•   Wednesday, June 12, 2024
Finance

Business deposits for your company

Many entrepreneurs keep their generated financial surpluses in their current corporate accounts. Meanwhile, the banks' offer does not lack business deposits, which provide small, but risk-free profits. In addition, they guarantee free access to savings and can be opened and closed at any time....

In practice, business deposits (also called corporate deposits) have similar properties to their counterparts in the individual offer. Possible differences usually arise only in the minimum amount from which a deposit can be made. At the same time, it means that the undertakings using such products derive in principle the same set of benefits as individual customers. What's he made of?

Free access to money

Contrary to appearances, a business deposit does not have to be associated with a long-term "freezing" of capital. The banks offer not only deposits opened for 3, 6, 12 or 24 months, but also monthly, weekly or even daily deposits (the so-called overnight deposits). It is therefore possible to invest in short-term deposits without any problems and to renew them gradually, while retaining free access to financial surpluses. Moreover, even if a trader opens a long-term deposit and after a certain period of time has to close it for various reasons before the expiry date, he will not suffer any serious consequences - at most he will lose some or all of the interest.

A business deposit is a sure and well-known profit in advance

Business deposits normally bear a fixed interest rate, i.e. one which, irrespective of economic conditions or market trends, will not change during the life of the deposit. It is particularly beneficial from the perspective of managing company finances, because from the very beginning of the investment it is clear what exactly will be the profit.

You can negotiate with the bank, too.

For those entrepreneurs who have a larger amount of cash, some banks offer the possibility to negotiate the terms and conditions of a business deposit, i.e. the interest rate or duration of the deposit, as well as the method of interest payment. To be able to use such a facility you need to have a minimum amount of 100 or even 200 thousand zlotys, but you can also meet institutions where the threshold is much lower. For example, at Deutsche Bank, negotiations may be commenced from as little as PLN 25,000 or from as little as PLN 10,000 in foreign currencies.

It is worth mentioning that the terms and conditions of corporate deposits can usually be negotiated not only in bank outlets, but also often by phone or via Internet banking.

How to open a business deposit?

A business deposit is generally closely linked to a current account with the bank that offers it. If the customer already has a corporate bank account of the bank he or she is interested in, the formalities associated with the mobilization of the deposit usually take literally less than a minute. Then it is usually enough to just click on the appropriate tab in the trading system and choose the option "make a deposit" or call the bank's hotline. Beforehand, the entrepreneur must, of course, consider what amount, in what currency and for what period of time he intends to deposit.

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