Lokata na Powitanie

Lokata na Powitanie at Erste Bank Polska

Lokata na Powitanie is a three-month fixed-term deposit with a fixed interest rate, offered by Erste Bank Polska. It's designed for people who want to safely park a cash surplus for a short, predetermined period and know the exact interest rate upfront - with no risk of it changing during the term. The offer is aimed at new customers opening their first personal account with Erste Bank Polska.

Interest rate

The deposit offers a fixed rate of 4.50% per annum - the rate does not change during the entire 3-month term (fixed-rate type). Important caveat: the deposit can only be opened for PLN 1,000 to PLN 50,000 - PLN 50,000 is the maximum amount for this deposit, you cannot place more on it. You can have only one such deposit.

Interest accrues for the full three-month term (provided the deposit is funded on the day it is opened) and is paid out only at the end - the deposit does not compound interest during the term. The deposit does not renew: the day after the term ends, the bank transfers the money to the account the deposit was funded from.

Terms and availability

The minimum amount to open the deposit is PLN 1,000, the maximum is PLN 50,000. Lokata na Powitanie is available to people who sign up for their first Konto Smart, Konto Max, Konto Erste Platinum or Konto Private Banking (with a debit card and Erste online services) and have not held any PLN personal account at this bank in the last two years. The deposit must be opened in Erste online within 15 days of opening the account - the bank makes it available in Erste online up to 3 days after the new account agreement is signed.

If you close the deposit before the end of the term, the bank pays no interest. Before opening the deposit, it's worth checking the current fees for your chosen personal account in the bank's price list.

Pros and cons

Pros

• Fixed 4.50% interest rate for the entire 3-month term
• Low entry threshold - from just PLN 1,000
• Opened remotely, in Erste online
• Short, flexible term (3 months) - quick access to capital once the deposit matures

Cons

• Maximum deposit amount is PLN 50,000, one deposit per customer
• New customers only - you must open your first personal account and open the deposit within 15 days
• Interest is paid only at the end of the term, with no compounding during it
• Breaking the deposit early means no interest

Summary

Lokata na Powitanie from Erste Bank Polska is a straightforward three-month savings product with a fixed 4.50% annual interest rate for amounts from PLN 1,000 to PLN 50,000. Its limitation is that it is available only to new customers who open their first personal account with the bank and open the deposit within 15 days. For someone who plans to open an account with Erste Bank Polska anyway and is looking for a short-term place for a surplus of up to PLN 50,000, this is a sensible, stable option - for larger amounts, you'll need to look elsewhere.