Savings Account

What is the savings account?

The savings account is an account where you can place funds for saving, with no fixed maturity date. It is opened as an additional account within your existing relationship with the Bank.

Do I need a current account to open a savings account?

Yes. To open and use a savings account, you must have a Jet Bank current account in the same currency as the savings account.

How long does the savings account remain open?

The savings account has no maturity date. It remains open until you request its closure or in other cases provided under the Bank’s general terms.

Can I use the funds whenever I want?

Yes. You can transfer the funds from your savings account to your current account at any time, according to the features available in the app. No penalty applies for transferring funds.

How is interest calculated?

Interest is calculated daily on the daily account balance.

The formula is:

Daily balance × annual interest rate × number of days / 365, or / 366 for leap years.

This means that 365 days are used in a regular year and 366 days are used in a leap year.

When does interest start accruing?

Interest starts accruing from the value date, meaning the day when the funds become available in your savings account.

What happens if the interest payment date falls on a non-business day?

If the interest payment date falls on a non-business day, interest is calculated up to the last business day before that date, while the payment or crediting is completed on the following business day.

Is the interest rate fixed?

No. The interest rate for the savings account is variable and applies according to the rates published by the Bank at the time interest is calculated.

The Bank may change the interest rate according to the product terms and its internal policies, by notifying you through the defined communication channels.

Is interest taxed?

Yes. Interest earned on the savings account is subject to withholding tax according to the applicable tax legislation. The Bank withholds the applicable tax of 15% at the time the interest is paid.

Is the savings account insured?

Yes. Deposits with Jet Bank are insured by the Deposit Insurance Agency, according to the form and amount defined by applicable law.

What is the maximum coverage amount?

The maximum coverage amount is ALL 2,500,000 per depositor per bank, regardless of the number of deposits or their currency.

How can I close my Savings Account?

‍To close your Savings Account, you need to contact Jet Bank through the app or another official communication channel of the Bank.

Before closing the account, the Bank will check if there is any remaining balance, accrued interest, withholding tax on interest, pending transactions, or any other obligation linked to the account. The account can be closed only after all related actions and obligations are completed.