Deposits for A Few Days. Who Makes Putting Them On Pay? | Financial Advice

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The most popular periods for which the bank customers start deposits include deposits opened for: month, quarter, half year, year and two years. Not everyone, however, can afford to freeze funds for such a time.

 

Financial institutions offer such clients an alternative – one-day and multi-day deposits. Their current list can be found in our overview.

Deposits lasting up to 31 days are the most advantageous way of saving for people who have large financial surpluses and can not invest them in the long run without exposing themselves to taking funds without losing the interest earned. It is also an ideal product for those who plan to make larger purchases in the near future. In order not to keep money useless at home or on an interest-free bank account, they can deposit them for a few days on deposits.

These types of products give a lot of freedom in maintaining financial liquidity. The funds according to the customer’s choice are frozen for one or several days (eg 3, 7, 10, 14, 21) and then they return to the billing account allowing them to freely dispose of money.

A big downside of day deposits is the fact that they are most often offered as non-renewable products. This is connected with a nuisance, if the client wants to eg save on a one-day deposit for several days. In this case, he must enter his account every day and start the deposit procedure again.

Given that some of the deposits offer profits that can not be achieved on most savings accounts, it is sometimes worth the effort. Best deposits generate interest up to 2.05%. on a yearly basis.

A deposit placed for such short (several-day) terms can not be found in any bank. They are offered by 12 institutions. The leader among them is Idea Bank. In its product portfolio, you can find a wide range of investments for various periods with an additional high profit per year. Among the investments worth mentioning are also products from PlusBank and Nest Bank, generating interest above 1%. on a yearly basis.