This is general information, not financial advice. Rates and terms change. Compare current offers and read the conditions before depositing.
Savings accounts versus deposits
Poland offers two main saving products. A savings account (konto oszczednosciowe) keeps your money flexible with variable interest, while a term deposit (lokata) locks funds for a set period, often at a higher fixed rate.
- Savings account: flexible, variable rate.
- Term deposit (lokata): fixed period and rate.
- Higher rates often reward locking funds.
How interest works
Savings-account interest is usually calculated daily and paid monthly, and you can withdraw at any time. A lokata pays interest at the end of the term; breaking it early often forfeits some or all of the interest.
Tax on your gains
Interest earned is subject to capital gains tax in Poland, commonly called the Belka tax, deducted before you receive it. The advertised rate is gross, so your net return is lower; compare products after tax.
Deposit protection
Deposits at banks covered by the Polish guarantee scheme (BFG) are protected up to a set limit per depositor per bank. This makes regulated savings products a low-risk place to keep an emergency fund.
- Guarantee scheme protects deposits up to a limit.
- Protection is per depositor per bank.
- Low risk for cash you cannot afford to lose.
Choosing wisely
Watch for promotional rates that apply only to new money or for a short period. Compare the real rate, conditions and flexibility, and split funds between flexible and fixed products to balance access and return.
Frequently Asked Questions
What is a lokata?
A term deposit that locks your money for a set period, usually at a fixed rate.
Are savings accounts flexible?
Yes, you can withdraw any time, but the rate is variable.
Is interest taxed?
Yes, capital gains tax is deducted, so the net return is lower than the advertised rate.
Are my savings protected?
Yes, deposits are guaranteed up to a set limit per depositor per bank.
What if I break a lokata early?
You often lose some or all of the accrued interest.
How is savings interest paid?
Usually calculated daily and paid monthly on savings accounts.
What is a promotional rate?
A higher rate that may apply only to new money or for a limited period.
Which is better for me?
It depends on whether you value access or a higher fixed return.
Can foreigners open them?
Yes, foreign residents can open savings products with the usual documents.
Should I split my savings?
Splitting between flexible and fixed products balances access and return.