The biggest tricks of the banks: that’s why they promise higher interest rates
When the interest rate on deposits was still good, we were less likely to encounter the biggest interest tricks on the banks, which are trying to write attractive yields on deposits due to low central bank base rates and lack of real competition.
The most common such trick is the fresh money that 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, there is just a minimal return that we are willing to leave our money alone. where 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.
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.
Some may receive higher interest rates
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 ASA 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.