Lured by high income: what banks do not agree about savings accounts
Credit institutions are significantly more actively promoting savings accounts
Credit institutions are much more active in promoting savings accounts. According to the Banki.ru service, over the year the share of credit institutions that included this product in the lineup increased from about one third to more than 40%. In September-October, major players refreshed their offers, and among savings products that appeared over the past two months, the share of savings accounts was about 1.7 times higher than a year earlier.
“Against the background of competition for customer funds, banks have become more active in promoting savings accounts, but more due to the expansion of the line and marketing mechanics than due to profitability,” Inna Soldatenkova, head of expert analytics at Banks.ru, said.
The yield of such accounts for the year fell significantly. The maximum welcome rate now reaches 15.5% per annum - a year ago it was 17%. And offers with a rate of 14% was three times less.
Welcome conditions and activity bonuses remain: the share of accounts where an increased percentage is tied to card, subscription, balance size or other requirements increased from about 40 to 45%.
The average rate on a savings account is more than 2 percentage points inferior to three-month deposits (11.74% on November 5), and after the completion of shares, the yield often falls even lower. In addition, the bank has the right to revise the rate on the account at any time, while on the deposit it is fixed for the entire period, Soldatenkova reminds.
For banks, according to the expert, a savings account is a way to lure a client with a high percentage at the start, and then keep money on cheaper terms. If the key rate begins to decline, the yield of accounts will quickly adjust to it.
The clients themselves, according to her observation, the profitability is most important, so they still use savings accounts more as a reserve. And as the policy of the Central Bank softens, part of the funds will probably flow to deposits – there the current yield can be fixed in advance.
