In recent years, Banka CREDITAS has risen to a leading position on the Czech banking market by offering products without unnecessary fees and with favourable interest rates. The most interesting products include current account, savings account and time deposit, which appeal especially to clients looking for efficient management of their finances and attractive appreciation of their savings. In this review, we will take a detailed look at the individual products, their advantages and disadvantages and compare them with competing offers.
Article content – Bank CREDITAS
- Current account – Banka CREDITAS
- Savings account + at Bank CREDITAS
- Time deposit – Banka CREDITAS
- Comparison with competitors
- Mobile application and technology
- Tips for clients
- Bank CREDITAS: Recent changes
- Review conclusion – Banka CREDITAS
Checking account at Banka CREDITAS
The current account from Banka CREDITAS is one of the most advantageous on the Czech market, mainly thanks to its transparent zero-fee policy. Clients pay no account maintenance fees and all incoming and outgoing payments within the Czech Republic are free of charge. Another advantage is the MasterCard Standard contactless payment card, which is also free of charge.
A great advantage is the possibility to keep the account in multiple currencies. In addition to Czech crowns, clients can choose to hold their account in euros (EUR), US dollars (USD), British pounds (GBP), Swiss francs (CHF) and Polish zlotys (PLN). This is a great advantage for those who frequently travel or transact in foreign currencies.
CREDITAS Internet Banking is user-friendly and offers a wide range of features. The mobile app is modern, supports biometric login and allows for easy account management, including setting up permanent payments, templates and account movement alerts.
ATM withdrawal fees can be a drawback of a current account. The first five withdrawals from any ATM in the country are free, which is a decent deal, but further withdrawals are charged at a fee of CZK 20. Withdrawals abroad then cost CZK 30 per transaction. Another potential drawback may be the smaller branch network, which is concentrated mainly in larger cities.
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Savings account + at Banka CREDITAS
Savings account + from Bank CREDITAS is one of the best products on the market for the appreciation of savings without long-term fixation. The main attraction is the attractive interest rate, which, if the conditions are met, reaches up to 4.0% per annum.
The standard interest rate is 3.2% p.a. for deposits up to CZK 500,000. If the client regularly invests at least CZK 1,500 in investment funds offered by the bank in a given month, he will receive an increased rate of 4.0% p.a. For amounts above CZK 500,000, a lower interest rate of 1.0% p.a. applies.
Another advantage is absolute flexibility. The money in the savings account is not blocked in any way and the client can transfer it to the current account at any time without prior notice. This account is kept completely free of charge and the bank does not charge any fees for incoming or outgoing payments.
Among the disadvantages is the banded interest rate, which means that higher amounts do not bear interest as favourably as deposits of up to CZK 500,000. Clients looking to save more money may find it worthwhile to split their savings between multiple accounts or consider alternative investment options. Another disadvantage is that no credit card is issued with this account, which means that the funds are not directly accessible, for example, at ATMs or when paying by card.
Time deposit at Banka CREDITAS
For clients who want to deposit their funds for a longer period of time with a guaranteed interest rate, Banka CREDITAS offers a time deposit. This product allows deposits with different deposit periods ranging from one month to ten years, with interest rates that are fixed and unchanging for the entire duration of the deposit.
The minimum deposit amount is CZK 5,000. Interest rates vary according to the fixation period:
– 1 month – 4.0% p.a.
– 3 months – 3.9% p.a.
– 6 months – 3.0% p.a.
– 12 months – 3.0% p.a.
– 3 years – 2,0 % p.a.
– 5 years – 2,0 % p.a.
The advantage of a term deposit is a guaranteed return and the absence of any risk associated with interest rate movements in the market. The client knows exactly what interest he will receive, which is particularly advantageous for conservative investors.
The disadvantage is limited liquidity. The funds are not freely available for the duration of the deposit and early withdrawal is not possible without loss of interest. Another disadvantage is the relatively low interest rate for longer fixations – rates for three-year and longer deposits are not as attractive as for short-term deposits.
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Comparison with competitors
Compared to other banks on the Czech market, Banka CREDITAS performs very well, especially when it comes to savings accounts and term deposits. While most large banks offer interest rates of around 1-2% p.a. on savings accounts, CREDITAS is at the top with interest rates of up to 4.0% p.a. The same applies to term deposits, where the bank offers some of the highest rates for shorter fixations.
The current account is also very competitive, thanks to zero fees and the possibility to hold the account in several currencies. Some competing banks offer similar conditions, but often with various hidden restrictions or with the need to meet additional conditions, which is not necessary in the case of CREDITAS.
Mobile app and technology
CREDITAS Bank’s mobile banking is one of the most modern applications with simple and intuitive controls. Users can benefit from biometric login, instant transfers between their own accounts and QR payment codes for quick payments.
The mobile app also supports Apple Pay and Google Pay, allowing contactless payments directly with the phone. Compared to its competitors, the app holds its own and provides all the standard features of modern mobile banking.
Tips for clients
To maximize savings, we recommend a combination of savings account and time deposit, depending on how much of the client’s finances they can afford to save over a longer period of time.
If you work with foreign payments, take advantage of the option to maintain the account in multiple currencies.
Keep an eye on CREDITAS Bank’s current offers, as interest rates may change and interesting promotions may appear.
Current changes at Banka CREDITAS
CREDITAS Bank is continuously updating its product offers and interest rates have changed in 2024. The savings account now offers a bonus rate for regular investments. Term deposits have also been adjusted, with shorter fixations of up to one year having higher interest rates than longer terms. It is advisable to keep track of the latest changes on the bank’s official website.
More from our editors: Building Tomorrow’s Wealth Today: the Essence of Long-Term Investment Products
Conclusion of the review – Banka CREDITAS
Bank CREDITAS profiles itself as a modern bank offering transparent terms and attractive products. The current account is ideal for everyday use thanks to the absence of fees and the possibility of keeping the account in foreign currencies. The Savings Account + is one of the best on the market thanks to its high interest rate and flexibility. The Time Deposit offers interesting interest rates for shorter fixations and a guaranteed risk-free return.
The only drawbacks are the limited branch network and higher ATM withdrawal fees above the set limit. Overall, however, Bank CREDITAS is a great choice for those looking for convenient and simple banking products without hidden fees.
