There are three companies competing in the home savings market, Good Finance, Goodbank and E-Money.
E-Money lures you with a special interest rate, while the other two riders give you a full or partial waiver of the small opening fee. Which one are we better at?
(I’ve written about home savings several times, for example, here: // Brighella / residental savings-penstar-az-evasad-business this is only 4.99% and you even have to use it for home purposes. Virtually any bank deposit is a better deal. If you are interested, read this article.)
The opening fee or the conclusion fee depends on the duration
Type and monthly amount of the contract, for a monthly contract of 20 thousand it usually varies between 28 thousand and 81 thousand HUF. This is what you have to pay when you start, if you open an account like this, this is what you usually pay agents for.
This is now completely released by the Good Finance Housing Savings Bank if we undertake to pay the fee for the entire term from the Good Finance bank account, which will receive at least a minimum monthly credit. (Simply, we will be or remain loyal customers of the bank.) If you only want to commit for 24 months, you will be eligible for a 50% discount on the opening fee. In addition, we must always ensure that we pay the monthly amounts accurately and do not change the contract. Details here.
Home savings tend to have more attainable interest rates
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Of up to 0.5% -3%. If you want to get a home loan after the savings period, it doesn’t matter which design you choose, because a higher deposit rate is associated with the same higher loan rate. If you do not apply for the loan or you are unsure, we will always ask for a higher interest rate as we will have more money at the end of the savings period.
With this much background information, let’s look at Goodbank Home Savings: if you open your lowest interest rate (funny 0.5% pa) loan plus product line, you can get a contract opening fee, or if you require a home loan at the same time, a higher 1.5% loan max product We can request.
If you want a fun rate of over half a percent
We can ask for a 3% return plus product, in which case the bank will release half of the opening fee. At half a percent, our savings will increase to $ 1,181,653 at the shortest maturity, at a higher 3% product to $ 1,242,228 without government subsidies, while the opening fee is only $ 14,000 more in the second case .
The details of the promotion are here and the terms are here.
Finally, we look at E-Money’s offer. As the contract fee is completely eliminated here, it starts out 14-28 thousand behind the other two bids.
You try to offset this in the first year with a promotional bonus rate, which sounds like a good 10% extra.
The problem is that this is only true for the money we already have and only for the first year, and can only be claimed with the one percent facility. That is, our total profit with the interest bonus is HUF 12,000, compared to a 3% product, we have to deduct an additional $ 2,400 from this because of the lower base rate. Another bonus is that the interest bonus does not bear interest until the end of the term, ie no interest is charged.