Termínovaný vklad

Fio banka Fixed-Term Deposit with Automatic Renewal

Fio banka's fixed-term deposit (termínovaný vklad) is a classic product for short- to medium-term saving of spare cash. It renews automatically once the agreed term ends, continuing under whatever terms are current at that time, unless the client cancels it. It suits savers who want to park money safely outside a current account for a set period, while still being able to choose a term anywhere from one week up to five years.

Interest Rates by Deposit Term

The rate depends on the chosen term. It first rises with length, then drops again for the longest terms. The current rate structure by term:

• 1 week: 2.60% p.a.
• 2 weeks: 2.90% p.a.
• 1 month: 3.00% p.a.
• 2 months: 3.20% p.a.
• 3–6 months: 3.50% p.a.
• 9–12 months: 3.60% p.a. – the highest rate in the whole offer
• 24–60 months: 3.00% p.a.

The top advertised rate of 3.60% p.a. is available only for a deposit fixed at 9 to 12 months. If you wanted to lock money away for several years (24–60 months), the actual rate drops back down to 3.00% p.a. – just as low as the shortest, one-week term. The rate is fixed for the chosen term (it stays the same for the whole duration), not a variable rate that changes during the term.

Terms and Fees

The minimum deposit is CZK 3,000. The deposit can be arranged for a term ranging from one week to 60 months. Because the deposit renews automatically once the agreed term ends, under whatever conditions apply at that time, you need to track the renewal date if you want to withdraw the funds without a penalty at that point, or place them elsewhere. If you wanted to add extra funds during the term, note that this additional money only starts earning interest from the nearest renewal date, not from the moment it's deposited.

Withdrawing early, before the agreed term ends, incurs a penalty rate calculated as the applicable interest rate multiplied by the number of days remaining until maturity, divided by 365 – with a minimum of CZK 1,000. In practice, the earlier you withdraw before the end of the fixed term, the more painful the penalty is relative to the interest earned so far, and in any case you'll pay at least a thousand crowns.

As with all banks operating in the Czech Republic, deposits at Fio banka are insured by law up to EUR 100,000 per client. Neither the product terms nor the bank's offer page mention any requirement to also hold a current account with Fio banka.

Who This Deposit Suits

This product suits conservative savers who want the certainty of a fixed rate for the whole term and don't want to track market rate movements. It's most attractive for those who can leave the money untouched for exactly 9 to 12 months – that's where the rate peaks. Savers planning to set money aside for several years ahead, on the other hand, may want to look for a product offering a higher rate for long-term deposits, since here the 24–60 month band drops back to a rate comparable with the shortest terms.

Pros and Cons

• Pros: wide range of terms from 1 week to 60 months; top rate of 3.60% p.a. for the 9–12 month band; low minimum deposit of CZK 3,000; statutory deposit insurance up to EUR 100,000; automatic renewal with no active step required from the client.
• Cons: the top rate is available only for the specific 9–12 month band, while longer deposits (24–60 months) drop back to 3.00% p.a.; early withdrawal always carries a penalty of at least CZK 1,000; extra funds added during the term only earn interest from the renewal date, not from deposit; the fixed rate means the client doesn't benefit if market rates rise during the term.

Summary

Fio banka's fixed-term deposit is a solid choice for conservative savers who want a known return in advance, especially if you choose the 9–12 month band, where the bank offers its highest rate of 3.60% p.a. Flexibility in term length, from one week to five years, plus a low minimum deposit of CZK 3,000, make it an accessible option for a wide range of savers. Before signing up, though, keep in mind that the early-withdrawal penalty starts at CZK 1,000 and that the longest deposits (24–60 months) drop back to a rate of 3.00% p.a.