customers like to use such offers, as this is a good way to manage a small amount.
For banks, the system of seasonal deposits is not the most profitable, but financial institutions retain it as an effective advertising and marketing tool.
It is especially interesting for small banks that are not in the top 30.
Winter is perhaps the hottest period in terms of the emergence of special offers: shortly before the New Year, customers are waiting for stocks and perceive even slightly increased interest as a valuable gift.
To consolidate the gift effect, people opening a pre-holiday deposit are often handed pleasant souvenirs – from beautiful knick-knacks with bank emblems to investment coins.
Interestingly, some large banks do not develop special New Year conditions for deposits. Explaining their position, they explain that their regular products are attractive and without additional bonuses.
What to look for when making a choice?
- Since deposits of this type are drawn up for a short period of time, income is usually paid at the end of a fixed period. However, individual credit organizations offer interest payments on a monthly basis.
- Sometimes the amount paid is allowed to replenish.
- Infrequently, but still there are seasonal deposits with capitalization – regular interest crediting.
See if there is a chance to gain access to some benefits through online operations. Now banks are actively promoting their online services.
And, of course, do not be lazy to compare seasonal deposits with regular ones, including long-term ones. It is hardly worth abandoning the more profitable option just for the sake of a gift pen with a logo.