mVklad

What is mVklad from mBank

mVklad is a classic term deposit from mBank, designed for clients who want to lock away spare cash for a fixed period at a guaranteed interest rate without having to track how market rates move. Unlike a savings account, where the rate can change at any time, a term deposit tells the client upfront exactly what return they'll earn and for how long the money will be tied up. It's a product for conservative savers who have a specific sum they won't need during the deposit term.

Interest rate and term length

mVklad offers a rate of 3.71% p.a., and this is the same for all three available term lengths – 3, 6, and 12 months. The rate is guaranteed and fixed for the entire term of the deposit, so the client knows exactly how much they will receive at maturity, regardless of how the Czech National Bank's rates or competing banks' rates move in the meantime.

It's worth noting that the same rate applies regardless of the chosen term length – mBank does not offer a higher rate in exchange for tying up money for longer. So unless you have a specific reason to choose a longer maturity, the 3-month option performs just as well from a pure yield perspective, while also freeing up the money sooner and giving you more flexibility about what to do with it next.

Deposit amount, fees and conditions

The entry threshold is low – a deposit can be opened from as little as CZK 1,000; the bank does not state any upper limit on the page. Opening, maintaining and closing the deposit account are all free of charge, and a client can hold an unlimited number of deposits at the same time, which is useful for spreading savings across several terms with the same or different maturities.

The key condition is that mVklad is available only to clients who already hold an mKonto current account with mBank – it is a supplementary product to the current account, not a standalone deposit anyone can open. Once the agreed term ends, the funds are automatically transferred back to the linked current account, unless the client has set up automatic renewal for a further period in advance – without that setting, the money stops earning interest after maturity and simply sits in the current account.

Who mVklad suits

The product makes most sense for existing mBank clients who have spare funds sitting in their current account and want to grow them for a few months without risk and without needing to watch the market. Because of the mKonto requirement, however, it is not a good fit for clients of other banks who would have to open a brand-new current account just for one deposit – in that case, it usually pays to first compare savings accounts or term deposits that don't carry this requirement.

Pros and cons

• Pros: guaranteed rate of 3.71% p.a. for the entire deposit term, low minimum deposit from CZK 1,000, free opening and maintenance, unlimited number of simultaneous deposits, choice of 3/6/12-month terms at the same rate.
• Cons: requires an mKonto current account with mBank, the same rate applies regardless of the chosen term length, funds stop earning interest after maturity unless automatic renewal is set up, the bank does not state an upper deposit limit.

Summary

mVklad is a simple, fee-free term deposit with a fixed, guaranteed rate of 3.71% p.a. that works reliably for existing mBank clients looking to grow spare cash over the short term. Because of the mKonto requirement, though, it's not a product to recommend outright to clients of competing banks – they should first check whether switching to mBank is worth it, or whether a comparable rate is available elsewhere without this condition.