The bank deposit is currently known as one of the safest and most advantageous ways to deposit money. At a bank deposit, the money is stored primarily to reproduce safely. By depositing money into a deposit, the bank offers the customer a specific interest rate, as well as a promise to pay the sum of money paid into the deposit, as well as the interest added to it.
The most standard deposits include term deposits, but in addition to these, there are various others. For example, progressive deposits are increasingly well-known. Progressive deposits differ primarily in their construction from standard bank deposits.
The opportunity to save
This deposit is especially ideal for customers looking for long-term products that will give them the opportunity to save. With progressive deposits, it is always possible to make additional payments of additional capital to the one that has already been deposited. Thanks to this, a progressive deposit is associated with a much smaller amount of formalities compared to a regular bank deposit.
With a progressive deposit, it is also possible to pay interest accumulated for a given month, as well as all or part of the capital without losing the interest accumulated so far. In some banks, there is not even a minimum period after which it is possible to withdraw the capital held without losing interest, however, in some banks this minimum period is set for a progressive deposit, so it is worth checking so as not to risk losing the interest accumulated so far. Equally, capital can be left for the next period in a given deposit.
Solution gives access to the deposited funds
This solution gives access to the funds deposited on the deposit, which increases the flexibility in using the capital held on the deposits. Progressive deposits are ideally suited for customers who plan to save regularly. Every month, you can make an additional payment to your capital, which allows you to increase the interest rate. The customer does not need to sign subsequently contracts with the bank to extend the deposit for each payment of money.
With progressive deposits, the interest on the deposit increases in particular months, and this, in turn, leads to an increase in the capital held, on which the interest will be calculated. When choosing a progressive deposit, it is worth comparing the average interest rate for the entire duration of the deposit. This averaging of interest often indicates that it is lower in relation to term deposits.
Progressive deposit is to be opened
In addition, some banks also require a bank account in which a progressive deposit is to be opened, which is often troublesome and expensive for the client. Despite the small drawbacks, progressive deposits are becoming more and more popular among customers, which is why now every bank already has such a deposit in its offer. Particularly popular are the ones that banks offer to customers using electronic banking.
Their advantage is above all extremely easy access to them. Very often, just a few moments and mouse clicks to set up this type of deposit. Due to the growing interest in them, banks increasingly want to compete with each other also in terms of what they offer to their clients. Therefore, often the conditions for such deposits are much better than others available on the market.