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High deposit rates may indicate hidden conditions


Financial institutions often announce higher deposit rates. Such proposals should be treated with caution, since in these cases we may not be talking about classic deposits, but about mixed products. This was warned by the partner of the company “EvaBeta Russia” Sergey Grigoryan. He stressed that rates on classic deposits in large banks are usually in the range of the current refinancing rate.

For example, if the Central Bank rate is now at 7.5, then banks will open a standard deposit at 5-8%. If you see an offer at a rate of 10%, 13%, or maybe more, then most likely we are talking about just such a mixed product.“, Grigoryan explained Agency “Prime”.

According to the expert, this product includes a classic deposit with an increased rate when certain conditions are met. Among them may be the opening of a brokerage account, the purchase of investment life insurance or endowment insurance. In addition, the increased rate may be valid for a limited period, and not for the entire period. So, for example, opening a deposit for a year at 13% per annum may actually turn out to be a rate of 5% if the client does not open a brokerage account, replenish it with at least 100 thousand rubles and start making transactions on it. But even if these conditions are met, the increased rate can be maintained for only three months, after which it can fall to the same 5%.

The expert stressed that these conditions can also be regarded as good if a person knows what a brokerage account is and knows how to handle it, what are shares, bonds and REPO transactions. Otherwise, he risks losing all the additionally invested money, although, of course, the deposit funds will remain.


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