eKonto oszczędnościowe

mBank eKonto oszczędnościowe — review

eKonto oszczędnościowe is a savings account offered by mBank as a complement to a current account (eKonto). This is a product for short-term savings — with no lock-up of funds for a set period, unlike a term deposit — aimed primarily at existing and new mBank customers who want to hold cash surpluses at a higher rate than on their current account, while retaining free access to their money.

Interest rate

The account's interest rate has a tiered structure, depending on the amount of savings accumulated:

• from PLN 0.01 to PLN 500,000 – 3.90% per annum
• above PLN 500,000 – 1.00% per annum

Interest is capitalized monthly. It's worth noting, however, that the 3.90% rate is promotional and temporary in nature. According to the offer's description on the bank's website: "Promotional offer. New customers and existing customers who deposit new funds can take advantage of the higher rate for savings up to PLN 500,000. The better interest rate applies for 3 months." After this period, the funds will be subject to the bank's standard, lower rate, whose exact level the product database does not provide — before opening the account, it's worth checking mBank's current price list to know what rate to expect once the promotion ends.

Terms and fees

Maintaining eKonto oszczędnościowe is free — the maintenance fee is PLN 0. A key limitation, however, is that the product is available only as a complement to a personal account — it requires holding an eKonto (current account) at mBank. It is therefore not a standalone savings product for people outside the bank's customer base.

According to the summary of the offer's key features, a transfer of funds out of the savings account costs PLN 10.00 — a cost worth taking into account if you plan to frequently move savings back to the current account. The minimum age to open the account is 18; the product data does not specify an upper age limit.

Pros and cons

Pros

• High interest rate of 3.90% for savings up to PLN 500,000
• Zero fee for maintaining the account
• Monthly interest capitalization
• Funds available on an ongoing basis, with no lock-up as with a term deposit

Cons

• The promotional 3.90% applies for only 3 months from meeting the conditions
• Requires holding a personal account (eKonto) at mBank
• Any surplus above PLN 500,000 earns interest of only 1.00%
• A transfer out of the savings account costs PLN 10

Summary

mBank's eKonto oszczędnościowe is a sensible place for savings up to PLN 500,000 for people who already use or are willing to open a personal account at this bank – the 3.90% per annum interest rate is competitive against the market of savings accounts, and the absence of maintenance fees is an additional plus. It must be remembered, however, that this is a promotional rate, limited to 3 months from meeting the offer's conditions, after which the interest rate will drop to a lower, standard level – the product's real, long-term profitability therefore depends on the rate the bank switches to once the promotion ends, which is worth confirming before opening the account.