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Raiffeisen to start regular savings program

Raiffeisen Bank choose an unprecedented way to motivate residents for savings under its Regular Savings Program. It aims to emphasize the importance of savings while offering a solution in form of a a new service.

Any clients with a Raiffeisen forint-based account and a bank card can join the program and will be offered a savings account to be opened free of charge. Then, after every transaction of the client’s card the bank transfers HUF 500 to the savings account where the total amount can be accessed anytime. The bank offers a higher interest rate for this type of accounts. 

The aim of the program is to call the Hungarians’ attention to the importance of savings and to offer a modern product that could make more of the savings without major efforts.

Gfk’s Retail Banking Monitor survey show that in the first half of the year, only slightly more than one-fourth of the people between 20 and 60 years of age and 31% of the total number of bank clients have any type of savings. Raiffeissen Bank and Takarékszövetkezet has the most clients who have savings. The major motivation to save is to ensure financial background for the children and to prepare for unexpected future problems, but to save for the pension years is also a very important factor.

As for the formal characteristics, the most popular is the forint-based account, cash and life insurance among the types of savings. There is also an increasing tendency to invest in real estate as a method to save. (BBJ Online)