VUZ Bank raises savings account rates

2 October 2014 (14:30)

October 2, 2014. VUZ Bank is offering new terms on its Savings Deposit. This deposit type can now be opened for three or six months or for one or two years: prior to this change, the deposit could only be opened for two years, with 10.5% annual interest rate. The maximum interest rate now comes to 11%, the bank’s press service says.

This change was brought about by customer feedback: customers prefer simple and clear short-term schemes that make it easier to save up for a short-term goal.

Depending on how long the money stays in the deposit, the interest rate will vary from 9.5% to 11% (9.5% for a ninety-day period, 10% for a 180-day period, 10.5% for a 360-day period, and 11% for a 730-day period).

The first installment starts from 1,000 RUR, with interest rate paid every 30 days, which means a customer gets a stable monthly income. You can also get a bank card issued and have the interest rate transferred into this card account.

There are actually mostly deposit schemes that are up to two years long in VUZ-Bank’s range of products, yet in most of them, the interest rate is paid monthly or quarterly, and customers can thus close their account even before the end of the deposit period without losing any money.

‘Short-term deposits are quite valuable in that they are transparent for the customers and actually give our customers an opportunity to try out our service. A customer knows what they need to save up for, they would like to invest for a limited period of time and to understand exactly how much profit they can hope for in a few months. This is how I would describe the need for short-term deposits,’ says VUZ Bank’s Retail Sector Director Nadezhda Padurina.

It’s worth noting that VUZ Bank’s range of products contains offers to suit every need and any amount of money a customer may have. You can open a bank deposit in favor of a third party: Children’s Deposit offers 10% a year, with capitalization of interest, and gives the child’s parents or relatives an opportunity to save up some money for the things the child dreams about or will need in the future; besides, special deposit schemes for retirees (up to 9.5% a year) allow a customer to have their pension payments transferred to a savings account and make some additional income.

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