Faced low interest rates and changing conditions on the financial market, many Poles are looking for ways to effectively multiply their savings. 1 of the most popular tools is savings accountswhich offer attractive interest rates. However, these promotions are frequently short-lived and associated with additional conditions. Is there a way to reduce the impact of specified restrictions And benefit for a long time? Yes, there is simply a clever trick that allows regular increase savingsusing bank promotions.
How do promotions work in savings accounts?
Many bank clients benefit from promotions related to high interest rate in savings accounts. Banks tempt new customers and people who bring new measures, offering up to 7-8 % per year for respective months. The intent of specified offers is to attract fresh customers and halt them, but after a fewer months the interest rate returns to the standard level.
Usually promotional interest rate only applicable new measures. This means that if the client deposites the funds he already holds in the bank, they will not be subject to promotional conditions. After the promotion period, banks may besides reduce interest rates for those who neglect to meet the conditions, specified as transfers of funds.
A trick that allows you to gain more in savings accounts
However, there is simply a way that allows to clean up the banks and regularly benefit from advanced interest regardless of that promotion is only available for a fewer months. How do we do that? The method is simple, but requires regular monitoring of bank offers and the timely transfer of funds between banks. In practice, this is due to the fact that we are moving our savings to another bank that presently offers promotion to high interest rate.
Example: How to benefit from the promotion in the bank?
Suppose the bank offers 7-8 % per year au three months. The condition is that the funds be ‘new’, i.e. transferred to the account only erstwhile the promotion starts. In accordance with the rule, the account balance that counts for promotion is set the day before the start of the offer. To benefit from the next edition of the promotion, adequate transfer of funds to another bank or pay it out for a short time.
For example, if the promotion lasts from August 23 to September 9and the balance of the ‘new measures’ is set at 18 November, just before 18 November We'll pay the money and then We'll pour them back to the bank only 22 November. This allows us to re-use advanced interest rates for the next 3 months.
What is needed to make this method effective?
It is worth remembering that specified a strategy is fully legal and was confirmed by bank staff. Banks that regularly offer promotions on high interest rateallow the usage of this strategy for many years.
Of course, to usage this method, you request regularly follow the rules of procedure advance and remember the dates. This requires commitment and systematicity, but for those who want to increase their savings regularly, this is simply a very profitable strategy.
What are the advantages of this method?
The main benefits are:
- Regular usage of promotion – you do not gotta wait for a fresh offer, only you can always usage high interest rate.
- Optimising savings – even if bank interest falls after a fewer months, this strategy allows constant advanced interest.
- Full legal action – the usage of this strategy is legal and approved by banks.
When is this not gonna work?
However, it is worth noting that this method will not work if fixed-term depositswhere early withdrawal of measures consequence in failure of interest. In that case, the withdrawal of the measures may be unfavourable as the profits will be reduced by possible penalties. In addition, remember that not all banks offer specified promotions, so you request to follow offers on an ongoing basis to find the most profitable ones.
Get more with regular promotions
Regular usage of promotion on high interest rate in savings accounts is simply a way that allows Optimising savings. While this requires commitment and appropriate tracking of offers, it can be effective reduce the impact of rising prices and inflation for savings.
It is besides worth remembering that banks constantly compete for customers, and offers can change, so it is worth keeping up with the latest promotions. With the right approach, you can enjoy advanced interest rates for a long time, which will let for efficient management of your finances.
More here:
How to effectively win banks in a savings account and gain more
