Every year, the popularity of plastic cards among bank clients is growing. To keep up with the times, credit institutions are offering increasingly advanced mechanisms for managing funds in card accounts and launching new services and products. One of them was the accrual of interest on the balance on a bank card, often commensurate with interest on deposits. This article will discuss the key features of such a service, its advantages and disadvantages in comparison with classic deposits.
If you want the accumulated money not to lie like a dead weight in your stash or under your pillow, but to generate income, you should be concerned about choosing a banking product suitable for these purposes. Just a couple of decades ago, the choice was limited to savings books and classic time deposits, which do not involve replenishing the account or partial withdrawal funds.
Nowadays, bank customers can choose from hundreds of offers, which can be divided into the following groups;
- Time deposits without withdrawal and replenishment;
- Deposits with replenishment;
- Deposits with replenishment and partial withdrawal of funds up to a certain “threshold”;
- Perpetual deposits (demand, savings) with unlimited replenishment and withdrawal;
- Bank cards that charge interest on the account balance.
The last category is quite new both for clients and for the banks themselves - the first income cards appeared only a few years ago. That is why investors who are unfamiliar with the features of such programs often prefer more familiar deposits. However, in many cases, issuing a card with interest income would be preferable.
Basic principles of the “income card” operation
An income card is a banking product that provides for the accrual of interest on the account balance, replenishment of the card and withdrawal of funds. What distinguishes such cards from savings accounts similar in operating principle is their rather high interest rate - while for demand deposits it rarely exceeds 2%, for savings cards it can reach 5-6%, that is, the rates for standard bank deposits, or even exceed them. In this case, the funds on the income card are considered by the bank as deposits, and they are subject to all the conditions of the insurance and protection system.
However, it is worth noting that the accrual of interest in a large amount requires the fulfillment of certain conditions:
- First, the client must maintain a certain minimum balance on the card;
- Secondly, high rates, as a rule, do not apply to significant amounts of deposits - there is a clear gradation in amounts and terms;
- Thirdly, as a rule, such cards are initially issued as credit cards. And in order to receive interest on the balance of your own funds, you must first secure this balance, that is, do not use the credit limit, but use the plastic card as a debit card;
- Fourthly, the bank may include additional conditions in the tariffs under which interest will be charged - for example, using the card at least once a month.
Advantages of cards with interest accrual
Comparing income cards and deposits, you can see that each banking product has its own features and advantages. Thus, cards with interest accrual have the following advantages:
- If certain conditions are met, the income from the card can be higher than from a deposit, and much more than from savings accounts;
- The depositor can withdraw money from an ATM account at any time and anywhere, without terminating the agreement and without losing previously accrued interest, as would be the case with a deposit;
- In most cases, cards of this type are universal, that is, in addition to the ability to store savings, they have a credit limit;
- There are no restrictions on deposit and withdrawal amounts. In the case of deposits, the bank can set a minimum replenishment amount and a cash withdrawal threshold;
- Simplified access to various online services, personal account, non-cash payment for services;
- In most cases, banks offer additional bonuses and cashback on income cards, which can be used to reimburse a certain percentage of the costs of purchases paid for with plastic;
- You can apply for a savings card not only at a bank branch, but also online.
Disadvantages of bank savings cards compared to deposits
Obviously, income cards have a lot of advantages compared to deposits. But before you make a final decision, you should also familiarize yourself with their disadvantages:
- The main disadvantage of an income card is the high costs of issuing it, maintaining an account, re-issuing plastic, etc. Such expenses can significantly reduce the benefits of issuing a card with interest, or even reduce it to zero.
Example. The client issued a savings card with an interest rate of 6% and maintained the account balance within 10 thousand rubles. At the same time, the cost of issuing a card was 300 rubles, and maintaining an account was 600 rubles per year. As a result, his income was approximately 600 rubles, and the cost of servicing the card was 900 rubles.
On the other hand, maintaining a limit of 30 thousand, the same client would have the right to receive higher interest at a rate of 10%, and then the income would be about 3,000, which would recoup the expenses and bring the investor a profit of 2,100 rubles.
- Very often, banks charge clients fees for withdrawing cash from ATMs, which also reduces the real income from using a revenue card.
- If a savings card has a credit limit, then you will not be able to get it if you have a bad credit history, without permanent registration, or a stable income. Deposits and debit cards do not impose such restrictions.
- The risk of losing funds when using a card increases many times. In the case of a deposit, the client has only one risk - if the bank is liquidated before the end of the agreement. But even in this case, the deposit insurance system allows you to return your funds back, albeit without interest. In the case of a card, most of the responsibility lies with the client himself, since it is his rash actions that can give fraudsters access to personal data and account.
- Earlier we talked about such an advantage of income cards as access to funds at any time. However, for a number of clients who cannot control their expenses, this advantage turns into a serious disadvantage. Free access to the account will not give such people the opportunity to accumulate any significant amount. Choosing a replenished deposit without withdrawal in this case would be the optimal solution.
- On a savings card, the bank has the right to change rates, both up and down. As a result, it is almost impossible to predict
Who should use a bank card?
Before you make a choice - draw up a card or a deposit - you should at least roughly calculate what benefits you get in each case. Of course, it is almost impossible to make exact calculations, but even approximate amounts will give an idea of the situation.
Example. Above, we calculated the client’s benefit from storing funds on an income card. Now let’s calculate the profit for the same client when placing funds on deposit.
The client can place a deposit of 10 thousand rubles for a year in the same bank at 5.5% per annum. This will bring 564 rubles in income, taking into account the capitalization of interest. Although the interest rate is lower, due to the absence of overhead costs, the deposit turns out to be much more profitable for the client (as we remember, all the income on the card was “eaten up” by the costs of maintaining the account)..
At the same time, the bank makes a deposit in the amount of 30 thousand rubles at a rate of 7%. The benefit will be 2168 rubles with capitalization. That is, in this case, keeping money on deposit would bring approximately the same benefit due to the absence of overhead costs.
Obviously, in each case, depending on the rates, amounts and terms, the situation can change dramatically both in favor of cards and in favor of deposits. In this case, it is possible to make only rough calculations that do not take into account the actions of the bank, the amounts of deposits and withdrawals. You should definitely choose a reward card if:
- It is important for you to have access to your savings at any time (frequent travel, business trips, unstable income, fear of force majeure);
- You need to place funds for a short period of time (from several weeks to 2-3 months), and would like to receive income;
- You plan to replenish the card with small amounts - for deposits, as a rule, there is a minimum replenishment limit;
- You want to have a universal card, which would be a payment card, a savings card, and, if necessary, a credit card - with the help of such cards you can keep only one card in your wallet instead of 3-4.
When should you choose a deposit?
There are a number of cases when making a deposit at lower interest rates is much preferable to an income card:
- You can't limit your spending, and there's a risk of your card being permanently reset without good reason. As a result, the interest accrued by the bank will be minimal, and the card turns into a regular debit payment card. If you really need to save your savings and generate income, choose deposits without withdrawal options.
- The costs of maintaining the card and withdrawing cash are commensurate with the income on the card. At best, you will simply cover the costs with interest; at worst, you will go into the red. As a rule, there are no overhead costs for deposits.
- You need to save the money for a long time, and you do not plan to use it. Although the yield on deposits is slightly lower than on bank cards, keeping money on deposit is more reliable. The client has no risks associated with the loss of a card or theft of personal information that would give fraudsters access to the account. In the case of a deposit, you can only withdraw the principal amount in person at a bank branch, and the theft of a card linked to the account will give criminals the opportunity to use only the accrued interest.
- You need to plan in advance for the interest income received (this is especially important in the case of large deposit amounts). Ordinary Bank deposit is issued on conditions clearly stated in the contract, which will not change during the validity period of the contract. In the case of a card, the bank can either increase or decrease rates unilaterally, so it will not be possible to determine income in advance.
conclusions
Both interest-bearing bank cards and deposits have their advantages and disadvantages. It is impossible to determine which of these banking products is better or worse - the final decision must be made based on your own needs. If you would like to have access to your savings at any time, then bank card will be the best solution. If funds are being saved for a long time and a stable income is important to you, then you should consider making a deposit. Therefore, the choice should be made by weighing your capabilities - how much access to the account you need, or the card will be a constant temptation to use the stored funds. Perhaps, in your case, a deposit without withdrawing cash will be optimal.
Each person saves money for different purposes. However, what many people don't realize is that keeping your savings at home is not the best solution. Instead of generating income for their owner, they only lose their real value due to inflation. In addition, people often do not restrain themselves and spend money. However, deposits in Moscow will help you not only preserve your finances, but also increase them in accordance with the agreement.
Today this product is a universal investment tool. Unlike the stock or precious metals market, you do not need special knowledge or constant analysis of the economic situation. You simply find a suitable offer and sign the contract. Moreover, in most organizations there are no restrictions on minimum contributions, and if there are any, they are small.
The contract itself is very important, so you need to familiarize yourself with the text in person before signing it. To do this, ask the bank employees to provide a sample in printed or electronic form and carefully read all the points, especially those written in small print and marked with an asterisk. With the help of such tricks, unscrupulous organizations try to mislead a potential client and include conditions that are unfavorable for him in the agreement.
Description of important points
The main advantage of the service, in addition to a stable income, is reliability. Consumer accounts are protected by the state at the legislative level through a compulsory insurance program. Therefore, in the event of liquidation or revocation of the license, you will be paid compensation. However, it is limited to 1.4 million rubles, which does not prevent you from dividing the amount exceeding this limit and placing it in several organizations, eliminating various risks.
The next aspect we will look at is account types. The first one is urgent. In this case, you place funds for a certain period of time. Of course, you have the right to apply for early withdrawal, but with a high probability the bank will refuse to pay the accumulated interest. Moreover, this type of deposit is divided into savings and accumulative, which is intended for periodic replenishment (popularly called a “piggy bank”).
The second option - on demand - comes at a low rate. The thing is that it is not profitable for an organization to keep finances for itself, knowing that the owner has the right to demand their return at any time. Such a product is preferred by that category of customers for whom the fact of reliability is enough, and potential profits are of little interest to them.
Online assistant
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Before considering specific cards and their conditions, let's talk about the advantages and disadvantages of storing funds on a card and on a deposit.
Free withdrawal of funds: plus or minus?
What is the main advantage that bankers highlight from an income card compared to a regular deposit? Possibility of using funds at ANY time convenient for the client. In principle, money from the deposit can also be withdrawn if necessary. But to do this, you need to go to the bank, write an application, wait for the due date (sometimes several days, if the amount is very large), then come to the bank again for money, and lose some of the interest.
But this advantage is very, very controversial. Let's be honest - many people open a deposit if they have extra money, not to earn money, but to save this money. From ourselves. Because we will always find something to spend it on.
Therefore, the fact that it is unprofitable to withdraw funds from a deposit early is sometimes even good.
It’s another matter if you have a large sum on your hands for a short time (for example, 20 days). You won’t open a time deposit with normal interest rates, but if you have an income card, then you can increase your funds well over the specified period.
Security of funds
Unfortunately, we have to raise this issue again. Of course, money on deposit is safer than if it is on a card. But the fact is that 90 percent of “card” protection is provided by the clients themselves. And in most cases it is their fault that the money “disappears” from the card.
The safe use of payment cards is a completely separate topic.
Choice price
But now we are really talking about a serious disadvantage of income cards. With a deposit, everything is simple: you come to the bank with money, open the deposit you like, and leave.
In the case of a plastic card, you need to pay for the service and take into account existing fees (for cash withdrawals, SMS notifications, etc.). In addition, many banks charge a high interest rate to the card only if there is a certain amount on it (although the situation is similar for deposits).
If we still give some advice, then we can say that an income card is beneficial for those who plan to use money periodically, but at the same time, the amount allows you to earn on interest. And also for those clients whose funds will not be available for long.
If the client does not plan to spend money for a more or less decent period (at least six months), then in most cases it is more advisable to open a traditional deposit.
We've sorted out the theory. Let's start practicing, i.e. Let's look at specific offers from some banks.
Deposit via Russian Standard card
At this institution we are interested in a familiar program "Bank in your pocket". The first advantage is that the card is both issued and serviced free of charge.
But with cash withdrawals it’s not so simple. In the Russian Standard system: up to 100,000 rubles. (free), from 100,000 to 500,000 rubles. (1%), from 500,000 to 1,000,000 rub. (3%), from 1,000,000 to 2,000,000 (5%), over 2,000,000 (10%). Fee for cash withdrawals from other banks: up to RUB 500,000. (1%), further similar to the above tariffs.
The amount of interest accrued on the balance depends on the financial activity of the cardholder. 10% on the balance is accrued in the first billing period after the conclusion of the contract (30 days). Further, the scheme is as follows: the expense turnover on the card for the billing period is up to 3,000 rubles. (5%), from 3,000 to 10,000 rubles. (7%), over 10,000 (10%). Please note that transfers to your accounts, cash withdrawals and some other transactions are not taken into account.
In addition, cardholders have access to discounts of up to 30% under the special “Discount Club” program.
You can apply for a card at any Russian Standard branch or partner store.
Contribution to Tinkoff Credit Systems
Object - product "SmartAccount" (Tinkoff Black card). Here, if you already have a deposit in rubles, the card is issued and serviced free of charge. If not, then the issue remains free, and maintenance will cost 99 rubles. per month.
Regarding the fee for receiving cash x: if the client uses a preferential withdrawal amount of RUB 300,000. and Additional amount of preferential withdrawal (consisting of amounts received from deposits), then over 3,000 rubles. he withdraws without commission. Below 3000 rub. - 150 rub. for the operation. If the client withdraws more than RUB 300,000. + Additional amount of drugs, then the commission is 2% (minimum 150 rubles).
Now about the main thing - about interest on the balance. 10% is charged on amounts up to RUB 200,000. and 5% - for an amount exceeding 200,000 rubles.
The client also receives a reward for purchases made using the card - cash back 5 or 0.5% depending on the product category. Moreover, TCS Bank’s partners are running promotions where you can get a 10% return.
What’s convenient is that you don’t have to visit the branch, because... The application must be submitted online, and the card itself will be delivered to you by courier or by mail.
Deposit in Tatfondbank
Making a profit from your savings means placing money on deposit.
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However, there are many deposit programs that allow you to freely use your money and at the same time benefit from interest payments.
Making deposits on a card with interest (deposits) in 2020 has many nuances that are worth considering in order to get the maximum return on your deposit.
What you need to know
When making a deposit, you cannot always use only standard offers. Indeed, in most cases, such deposit programs involve restrictions on the withdrawal or replenishment of funds.
To do this, a debit card is opened for the client and he receives interest on the account balance.
The benefit of such a deal is that you can receive your money at any time, as well as top up your card. At the same time, the interest rate on such a deposit will be significantly lower than the standard one.
Definitions
A deposit is an investment of funds in a banking organization under certain conditions. The depositor is the one who places cash in a bank deposit account.
It can act as both physical and legal entity. However, different deposit programs are provided for these categories of depositors.
A savings account is an account in which deposit funds are stored in non-cash form. When opening a deposit, an agreement is always drawn up.
This is a document that contains basic information about the deposit and the depositor, as well as the conditions for placing funds in the bank.
A debit card is a bank card on which you can deposit funds, but you cannot open credit limits. Usually it is issued to receive wages or other payments.
The interest rate on a deposit is the amount expressed as a percentage that the depositor must receive from the deposit that he provided to the bank for use.
Requirements for depositors
Banking organizations do not set a special set of requirements for depositors. This is due to the fact that the bank does not need any confirmation.
The following factors are enough:
- the depositor reaches 18 years of age;
- citizenship Russian Federation.
These two indicators are quite satisfactory for most banks. Sometimes it is necessary to issue a bank card, since deposits can only be issued by clients of a banking organization.
Current legislative framework
To receive a deposit, you should be guided by several legislative acts of the Russian Federation.
One of the main regulatory documents is. In it you can find fundamental points about the work of banks in the country.
It will be interesting for investors. It talks about necessity.
At the same time, banking organizations must rely on the provisions of the Central Bank of the Russian Federation. Only in this case the indicators will be fair.
In case of violation of the rights of the depositor, he, in accordance with and may receive the right to recalculate the rate and compensation for losses.
However, this is possible not only in court, but also by agreement of the parties - if the bank admitted its guilt and accrued the underpaid amounts.
It provides information on how to conclude a deposit agreement, what conditions it should have, and according to what scheme, in principle, an agreement is formed between the bank and the client.
In addition, you must also familiarize yourself with the clauses that stipulate the interest rate and interest charges.
Also in the Civil Code of the Russian Federation you can find out how interest is paid on a deposit, and in what cases they can be withdrawn from the account.
In addition, information is provided about whether third parties can deposit funds into the depositor’s account, and what papers are required for this.
Such thoughtfulness of the legal side of the deposit allows us to maximize the security of the bank’s client and at the same time the bank itself.
In addition, if one of the parties violates the terms, the other can go to court and, by its decision, get what they want.
Insurance is mandatory for deposits, which can be described in more detail in “About Deposit Insurance” individuals in banks of the Russian Federation.”
Thus, legal regulations contain information about the method of deposit insurance, how this must be done and which companies have the right to insurance activities.
It also describes insured events, points that should be paid attention to, as well as how the client can receive compensation from the insurance company if an appropriate event occurs.
How to make deposits on a card with interest
To make deposits on a card with interest, you must first open the card itself, which is available in any bank in Russia.
Before opening, it is advisable to compare the conditions of different banks, analyze the proposals, and only then resolve the issue directly with documenting the transaction. And of course, you need to follow the terms of the contract to avoid mistakes.
When a specific deposit and program is selected, you should contact the bank providing it and find out more about its provision.
That is, the terms of the transaction, the interest on it and the expiration date of the contract are subject to clarification. Another important detail will be the possibility of replenishing the deposit or partially withdrawing funds.
But it should be said that this is a fairly popular offer in the case of card loans and almost every bank has it.
Of course, it is necessary to find out what interest will be accrued on the deposit and how it will be paid, because the client’s convenience in using a particular deposit offer depends on this.
Opening conditions
Almost any person who has reached the age of majority and has the amount necessary to open a deposit can open a deposit in Russian banks.
Thus, the requirements that apply to potential investors are much more lenient than lending conditions, but this can be explained by the personal interest of banks in the influx of money and its inclusion in the institution’s turnover.
It should be noted that even a minor can make a deposit, but with the participation of a guardian or parents.
After all, situations are often common when opening a deposit is done for the future, that is, to further provide for the future of a child or grandchild, pay for his education, or.
The contributions that are being made are also widespread. Subsequently, they write a will and relatives can take the money based on the last will of the deceased.
Principle of deposit selection
When choosing a deposit, you must base it not only on the interest rate, although this indicator is also important, but also on its calculation.
After all, deposits with the possibility of interest capitalization are much more profitable than standard ones, but they are not offered by all banks.
In addition, you need to choose a reliable bank in order to protect your own funds from losses, which often happens to depositors.
It will be quite useful to prepare for a deposit in advance by conducting research into the banking sector to identify the most profitable deposit options.
After all, this is how you can get maximum profit without risking your money.
Required documents
Among the required documents, even a passport is often not indicated, although it is necessary, at least to formalize the contract.
But other documents may also be requested, in particular:
- international passport;
- seaman's passport;
- military ID;
- national passport of another country (if a citizen of another country wants to make a deposit);
- residence permit (if the deposit is made by a stateless person).
This is a fairly general list, which, nevertheless, may well be requested by the bank. But unlike loans, certificates of income, employment and family composition are definitely not required.
After all, the bank does not risk money, but, on the contrary, actually accepts the client’s contributions to the development of the banking institution.
Current offers from banks
In order to receive the most favorable offers on rates, you should process the most current offers from Russian banking organizations.
It is worth noting that you can receive a deposit onto your card at many institutions. However, the profitability indicators will be different.
Sberbank
There are several things about deposits. The most profitable in terms of use will be the one that has the ability to withdraw and replenish funds.
Its conditions are:
You can open such a deposit in foreign currencies - US dollars and euros.
Only Pension card holders receive interest on the balance at Sberbank. They have an interest rate of 3.5% per year.
VTB 24
The Comfortable deposit at VTB 24 bank allows you to withdraw funds and replenish them at a convenient time. In this case, the interest rate will not be too low.
The conditions for placing funds in the account are as follows:
In this case, it is better to use an online deposit, since it requires a small down payment of 500 rubles. Then you can top up your account and increase interest payments.
VTB
The Bank of Moscow offers several convenient deposits that allow withdrawals and deposits.
At the same time, there are promotions for salary clients of a banking organization:
The client can set up interest capitalization or receive interest on the deposit every month.
As for debit cards, VTB Bank of Moscow offers interest on the balance only on pension cards:
Rosselkhozbank
The interest balance on the card can be received by the following maps in Rosselkhozbank:
It is worth noting that when issuing pension and Capital cards, interest is accrued only on ruble cards. This offer is not valid for foreign currencies.
Possible nuances
When making a deposit at a bank, you should understand that this operation has many nuances. They should be taken into account in order to avoid problems with deposit servicing.
Among the most common aspects are:
| Risk of losing your deposit | In the event of bankruptcy of a banking institution, deposits will be returned slowly, and large investments will not be compensated even by state insurance |
| Depreciation | Ruble deposits are highly susceptible to depreciation due to constant fluctuations in exchange rates and the fall of the ruble. For foreign currencies - the US dollar and the euro, such jumps are less risky. Therefore, the interest rate for them is lower |
| When applying for a card to accrue interest on the balance, you should regulate your spending and replenishment | This is the only way to make a profit from the transaction |
