Deposit Interest Rates in Poland

By Stanley White
Jan. 5 (Bloomberg)
Economic Recovery
The dollar, yen and Swiss franc may weaken this year
against 2008's biggest losers in the currency markets as the
global economy starts to recover, the largest foreign-exchange
strategists and investors say.
The winners will be the Brazilian real, Indonesian rupiah
and Polish zloty as investors return to higher-yielding assets,
according to Bloomberg News surveys.

Scruffy Man	Jan 2, 09, 05:13 / #
Hi, What interest rates are Polish banks offering on deposits? Is this rate current seeing as the NBP are lowering the base rate? Which bank is the safest to bank with, i.e. trying to avoid a northern rock type expierience? Thanks.

delphiandomineThreads: 42 Posts: 9,954 Joined: Nov 25, 08 [Suspended]	Jan 5, 09, 19:02 / #
If you're thinking on depositing in Złoty to try and make more money out of interest, then you're an absolute idiot to say the least. It's fine and well for those of us living and working in Złoty - but for outsiders, particularly from the UK - it's quite simply a ridiculously foolish bet. The Zł/Pound rate is bouncing around the place like wild at the minute - the 3% you might make could easily be wiped out if the Złoty does end up crashing like predicted. As for a Northern Rock experience - what exactly is wrong with NR, bearing in mind that no bank will be safer than one owned by the UK government?

Guest	Jan 7, 09, 11:01 / #
Hi delphiandomine, Try not to jump to conclusions to quickly!! I am not exactly an "outsider"" (wooo...you make it sound a bit like Red neck country)...I have lived in Poland for a few years but I still run a polish business and my money is earned in zloty and my future commitments are in Polish zloty so my intention is that any money I make in Poland over the next 12 months I would like to keep it on deposit in Poland and earn the highest interest rate rather than convert it to Euro (I'm Irish not British hence the euro). Lots of banks are offering 7-8% last time I looked so not sure where the 3% you quoted actually comes from. As regards the Polish zloty, I don't think it will crash "as predicted" as you state...but I am a mere mortal and know little about currencies accept for what I read and according to Bloomberg yesterday By Stanley White Jan. 5 (Bloomberg) Economic Recovery The dollar, yen and Swiss franc may weaken this year against 2008's biggest losers in the currency markets as the global economy starts to recover, the largest foreign-exchange strategists and investors say. The winners will be the Brazilian real, Indonesian rupiah and Polish zloty as investors return to higher-yielding assets, according to Bloomberg News surveys. ....but hey, what do they know :) Finally...what’s wrong with NR...absolutely nothing...now that it's government guaranteed....but try telling that to the people that had deposits there prior to government backing.....it was a nervous few weeks. I don't want to go through that experience as there is no guarantee that the Polish government will do the same if one of the polish retail banks gets in trouble...not that I think it will but there are a few banks that are really struggling in Poland at the moment. So...if by any chance you have the info I was originally asking for then I would be pleased to hear it. Pozdrawiam

LwowskaKrakowThreads: 49 Posts: 504 Joined: Mar 9, 07 MEMBER	Jan 9, 09, 04:01 / #
Guest: So...if by any chance you have the info I was originally asking for then I would be pleased to hear it. Why don't you try Zachodni Bank(BZWBK) ? It belongs to an Irish Bank and the Irish Government said it would warrantee al the deposits without any limit.

Guest	Jan 9, 09, 13:20 / #
Thanks LwowskaKrakow, I see they habe reduced their rate from 8% to 7%, I was wondering was their any better out there? I will be in Krakow next week so will check. Incidently, I'm not sure the Ireish Government guarantee covers their subsideries in differnt countries. I would doubt it but I may be wrong. I see on the BZWBK website that they are saying they are covered by the polish bank ganrantee. To be honest, if they were guaranteed by the Irish governmnet they wuld have an unfiar advantage and any polish saver with some knowledge of finance would move their money there....just like all the Irish savers moved their deposits to Northeren Rock before the Irish Guarantee.

benszymanskiThreads: 9 Posts: 510 Joined: Feb 29, 08	Jan 9, 09, 13:24 / #
Normally the longer you agree to tie up your money with a bank, the higher the interest rate they give you, but right now because the Polish banks expect the base rate to be reduced by the national bank the highest rates to be had are for short 3 month loans at the moment. They were talking about this this morning on RMF FM as it's a bizarre situation...