Russians are now cautioned by Sberbank regarding their bank cards, with immediate effect.

Sberbank, a leading Russian bank, is providing an attractive savings account option for its customers. This account offers several benefits compared to keeping money on a regular bank card, primarily involving earning interest on deposited funds, safer accumulation of savings, and potentially better financial product features.

Benefits of a Sberbank Savings Account over a Regular Bank Card

Interest Earnings: Savings accounts offer interest on the deposited sum, allowing money to grow over time. Regular bank cards typically do not pay interest on the balance held.
Security and Stability: Savings accounts are designed for retaining funds over longer periods securely and may have deposit insurance protections.
Account Features: Savings accounts often come with features like fixed deposit terms, tiered interest rates, and penalties for early withdrawal to encourage saving.
Separate from Daily Expenses: Funds in a savings account are less easily accessible for everyday spending, helping users manage finances better.

Conditions for Opening and Maintaining Sberbank Savings Accounts

Minimum Balance Requirements: There may be a minimum initial deposit required to open the account or tiered interest rates based on account balance.
Withdrawal Restrictions: Limited number of free transfers or payouts per month; exceeding may result in fees or reduced interest rates.
Identification and Documentation: Valid Russian identification, address proof, and possibly tax documents are required.
Sanctions Impacts: Due to international sanctions on Russia and some Russian banks including Sberbank, there are restrictions on certain cross-border transactions and limits on deposits from foreign nationals or entities exceeding €100,000[1][3]. These do not usually affect domestic savings accounts but may impact international transfers or operations.
Bank Card Usage: Bank cards linked to savings accounts usually allow limited access to funds but do not yield interest on funds stored on the card itself.

Comparison Table

| Aspect | Sberbank Savings Account | Regular Bank Card | |--------------------------------|----------------------------------------------|------------------------------------------| | Interest earned | Yes, interest paid based on deposit & term | Usually no interest on card balance | | Accessibility | Withdrawal limits may apply | High accessibility for daily spending | | Deposit insurance | Yes, for funds under insured limits | Balance protected similarly but no interest | | Additional features | Fixed terms, tiered rates, bonuses | Payment and withdrawal functionalities | | Impact of sanctions | Some transactional restrictions globally | Limited impact for domestic card usage |

In summary, for longer-term saving goals and earning returns, a Sberbank savings account offers clear advantages over keeping money on a regular bank card, which is mainly for daily transactions without interest. However, the account holder must comply with conditions regarding minimum deposits, withdrawal limits, and current banking sanctions affecting Russia’s financial sector[1][3].

Currently, Sberbank is offering an attractive promotion for new clients, with an interest rate of up to 22% per annum. This interest rate is significantly higher than most deposits, even during periods of currency fluctuations, and exceeds the central bank's key rate. Financial expert Valery Popov recommends using savings tools even for those who previously thought the safest option was to simply keep rubles "at hand."

All operations are fast and without hidden fees - money is always accessible to the client and continues to generate income. The savings account is transparent, and you can track your balance and earnings through a mobile app or personal cabinet. There are no sum limitations, allowing you to manage your finances freely, even with large amounts.

The savings account is suitable for those who don't plan to spend their savings immediately but aren't willing to freeze them for a long time. Income is accrued daily, and interest is credited monthly - you can spend or accumulate the result as you see fit. You can connect a savings account both online and in any branch, without needing a long-term contract or lengthy consultations.

A savings account is a risk-free investment for those who aren't ready to deal with complex assets and don't want to risk investing in the stock market. Millions of Russians are keeping free money on their current bank cards, which are losing value due to inflation. By switching to a savings account, users can secure their savings and potentially grow their funds over time.

Customer-Centric Personal-Finance Advantages: Compared to personal finance arrangements involving only a regular bank card, the Sberbank savings account offers individuals the potential for interest earnings on their deposited funds, enhanced security and stability, and access to variety of account features designed to encourage savings.
Long-Term Business-Finance Investment: Businesses may find the Sberbank savings account an attractive alternative for long-term investments, due to interest earnings, secure deposit insurance, and additional features catering to saving strategies, as opposed to a regular bank card primarily focused on daily transactions.