Demystifying Deposit Myths: make informed financial decisions with PickTheBank!

Deposits are always a safe choice

While deposits are considered relatively stable, they are not always entirely risk-free. Risks are associated with potential changes in the economic situation, inflation, and other factors that can impact the actual return on the deposit.

High-interest rates are the best option

A high-interest rate on a deposit may be appealing, but it can also indicate higher risks. It's essential to examine all the terms and conditions of the deposit to avoid unpleasant surprises.

Online banks are not secure

Modern online banks are regulated by the same laws as traditional ones but often benefit from a lower amount of expenses. However, it is crucial to choose reliable and licensed providers.

Long-term deposits are always more profitable

Long-term deposits may offer a higher interest rate, but they also restrict access to your funds for an extended period. This may be undesirable if unexpected expenses arise. Currently so-called «interest rate curves» (rates depending on maturity) vary in different banks. Some banks offer the highest interest rates for the long term. Some offer the best rates for a 1-year term.

Financial advice is universally applicable

Each person has unique financial goals and circumstances, so one-size-fits-all advice may not always be suitable. Consulting a financial advisor can provide personalized recommendations.

It is important to remember that in financial matters it is best to trust trusted sources of information and consult with professionals to make informed decisions about your money.

For ease in making financial decisions and selecting the best deposit options, visit our platform PickTheBank today!