Lokata standardowa

Inbank Lokata standardowa - who is it for?

Lokata standardowa is the basic term deposit of the Estonian bank Inbank, which operates in Poland through a branch. It can be opened without opening a personal account at this bank - Inbank stresses on its website that it offers "a high interest rate with no need to open an account" and "no additional conditions". The bank offers this deposit for terms from 1 to 60 months. This review covers the 48-month variant, meant for people who can set aside a specific amount for four years and want to know the rate for the whole period in advance.

Interest rate

The 48-month deposit pays 4.25% per annum, and the rate is fixed for the entire term of the agreement - it will not change whatever the central bank decides. The rate depends on the chosen term: in the bank's calculator it ranges from 2.60% (1 month) to 4.25% (48 and 60 months). The bank's rate table shows the current rate for each term.

Interest accrues from the day the funds arrive until the last day of the deposit and is added to the deposit amount only after the term ends - there is no compounding during the term. The bank deducts the tax due on the interest. Funds can be withdrawn early, but this means losing the accrued interest, which is a real risk over a four-year term if the money might be needed sooner.

Terms

The minimum deposit amount is PLN 1,000 and the maximum is PLN 50,000, while the total balance of all deposits held by one customer cannot exceed PLN 1,000,000. The deposit is opened online: you enter your details, choose the amount and term, sign the agreement and fund the deposit by transfer within 5 days of signing. The deposit is managed in online banking. If automatic renewal is chosen, the deposit rolls over for the same term on the standard terms in force on the renewal date.

Deposits at Inbank are protected by the Estonian guarantee fund Tagatisfond (the counterpart of the Polish BFG) up to EUR 100,000 per depositor, including interest.

Pros and cons

Pros:

• Fixed rate of 4.25% per annum for the entire 48-month term
• No requirement to hold a personal account at Inbank
• Low entry threshold - from PLN 1,000
• Fully remote online opening
• Deposit guarantee up to EUR 100,000 (Estonian Tagatisfond)

Cons:

• Long, four-year term - early withdrawal means losing the interest
• Maximum of PLN 50,000 per deposit
• Interest added only at the end of the term, with no compounding during it
• Guarantee from the Estonian scheme, not the Polish BFG

Summary

Inbank's 48-month Lokata standardowa is a simple deposit with a fixed rate of 4.25% per annum, available without opening an account and without additional conditions, for amounts from PLN 1,000 to PLN 50,000. It suits people who are sure they will not need the money for four years. Anyone less certain can choose a shorter term within the same product, bearing in mind that shorter terms pay less.