8.7.2024
July 2024 Overview: Deposit Market in the Czech Republic
4 min read
The Czech banking sector remains highly competitive, with domestic and international banks implementing various strategies to attract customers. For comprehensive insights into the European deposit market, PickTheBank is an invaluable resource.
In July 2024, the Czech Republic's deposit market is influenced by the nation's moderate economic growth and stable inflation. The Czech National Bank (ČNB) continues to implement a consistent monetary policy, aligning with the European Central Bank (ECB) to maintain economic stability. This alignment provides a reliable foundation for the country's deposit market, where interest rates and consumer savings patterns play pivotal roles.
The ČNB maintains strict regulations to ensure the stability and integrity of the banking sector. Deposit insurance schemes protect depositors' funds up to €100,000, promoting confidence and security among savers, in line with EU directives.
Czech banks cater to a diverse clientele with a range of deposit products, including savings accounts, fixed-term deposits, and notice accounts. These products vary in terms of interest rates and durations, tailored to meet different consumer needs.
Savings accounts offer flexibility with interest rates ranging from 0.01% to 2.0% as of July 2024. Fixed-term deposits offer higher returns, with rates from 0.01% to 3.75% for any term euro deposits.
For those looking for detailed insights into the European deposit market, PickTheBank is an essential tool. The platform has reviewed the websites of 47 Czech banks, compiling data on 630 deposit products. Beyond the Czech Republic, PickTheBank covers over 5,000 banks across 25 European countries, encompassing more than 30,000 financial products.
Top EUR deposit rates - any term
| Interest rate | Bank | Currency | Term | |
|---|---|---|---|---|
| 3.70% | J&T BANKA, a.s. | EUR | 3 mths | More -> |
| 3.60% | J&T BANKA, a.s. | EUR | 1 mths | More -> |
| 3.50% | J&T BANKA, a.s. | EUR | 12 mths | More -> |
| 3.50% | Artesa, spořitelní družstvo | EUR | 24 mths | More -> |
| 3.40% | J&T BANKA, a.s. | EUR | 15 mths | More -> |
| 3.30% | Artesa, spořitelní družstvo | EUR | 12 mths | More -> |
Top USD deposit rates - any term
| Interest rate | Bank | Currency | Term | |
|---|---|---|---|---|
| 4.75% | J&T BANKA, a.s. | USD | 1 mths | More -> |
| 4.50% | J&T BANKA, a.s. | USD | 6 mths | More -> |
| 4.20% | J&T BANKA, a.s. | USD | 12 mths | More -> |
| 3.50% | Raiffeisenbank a.s. | USD | 12 mths | More -> |
| 3.50% | J&T BANKA, a.s. | USD | 24 mths | More -> |
Top CZK deposit rates - any term
| Interest rate | Bank | Currency | Term | |
|---|---|---|---|---|
| 3.45% | J&T BANKA, a.s. | CZK | 18 mths | More -> |
| 3.40% | Raiffeisenbank a.s. | CZK | 6 mths | More -> |
| 3.40% | Banka CREDITAS a.s. | CZK | 9 mths | More -> |
| 3.40% | MaxBanka (Expobank CZ a.s.) | CZK | 9 mths | More -> |
| 3.40% | J&T BANKA, a.s. | CZK | 24 mths | More -> |
Top CZK subordinated deposit* rates
| Interest rate | Bank | Currency | Term | |
|---|---|---|---|---|
| 7.50% | J&T BANKA, a.s. | CZK | 60 mths | More -> |
| 7.40% | Banka CREDITAS a.s. | CZK | 120 mths | More -> |
| 7.00% | NEY spořitelní družstvo | CZK | 84 mths | More -> |
| 6.90% | Banka CREDITAS a.s. | CZK | 84 mths | More -> |
| 6.70% | Banka CREDITAS a.s. | CZK | 72 mths | More -> |
| 6.30% | Banka CREDITAS a.s. | CZK | 60 mths | More -> |
* Subordinated deposit. Not covered by deposit guarantee scheme. In the event of insolvency or liquidation of the bank, the claims of priority creditors – creditors who have not agreed on a subordination agreement – are served first. This product investor is thus exposed to a higher risk, up to and including total loss, compared to senior creditors. It is not possible for the customer to set off the claim for reimbursement from the debenture against claims to the bank.
PickTheBank allows users to explore interest rate trends, compare financial products, and stay updated on market developments. Always verify the latest rates and terms directly with banks before making decisions.
In summary, the Czech deposit market as of July 2024 reflects a stable and competitive environment, supported by prudent consumer behavior and strong regulatory oversight. For a broader European perspective, PickTheBank offers detailed and up-to-date information on deposit products and interest rates across the continent.
