Czech banks competing for client savings with interest rates
Czech banks have jumped into action following the central bank's raising of the country's basic interest rate by offering customers better savings rates. Leading the pack is Trinity bank, which now offers clients with more than CZK 1 million in the bank 2.08 percent. Those with less spare change will have to make due with the bank's improved offering of 1.88 percent, but that didn't stop Trinity's head of marketing Marcel Schmidt from declaring that "the 2 percent barrier has been broken." And while Trinity's ahead of the game, it's only one of many banks reacting to the new reality. Air Bank raised its rates for those with CZK 250,000 in savings to 1.5 percent only to be bettered by Equa Bank which now pays out 1.6 percent to clients with CZK 300,000 or more in their accounts. Even market leader Česká spořitelna had to react, given that its basic rate was just 0.2 percent. It now offers 1 percent interest on savings accounts.