The Central Statistical Office (GUS) announced a fall in the general index of prices of consumer goods and services, which in April this year amounted to 1.1 percentage point compared to April last year.
Accordingly, Good Finance announced interest rate changes on savings accounts for individual clients and the Open Savings Account for entrepreneurs, reducing them by a maximum of 0.35 percentage points.
All the changes are presented in the table below
We would like to remind you that changes in the interest rate on Good Finance’s savings products have already appeared before. First, there was a reduction in the interest rate of the Premium Savings Account in PLN. These changes are effective from April 1, 2016 and are as follows:
From May 25, 2016, the bank also reduced the interest rate on the Smart Saver product for individual clients, Premium Open Savings Account in EUR for individual clients and Open Savings Account in EUR for individual clients and entrepreneurs. The changes are presented in the table below.
The new, lower interest rate on term deposits in PLN for individual clients and entrepreneurs has been in effect since 16 June 2016 and it is presented in the table below.
There are actually no reductions greater than 0.35 percentage points
In the changes that will take effect from July this year, there are actually no reductions greater than 0.35 percentage points, however, it is worth noting that earlier reductions have already affected the holders of savings accounts and deposits. An example is the Smart Saver product for individual customers, whose interest rate until May 25, 2016 was 2.5% (up to PLN 5,000) and after changes it decreased by as much as 0.5%.
The interest rate for clients investing over 5,000 remained 1% PLN, however, this will also change after July 1. The interest rate will be 0.70%. Going even deeper into the history of change, you can even discover that in the first half of 2015 Smart Saver still had an interest rate of 3%. Unfortunately, the market situation was not favorable for such attractive conditions and they were gradually replaced by new ones.
Customers react to these changes with concern and disapproval
Fearing further reductions, however, it is worth realizing that the interest rate is a variable value and depending on the WIBOR value, the bank has the right to update the offer after a set period of time. We recommend that you always read the regulations of the bank and the offer in order to learn the details and know what to expect, as well as track the history of changes.
If you want to compare savings accounts from Good Finance with the offer of other banks, go to our savings account comparison engine.