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Peter Davis

An writer at FOMOdrive

  • Aug 28, 2023
  • 1 min read

Yandex will offer accounts with daily interest payments

Yandex is trialing a new type of savings account called 'Saves'.

Interest will be accrued daily on the account through this service.

This service is usually only available to those with higher incomes.

At this time, the Yandex Bank Plus card holders are the only ones who can access the service.

Forbes reports that "Yandex" has launched a fintech savings service called "Saves" which offers daily interest payments. Initially, the product will be available to active users of the Yandex Bank Plus card.

Google, the search giant, is offering customers attractive interest rates on investments. For the first three months after opening an account, the interest rate will be 13% on the balance, then dropping to 9%.

Customers can create up to 10 accounts with a maximum balance of 10 million rubles. The company emphasizes that deposits in "Saves" are insured by the Deposit Insurance Agency.

Interest on the account will be paid out daily, as opposed to the traditional banking products which pay out once a month. You can deposit or withdraw money at any time without incurring any commission or losing out on the interest paid.

In the spring of 2021, Yandex acquired Acropolis Bank and subsequently changed its name to Yandex Bank. However, for more than two years, Yandex has been unable to fully incorporate the bank into its system.

Frank RG notes that the Yandex system's clients, who are young, tech-savvy, and financially savvy, may be able to put their small savings into such accounts with advantageous terms.

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