From our favorite American TV series, we know that you can live a great life without working, receiving only interest on your deposits. Many people who have free, so-called extra money, do not want to immediately part with it. After all, you really want to invest these funds so that they subsequently generate income... The simplest and most reliable way of such investments are deposits. However, not everyone can live on the interest rates offered by banks.
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Is it possible to make money on deposits so that they bring significant and stable income? This is a question many novice investors ask. In order to find the best option for yourself, you will need to study in detail all possible ways to receive money from deposits.
Interest on bank accounts
Often a situation arises when people dream of quitting an unloved and boring job that does not allow them to escape from the daily routine. At the same time, they dream of living on the interest received from a bank deposit. As much as possible?
How to make money on bank deposits? First of all, this will require you to have an impressive amount of money on hand. Otherwise, the constant inflation will depreciate all savings, and interest to boot. Is the life of a rentier, that is, a person who lives on the income from his investments in a financial institution, so carefree?
Bank deposits are the simplest method of investment. At the same time, a person practically does not participate in the process of increasing his capital. Financial organizations themselves manage the funds received in order to increase them.
How do banks make money on deposits? As long as the money received from the public remains in their deposit accounts, these organizations use various methods to generate income. Among them:
- Lending. How do banks make money with it? First, funds are raised from the public with an offer of a small percentage. Then the same money is issued as loans to those who need it. The percentage is set higher. Moreover, the difference is quite noticeable. This is why household deposits are so profitable for banks. If the contract term is long, then the financial organization manages to use its client’s capital several times.
- Money transfers. One of the functions of the bank is to receive and issue money through various systems. These are, for example, Western Union, Hummingbird and others. When transferring, a commission is charged from the sender, and sometimes from the recipient, which is a certain percentage of the transferred amount. If the bank is popular and large, then over a certain period the profit can become quite significant.
- Various services. Banks carry out currency conversion, interbank transfers, etc. All these services have their own commission payment. Their total amount allows you to get a solid income.
- Access to trading platforms where shares are sold and purchased. The bank also charges a commission fee for purchasing these securities.
- Cards. Not all of them are free. In the overwhelming majority, a certain cost is charged for servicing the cards with which users receive money and make payments. It serves as income for the financial organization.
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Thus, banks are able to make money using many directions.
However, before doing this, they need to raise money for their deposits. They are beneficial for both parties. However, when deciding how to make money on bank deposits, you should be careful. After all, sometimes there are various tempting and tempting offers coming from unscrupulous financial organizations. In this case, there is a high risk of losing savings along with interest.
Deposit is a good way to make easy money
Now we have come to the main topic of conversation, and this means only one thing: it’s time to figure out how banks make a profit. In order for this to be understood even by people who do not understand this issue, we will describe everything quite simply. So, deposit. We think many have heard this word. And some of you, our dear readers, have at your disposal a deposit account in a bank. What is it?
A deposit is a bank deposit, namely money that you deposit into an account for the purpose of storage and accumulation.
That is, if you do not know how to handle money and want to save some amount, it is easier to do this by opening a deposit account in a bank. In addition, your funds will regularly increase, since banking institutions charge a certain annual percentage. Thus, you can even receive, albeit small, passive income.
Why do banks need deposit accounts? By depositing money into such an account, you simply hand it over to the bank for complete disposal. That is, the lender can easily use your funds until you request that the deposit account be closed? Why does the bank need your savings? The thing is that the meager interest that drips into your deposit account is a drop in the bucket compared to what banks charge for issuing a loan.
And to ensure that lenders have a cushion of cash, they allow people to open different accounts. Of course, the bank does not take the entire deposit amount, since this would simply be irrational. However, he sets aside a certain percentage and calmly uses these funds while the deposit account is functioning.
Can the bank lose money and remain in the red in this case? Of course, there is a certain risk, but we assure you, our dear readers, that banking institutions will always take their toll and a little from above.
The only risk is that at any time people may demand that the deposit account be closed and their money returned. Of course, if only a hundred clients do this, nothing bad will happen, but if deposit accounts are closed by millions of people in the country at once, then the bank will have a hard time. But, fortunately, all these situations have already been foreseen and the banks act according to the system that has never let them down. But even if there are more than enough deposit accounts, banking institutions will continue to open them to anyone who wants them, since the more clients there are, the less likely it is that an unforeseen situation will happen and more accounts will be closed at once.
Where does a bank get money to close an account? If you carefully read everything written above, you probably remember that banks set aside a certain percentage from your accounts as a reserve. What will happen if you demand to close the deposit? Will you get all your money back or will you have to wait a certain period to receive not only the deposit, but also the interest on it? Of course, the money will be paid immediately and in full. And the money that is paid to you is taken from the deposit accounts of other clients, and so on.
Return on deposits
How to make money on Sberbank deposits? To do this, first of all, you need to understand their varieties. For individuals, banks have both regular and multi-currency deposits. Moreover, they are available both in rubles and in foreign currency. When setting interest on deposits, all financial institutions rely on information from the Central Bank of Russia, which reviews the key rate on a quarterly basis. Its value is also taken into account by credit institutions.
How to make money on bank deposits? To do this, you need to look through the best offers. The higher the interest rate on the deposit, the greater the monthly income.
What to look for when choosing a bank deposit program
But in addition to the 10 large banks, there are many more regional companies that are less popular, but from time to time provide their depositors with quite favorable conditions. And on average, banks from the TOP 10 have some of the lowest interest rates on deposits.
That is why you need to carefully study offers from all banks in your region. To choose the right investment, you need to pay attention to:
- Deposit term.
- Its minimum and maximum size.
- Interest rate.
- Capitalization of interest.
- Additional terms and conditions.
Long-term deposits bring more money than investments for 2 - 3 months. This is due to the fact that credit institutions are interested in managing your funds for as long as possible and are willing to pay if the deposit term increases.
The most important thing is the interest rate and interest capitalization. Capitalization can increase your income in the long term by constantly adding the amount of accumulated interest to your principal. Let's look at this with an example:
By investing 100,000 rubles in a bank for 5 years at 8% per annum, without capitalization you will receive 140,000 rubles. With capitalization - 149,000 rubles. The difference is 9%.
In general, it is much more effective to look for limited offers at banks in your region. To compete with large companies, small credit institutions raise interest rates and periodically offer “seasonal offers.”
And also any economic instability can significantly increase rates on bank deposits. This was the case in 2014, when banks raised funds at 16 and sometimes even 20% per annum. In order to know the average rate on the market, follow the key rate on the website of the Central Bank.
Amount to invest
How to make money on deposits in Sberbank? To receive a tangible amount from such an investment project, you will need approximately 3-4 million rubles. Only in this case will it be possible to become the owner of a good monthly income. But at the same time, it is worth remembering that you should not constantly work with the same bank.
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The economic situation in the world and in the country is constantly changing. Financial structures put forward new proposals, or even declare their insolvency. How to make money on bank deposits in such conditions? To do this, you will need to constantly monitor interest rates and react sensitively to their changes.
Is it possible to live on interest alone from deposits?
To live without denying yourself anything and without wasting your life on daily tedious work is the dream of many. Of course, you need to understand that in order to get full profit from deposits, you should have enough money to open large deposits. Otherwise, the dream of becoming a rentier will remain a dream; all the expected profits will be successfully swallowed up by increasing inflation.
Expert opinion
Evgeniy Belyaev
Legal consultant, financial expert
Ask
A rentier is a person who lives only on bank interest from open deposits. And by the way, his life only seems completely carefree.
In order for earnings on deposits to bring profit, you must not only be financially savvy and literate, but also have common sense . After all, the market for such services is overflowing with seemingly attractive various offers. And the authors of many of them are unscrupulous participants in this financial sector, which entails a complete loss of not only dividends, but also their invested money.
Financial services such as lending and deposit processing are the most in demand
Average level of return on deposits in Russian banks
In order to fully develop such a service as lending and subsequent profit-making, banks need to attract new clients and expand the existing base for opening deposits. This practice is standard and familiar to countries around the world. Russia is not far behind them, and this area has recently undergone rapid development. This activity is associated with a decrease in the number of foreign investors, so Russians increasingly began to turn to our banking structures to register savings deposits.
All financial institutions in our country are under the control of the dominant banking organization - the Central Bank. The Central Bank of the Russian Federation quarterly reviews and adjusts the level of the key interest rate, which as of February 2020 was 7.75%. And it is this value that leading investors use to form interest on deposits.
When considering how you can make money on deposits, it is worth paying attention to those financial organizations in which, according to calculations, you can open the most profitable deposit. At the moment, the most profitable offers include the following:
- 8.90%: Tavrichesky Bank (“Tavrichesky Maximum”).
- 8.50%: Russian standard (“Maximum income”).
- 8.50%: B&N Bank (“maximum percentage”).
- 8.52%: Home Loan (“Key Interest”).
- 8.35%: Rosselkhozbank (“Investment”).
By analyzing in detail all banking offers, one can understand one pattern - the larger and more powerful the bank, the lower the profitability it offers for its programs . For example, in our leading Russian Sberbank it is practically impossible to make money on deposits. After all, the annual rates offered by this organization are minimal and are only suitable for covering the ongoing inflation.
Which banks are the most popular for making deposits?
What is the best amount to invest to get a good profit?
According to financial analysts, in order for a client to really experience full profit and live peacefully on the interest received on deposits, deposits should be opened with an investment base of 3-4 million rubles. But it is also worth considering that it is not profitable to cooperate with the same banking organization all the time, because often, unable to withstand the changing conditions of the economic situation and experiencing financial turmoil, these organizations sometimes declare themselves bankrupt.
Or they unilaterally change the terms of contractual obligations, which makes earnings on deposits unprofitable. Therefore, a competent and skillful rentier has to regularly monitor the state of banking structures and promptly change investors, preferring the most profitable offers. Therefore, in order to receive a really good and stable income, you should be able to control and predict events and react sensitively to them.
Income from deposits
How to make money on deposits in Sberbank? Before you deposit your money into your account, you should soberly assess the situation, deciding which investment moments will be the most important for you. To do this you should:
In this case, you will need to decide:
- whether interest will be withdrawn every month;
- is capitalization of the deposit necessary;
- whether to consider the option of a deposit with the possibility of replenishment or partial withdrawal.
The secret to making big money
World practice shows that it is difficult to make a profit on deposits. For example, for residents of the United States and Western European countries, bank deposits are only a means of saving money. Moreover, sometimes the profitability of such investment products is completely negative.
The Russians are luckier in this regard. As of 2017, interest rates on deposits were 1.5–2 times higher than the inflation rate.
The amount of earnings is determined by a simple rule: the more money invested in a bank deposit, the higher the income received. In other words, a person with significant starting capital can live on the interest paid by the bank.
Deposit terms
It is profitable for banks to attract customer funds for the longest possible period of time. And this rule remains true even during periods of economic crises.
The most profitable offers for deposits can be found in the list of deposits, the average placement period of which is from 0.5 to 1 year, as well as 1-3 years. Demand deposits, from which money can be withdrawn at any time, have the lowest interest rates.
Calculation of dividends
The most important issue that should be considered by the investor concerns the amount of interest on investments, as well as the principle of their calculation. Today, banks use three approaches:
2.How to make money at the bank using a salary card.
This is the second tool for earning money, which you cannot do without in the first case. So, let's consider such a banking product as a salary card. Most banking institutions offer this product in combination with additional preferences, for example, interest on the balance. Rates range from 2 to 7 percent per annum. We will take 5% per annum for the calculation. We get the average salary in the country, in the amount of 26,000 rubles, multiplied by 5% per annum. We get a little more than 100 rubles. The amount seems to be very small, but we do not forget that we will receive the main additional income from a credit card. And we keep our wages, mainly to cover credit card debt.
So what do we get:
- Monthly income of 750 rubles;
- Monthly income of just over 100 rubles.
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Reliability of a financial organization
When considering the question of how to make money on deposits, it is necessary to clarify some information about the bank to which you plan to transfer the money. Each financial structure that works with individuals or legal entities is required to have a license from the Central Bank of Russia, allowing it to carry out such activities. Such a document cannot be issued to a bank if it does not have an agreement with the DIA, the deposit insurance agency. All this removes the risks of investors from possible loss of capital. Insurance of invested amounts is carried out within the limits of 1.4 million rubles.
You should not deposit your savings into the accounts of those structures that do not have a license from the Central Bank of Russia, even though they offer higher interest rates on deposits. Indeed, in this case, there is a high probability of losing all available finances.
Earnings on loans
How to carry out such a financial transaction? It turns out that you can earn money even if you have a bank credit card. Moreover, such operations are completely legal. The banks themselves know about them.
Financial institutions benefit if customers actively use non-cash payments. In this case, trade organizations transfer the commission percentage established by the agreement to the banks. Some of these funds also go to customers in the form of cashback. That is why, when you decide to get a credit card, you should clarify all the bonuses offered on it, as well as the amount of interest on the refunded money.
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The scheme for earning money using a credit bank card is quite simple. In this case, the user needs to firmly know the amount of his monthly income and determine the amount of free money. Let's give an example of such earnings. The monthly income of a credit card user is 30 thousand rubles. He needs 15 thousand rubles for household needs. The remaining amount should be deposited. In the interval before receiving your salary, you must use the limit on the card. It should be closed on the date set by the bank. By this time, your salary will be transferred to the card again, and the money on deposit will generate interest income.
A user who has not fully spent his limit funds can additionally replenish his open deposit account with them. Earnings for a year can result in a decent amount. But to receive additional money, you will need to pay off your loan debts on time. Otherwise, the bank will charge the debt as overdue.
1.How to make money from the bank using a credit card
The monitoring we carried out on the credit card product clearly shows that the conditions for providing this product to the population are almost identical to each other. The differences mainly concern:
A. Interest rates, which is not particularly important, because most clients have learned to cover the debt during the “grace period”.
B. Additional bonuses from using a credit card, in particular cashback (CREDIT CARDS WITH CASHBACK, DEBIT CARDS WITH CASHBACK) which is one of two tools for generating income from cooperation with banks.
So, the average cashback yield in the banking sector is 5% of the amount spent non-cash. It is definitely worth noting that refunds are made only from those amounts with which the client paid at the point of sale by bank transfer, i.e. on the map. The credit card can be used for a full calendar month, but on the last working day of the month, in order to use the technology again from the beginning of the next month, you must cover the amount spent. (for example, wages, which during the month, because you used a credit card, worked in a different direction, which we will talk about a little later) After the debt is covered, you need to wait a day for the operation to be reflected in the bank and use it again non-cash . What follows is a short math lesson, namely, let’s calculate the client’s average profitability from the amount spent per month, using the amount as a basis – 15,000 rubles.
15,000 * 5% = 750 rubles per month, you can receive from using a credit card. The amount will be available to you for the next month following the month you use the credit card. We earn an average of 9,000 rubles per year without making any effort at all.
Using the Internet
Knowing how to make money on loans and deposits, we will consider other possibilities. To do this, you should turn to the Internet, on the pages of which you can find many offers for quickly and easily generating income by investing in various projects.
Unlike banks, the World Wide Web offers fairly high dividends. Sometimes their size reaches 400% per annum. However, it is worth keeping in mind that when implementing such a project, there is a high risk of encountering scammers and being left without savings. And yet, how to make money from deposits on the Internet?
Alternative to bank deposits
Bank deposits are best used as a store of value. If you want to raise money for a large purchase, for example, a car, over several years, and do not want to take out a loan, then this method will be the best way. But for those who are really looking for a way to make money, there are other, more effective ways to invest money.
The first way is to transfer funds to trust management. This is an investment in mutual funds. Unlike banks, which even over 10 years can only give 60 - 80% per annum, mutual funds working with shares give 15 - 17% per year. But this is where risks arise. If the management company makes a mistake, it will have a negative impact on your profitability. At the moment, this is the second most reliable way to invest an average amount (from 50,000 rubles).
The second way is to invest in securities yourself. This method is more risky, especially if you are not a professional, but also more profitable. At the initial stage, you can work with bonds. These securities secure the right to receive a certain amount as soon as their placement period ends - a kind of loan from investors from the issuing company. If you work with non-state companies, you can consistently get 10 - 12% per annum.
There are stocks as an alternative to bonds. This investment security offers much greater returns at higher risks. You receive income when the security increases in value and each year through dividends. In Russia, 5-10% per annum is considered the norm. An additional 10 - 12% per annum can be obtained due to the growth of securities in price if the situation for the company is more favorable.
The third way is investing on the Internet. This is a very risky way of investing money, especially if you invest in PAMM accounts, issue loans through special services, etc. This option is suitable for those who know when to take risks and know how to maintain a balance between profits and risks.
The fourth way is real estate. In terms of profitability, these are practically bank deposits, with the only difference being that to invest in a bank you need to have your own money, and for real estate you can use a mortgage. An attractive way for those who want to start investing, but do not know where to invest. The best time to buy real estate is when the economy is down.
These are alternative ways to invest your own funds. Each of them can act as the main source of income, unlike bank deposits. But you should understand that some percentage of your own funds still needs to be kept in a reliable source. And so far there is nothing more reliable in Russia than credit institutions.
PAMM accounts
What is this way of earning money? In this case, the user will need to open an account with a brokerage firm that specializes in trading operations carried out on currency exchanges.
Deposits are used by the trader. He uses them as investments in any highly profitable projects. The income received is divided between the broker, the intermediary site and the client, based on a pre-concluded agreement. A significant advantage of this direction is the absence of the need to bargain on your own.
How to make money on deposits on the Internet, receiving as large sums as possible? To do this, it is recommended to register simultaneously on different sites by creating several PAMM accounts. The return on investment in this case occurs quickly. The profitability is quite high.
It is worth keeping in mind that not all traders can be considered bona fide participants in this market. There are also scammers among them. There is a chance that the broker will disappear, taking the investor's money with him. An honest trader can also “burn out” if he invests the amount given to him in unprofitable projects. In this regard, such investments are considered unstable and risky.
The most profitable and highest interest rates on bank deposits in Russia
The amount of income depends on the interest rate, the amount of funds and the period of their placement. Let us next consider which deposits are the most profitable in the amount of 1,000,000 rubles. Today, the following deposits offer high interest rates:
- "Ten! (Maximum +) from Alfabank. The rate is 7.72% per annum. Duration – 91 days.
- Deposit “SmartVlad (increased rate)” from Tinkoff Bank. The rate is 7.21%. The deposit period is 334 days.
- “The doors are open” from Gazprombank. The rate is 6.7% per year. Duration – 91 days.
- “150 years of reliability” from Rosbank . Rate – 6%. Duration – 1 year.
- "Active" from Raiffeisen Bank. Rate – 5.12%. Duration – 1 year.
Promotional deposits dedicated to some significant event often have a high interest rate. For example, the contribution “ I remember. I help
» by May 9 from Sberbank can be issued with the following interest rate depending on the amount:
- 5,5%
— from 100,000 to 500,000 rubles. - 5,75%
— from 500,000 to 1,000,000 rubles. - 6%
- over 1 million rubles.
It is worth keeping in mind that deposits with high interest rates are not always profitable. If it is more than 15%, then the profit is subject to income tax at a 35% rate. Although such offers are extremely rare.
Why is it better to keep money in a bank account?
Is it worth depositing funds or is it better to keep them at home? For those who still have doubts and cannot decide on a choice, the advantages of placing finances on bank deposits at interest:
- Safety
Keeping money at home, even in a safe, will not give real confidence in its reliability. Banks guarantee the safety of funds entrusted to them. In addition, most large financial institutions have deposit insurance.
- Inflation
Savings stored in the form of cash depreciate over time due to inflation and exchange rate fluctuations.
- Profitability
Money kept at home not only loses its value, but also does not bring in income. You can receive income from savings only by investing them, including in a bank deposit.
- Wide range of offers
Thanks to a variety of types of deposits, the client will be able to choose the most suitable conditions taking into account his needs and goals - accumulation of funds, additional passive income, the possibility of partial withdrawal of money or early closure of the account for money, etc.
Types of deposits
Today banks offer many different deposits. Depending on the validity period of the deposit, they are divided into:
- Urgent
. - «Poste restante
».
Depending on the possibility of replenishment, deposits are:
- Refillable
. - Not replenished
.
Deposits are made in rubles, dollars, euros. In addition, there are multi-currency deposits. Their peculiarity is that several amounts of money in different currencies can be deposited into one bank account. Interest will be calculated for each of them separately.
How to choose a bank for deposit
Before entrusting your money savings to any bank, you need to check its compliance with the criteria described below.
- Availability of a license to conduct banking activities . You can check this information on the official website of the Central Bank of Russia.
- Belonging to the state deposit insurance program . You can clarify this nuance by calling the Deposit Insurance Agency hotline at 8-800-200-08-05. The same data is presented on the official website of the Agency. The portal also contains information about banks excluded from the insurance system.
- Bank rating by asset size.
According to the Central Bank, the TOP 10 list in recent years includes:
- Sberbank.
- VTB.
- Gazprombank.
- Rosselkhozbank.
- National Clearing Center.
- Alfa Bank.
- Bank "FC Otkritie"
- Credit Bank of Moscow.
- Binbank.
- Promsvyazbank.
When is it better to have several deposits at the same time?
Part of your funds can be deposited for a long period at a high interest rate, and the other part of the money for a short period at a low rate, but with the possibility of partial withdrawal.
Example
. You have savings totaling 300,000 rubles. You want to get the most income from them, but would like to be able to withdraw small amounts. Let's say you decide to entrust your finances to Sberbank. For 250,000 rubles, it is profitable to open a “Save” deposit for a period of six months with a rate of 4.3%. The remaining 50,000 rubles can be deposited on the “Manage” deposit, which involves expense transactions without loss of interest at a rate of 3.68%.
If your savings exceed 1,400,000 rubles ( this is the amount that is subject to insurance in the event of liquidation or bankruptcy of the bank
), it is advisable to open deposits in different institutions.
In addition, due to the unstable situation in the financial market, it makes sense to keep funds in different deposits in three currencies at once: rubles, dollars and euros. Some banks offer multi-currency deposits. Each type of currency has its own interest rate.
Example
. Let's say you have 100,000 rubles, 2,000 dollars and 3,000 euros. You wanted to put it on deposit for a period of six months. Let's calculate income using the example of the Multicurrency deposit from B&N Bank. The interest rate is 5.2%, 0.5% and 0.01% for rubles, dollars and euros, respectively. The accrued interest income after six months will be 2578 rubles 63 kopecks, 7 dollars 44 cents and 10 euro cents.
Who should open bank deposits?
It makes sense to open a deposit with interest if you have savings and you would like to save and increase them, but investing and other methods are too complicated.
Also, if you tend to spend your saved money too quickly, then depositing it will help you avoid unnecessary expenses and even earn money.
Useful links:
- How to save 10% of your income so as not to think about money in 20 years
- The truth about the Tinkoff Platinum card - secrets, reviews and answers
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- The truth about the Tinkoff All Airlines Debit Card - Reviews
- How to profitably use a Bank Card - Methods and Lifehacks
Step-by-step instructions on how to open a bank deposit and receive interest
Step 1.
Collect all information about offers for deposits from all banks whose offices are located in your city. Large financial institutions usually charge fairly low interest rates, so it makes sense to consider products from smaller banks. They offer higher interest rates because they are more interested in investors.
For example, let’s compare two deposits with similar terms and conditions: “Replenish” from Sberbank and “Accumulative” from OTP Bank. Both deposits provide the opportunity to replenish and do not require partial withdrawal before the end of the term. Let's say you want to deposit funds in the amount of 100,000 rubles for one year. Interest rates on these deposits are 3.75% and 5.9%, respectively. The income from the Sberbank “Replenish” deposit will be 3,750 rubles, and from the “Accumulative” deposit from Alfabank – 5,900 rubles. The benefit is 2,150 rubles.
Information about deposits can usually be found on the bank’s official portal or consulted at its branch.
Step 2.
Find for yourself comfortable and favorable conditions for choosing an acceptable bank deposit. For example, which currency is preferred, the amount of the down payment, the term of the deposit, the possibility of early closure without loss of interest, methods and dates of withdrawal, availability of capitalization of the deposit. Deposits that require a fairly significant down payment are quite profitable.
Step 3.
Analyze your income for the current year. Analyze how much you could deposit monthly. It is recommended to put at least 10% of your income into your “piggy bank”. This amount will not greatly affect the family budget, but in the end it will significantly increase savings.4
Step 4.
Compare rates on long-term and short-term offers from each bank.
It may be more profitable to make a deposit for a short period with subsequent prolongation. Step 5.
Find out which deposit provides for interest capitalization. It involves the possibility of replenishing the principal amount of the account with accrued interest. This allows you to further increase the size of the deposit and interest on it.
Example
.
The deposit amount is 200,000 rubles. Duration – 3 months. Interest rate – 12% per annum (1% per month). Let's calculate the accrued interest taking into account their monthly accrual and capitalization:
- First month. 200,000 + (200,000*0.01)=202,000 rubles.
- Second month. 202,000 + (202,000*0.01)=204,020 rubles.
- Third month. 204,020 + (204,020*0.01)=206,060.20 rubles.
So, the amount of interest for three months, taking into account capitalization, amounted to 6,060 rubles 20 kopecks . Without such an opportunity, interest payments would only be 6,000 rubles.
Step 6.
Decide for yourself whether the condition for the possibility of early closure of the deposit is important to you. Some banking products prohibit termination of a deposit agreement without loss of interest. That is, the investor may not receive interest payments. In addition, some banks indicate in the agreement the client’s obligation to pay a commission for closing the deposit account early. This important point should be clarified before signing documents to open a deposit.
Step 7
Taking into account the recommendations described above, make a choice and open an account with a bank that offers the most favorable and comfortable conditions for you. A fairly common point of view is that funds should be kept in different banks. However, to obtain the greatest profit, it is better to concentrate all savings in one financial institution.
Step 8
Contact the bank office and fill out documents for the deposit.
IMPORTANT! You must have with you a passport of a citizen of the Russian Federation or another document that serves as an identification document (military ID, temporary identity card issued for the period until you receive a passport, etc.).
Help and advice
It is more profitable to open an online deposit in the Internet banking of a financial institution than directly in its office. The interest rate in this case will be higher to 0.5%.
If you have less than one hundred thousand rubles, then there is no point in dividing them into several currencies. The income will be greater if you deposit the entire amount in one currency on one deposit.
When calculating interest income, for convenience, use interactive calculators, which are available on the website of almost any bank.
Binary options
How to make money on deposits? You can use binary options for this. They are a tool with which attempts are made to determine the exchange rate of currencies, stocks, gold, indices of various funds, as well as other financial indicators.
If the trader makes a correct guess, he will receive up to 75 percent of the invested funds. If the attempts made to determine the rate are incorrect, the investment will be lost. The advantages of such deposits are that the investor knows in advance the degree of risk from his actions and how much he can lose. In addition, you can declare any transaction amount, even the smallest one. Disadvantages – high probability of losing savings.
Investments in mutual funds
Many reputable banking structures have similar tools. A UIF, or mutual investment fund, is a portfolio that holds clients' savings. Such deposits are placed by a credit institution in shares or assets with the aim of generating profit. In this case, the investor is due a pre-agreed percentage of the income.
Earning money from mutual funds has its own advantages. Such instruments offer more favorable conditions than ruble deposits. However, there is a possibility that the investment will not be profitable and therefore the investor will not have any income.
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Important nuances
Each financial and credit organization offers clients its own conditions for deposits. At the same time, a number of aspects are common to most commercial banks.
- Long-term investment products with a period of one year or more are more profitable than short-term ones.
- Financial and credit organizations strongly welcome remote opening of a deposit through the official website. After all, this saves employees time. Interest rates on such deposits are usually 1–1.5% higher.
- Investment products that were developed for a special event have special conditions.
- Small banks offer clients more profitable deposits than large financial and credit organizations.
This knowledge is enough to choose a deposit that will help you earn money.
