This is an open-ended account from which the client has the opportunity to withdraw money whenever necessary. You can withdraw part of the amount or the entire amount. It is important to remember that interest will be charged on the amount remaining after partial withdrawal.
From the point of view of financial benefit, this option is the least suitable for preserving funds from inflation and especially for earning money. When placing such deposits, the bank or credit institution does not have guarantees for managing the money for a certain period. For this reason, the interest rate is very low - from 0.1% to 0.01% per annum.
Demand deposits are more profitable for banks, and clients can consider them for safe storage of personal funds.
Currency deposits
Depending on the bank's terms, a deposit can be uk mobile database opened in euros, dollars or other currencies. Interest rates are lower than ruble deposits, but such deposits are still profitable, thanks to the immunity of foreign currencies to inflation in Russia.
To protect funds from exchange rate fluctuations, you can use a multi-currency deposit. Most often, an account is opened simultaneously in dollars, euros and rubles with the possibility of free conversion from one currency to another.
For example, a deposit is opened in dollars and the rate begins to fall rapidly. To protect yourself from losses, the amount can be converted into a more stable currency at that time - euros or rubles.
These are special deposits for young families, pensioners or students, savings programs for some event, for example, until coming of age. These can also be standard deposits, but with additional benefits: early withdrawal and the possibility of capitalizing interest.
Also, preferential deposits are often offered by young banks that have not yet gained the trust of their clients. Their essence lies in improved conditions. For example, this could be a standard term deposit, which offers 8% for a contract term of one year, 6% for six months and 4% for 3 months. Under preferential conditions, the bank can offer 8% for a term of 3 months to demonstrate its reliability to the depositor.