Deposit as a reflection of life plans
On deposit or under a pillow? A few years ago, Ukrainians mainly chose the second option for storing savings, considering it more reliable, and the alternative – inconvenient and risky. But times are changing, realities and needs are already different, and banking products are becoming much more catching. Let's see the deposit with new eyes!
The habit and skills of managing personal finances of Ukrainians are only developing, but there are already interesting results. The good old scheme for keeping savings in foreign currency “in a bank” (and this is not about a financial institution) is being replaced by a focused approach to savings. Not just “saving money just in case”, but save money for a specific purpose, whether it’s a large or medium purchase, or a trip and the like.
According to Nielsen data, a reputable global marketing research company, 3 out of 4 Ukrainians have “free” money. About a quarter of the country's citizens over 16 years old make savings; almost a million Ukrainians have a deposit. Most of them plan to re-deposit their funds.
Usually, about half of the income received by Ukrainians goes to regular necessary expenses: food, utilities, car maintenance, etc., another 30% – for entertainment, occasional purchases. 20% – funds that theoretically can be saved (as part of people do), or, if there is no clear goal to save them, then spend on the necessary or not quite necessary things.
A vacation to the sea or a trip lasting a week or two will cost an amount that many Ukrainians will find it difficult to take out from current income immediately, therefore, as a rule, it is necessary to save money for 3-5 months. And you must admit, a quality vacation is a key to both a good mood and working capacity. Depriving yourself of this is not the best solution. Consider a deposit as one of the attractive and convenient options to save the desired amount.
Truth and myths about deposits
Журнал «Народний банкір» №11/2019
If you have not recently been interested in the modern deposit products of leading banks, then we will show a real picture that will sort things out, and at the same time, perhaps, will dispel some stereotypes that are no longer relevant.
How much can I put on a deposit?
From 100 UAH, 10 US dollars or 10 euros or more.
What are the interest rates on the market right now?
The average rate on term deposits in hryvnia now varies between 11-16% per annum, in foreign currency – 1-3% per annum. In fact, foreign currency deposits are more a means of storing funds. And from the multiplication point of view, the hryvnia deposit has much more prospects.
Will inflation “devour” a deposit income?
According to the prediction of the National Bank, inflation in 2019 will not exceed 7%. Thus, the interest in hryvnia deposits covers the inflationary impact.
Will the funds in the deposit account be unavailable to me during the whole period?
It depends on the chosen type of deposit. There are two main types: urgent and “on-demand”. In the first case, it is really impossible to receive funds before the end of the contract period (or in some cases, it can be received, but with recalculation of interest receivable at a reduced interest rate). In the second case, funds are available throughout the entire period. At any time, you can receive part of the funds, and interest will continue to be credited on the balance on the deposit account.
How is interest credited on a deposit from which I can freely withdraw money?
The interest is credited daily on the amount that remains in the account at the end of each calendar day. The interest is paid on a monthly basis.
Along with the payment of interest in accordance with the current legislation of Ukraine, this type of income is taxed. In particular, the rules established in 2016 apply today: the tax rate on personal income of 18% and the military tax of 1.5% of the amount of paid income.
What is the interest rate “on-demand” deposits?
Since the bank cannot predict when exactly the client wants to receive a part of the funds from the deposit, accordingly, it can offer a lower rate than for term deposits.
Conscious money savings
Журнал «Народний банкір» №11/2019
Which deposit you choose depends primarily on the purpose of the money savings. Usually, the longer the placement period, the higher the interest of banks offering, the more your money will increase. If we are talking about the purpose of money savings for large purchases – housing or a car, then it is advisable to consider deposits for a period of one year or more. It is worth remembering that in such cases you save only available funds that you will not need under any circumstances during the placement period. In particular, “Dohidniy” deposit from PUMB offers a catching rate of up to 17.5% per annum in hryvnia, paid monthly. Moreover, there is no possibility of withdrawing or replenishing funds under the terms of this deposit. But if you want to replenish your deposit regularly, “Nakopychuvalniy” deposit with a rate of up to 16.5% per annum in hryvnia is more suitable for you.
But as for average purchases, then deposits for six months to a year are right. Let's say you save money on vacation and suddenly you see catching offers. You do not know at what exact moment this can happen. And this is the case when freedom at the disposal of one's own money is helpful.
An example – “Vilniy” deposit from PUMB. This is a deposit for six months (184 days), which can be replenished at any time or from which any amount can be withdrawn. The Bank does not establish any restrictions on the amount that the client can replenish or withdraw, therefore we have two advantages: money is always available but at the same time they “work”. Interest on the balance of such a deposit in hryvnias is credited and paid monthly – 12% per annum. All deposit operations are available online in the PUMB Online application, so you do not need to visit a branch. You can withdraw funds from the deposit or replenish it at any time and anywhere directly from your phone using this application.
Reliability is a priority
Parting with your money, albeit temporarily, you want to protect yourself from their loss. When choosing a deposit, the reliability factor is more important than the size of the interest rate. A prerequisite for your peace of mind – the bank must be a member of the Individual Deposit Guarantee Fund (IDGF). The list of participants can be checked at the fund website www.fg.gov.ua. It will not be superfluous to learn more about the reliability ratings of financial institutions.
By the way, PUMB is a regular participant and agent bank of the Individual Deposits Guarantee Fund, it is included in the TOP-6 banks by the size of the portfolio of term deposits of individuals. As of August 1, 2019, the portfolio of funds of individuals of the bank amounted 1.79 billion UAH.
The Bank license of the NBU No.8 dated on 06.10.2011.
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