Top 4 Savings Accounts in Poland (2020)
Poland has numerous good banks that offer fair interest rates that are much better than most of Europe thanks to Poland’s Central Bank having interest rates set higher than most of Europe.
Overall we’d say polish banks are well-ran and would be fine keeping our money in many of them — particularly in the accounts we cover below.
Despite this we would still only keep a few months expenses in savings accounts for emergency purposes, beyond this we’d invest it in real estate or stocks/equities, primarily polish and Russian ones if we lived in Poland since Russian stocks are relatively cheap as are Polish ones compared to the rest of Europe.
Best High-Yield: Millenium's Lokata Mobilna Term Deposit Account
This is our personal choice as while it requires locking up your money for 3 months at a time it offers the best rate at 1.5% to 1.75% per year. Best of all — unlike other Term Deposit accounts you can terminate the 3 month lock-in period without a large penalty. You just won’t get that periods interest, but you’ll be able to get your money immediately, which eliminates the real risk of term-deposits (needing the money but not having access to it).
Because of that lovely feature this would definitely be the account we’d use and we think most people would be best having as their savings account. The only downside to this account is you must have a mobile smart-phone and open the account through their app. You can learn more about that on this page of their website.
Best Traditional Savings Account: Citi Super-Savings Account
If for whatever reason you do not like Millennium bank then Citi is the next best choice in our opinion, as they offer 1.5% yield per year on your first 20,000 Poland złoty (PLN), which in our opinion is adequate for most people’s savings accounts. After that it’s reduced to a horrible 0.1% per year, so if you plan to put more in the account then we’d go with a different bank.
Other than that there’s nothing really bad about this account — it has some other upsides as well. Having a savings account with Citi will help you get a creditcard with them or an investment brokerage account with them, so if you’re interested in either of those things with Citi then they are definitely a good option as they have some of the best credit cards in Poland.
Make sure you apply for the Super Saver Account rather than their traditional savings account, as their traditional regular account provides only up to 0.8% interest per year. You have to apply in a physical location as far as we know, however if you want to look at the documents and specifics of the account you can do so on their website by clicking here. Just make sure to select the Super Saver account.
Best for Short-Term Use: Millennium's Profit Savings Account
If for whatever reason you only want to be saving or a short period of time, as in a few months, then you can choose this account and get a pretty nice return of 2.6% per year for the first 3 months or so.
Overall I wouldn’t recommend this account for most people, as you should be saving for the long-term and after the first 3 months the account reduces to only 0.5% to 0.8% per year, however that’s still comparable to what most other banks give in Poland, so it’s not particularly bad. We’d still say Millenium’s Term Deposit account is better If you’re a foreigner (not a Polish Citizen) then this account might be better, as some foreigners have had trouble getting Term-Deposit accounts apparently from the emails we have gotten in the past.
But as a Polish Citizen I see no reason to use this account over their term-deposit account unless you’re using it for <6 months or so. Otherwise you’d make more with their mobile savings account we mentioned before. Regardless, if this account is interesting to you this is the page on their website where you can read more about it and apply for it if you like what you see.
An Overall Good Account: Polski's (IKO) Oszczędności Account
This account doesn’t really have any major advantages, other than apparently being a bit easier for foreigners to get approved for — it offers standard rates of 0.5% to about 1% per year on deposits depending on how much you have in the account, and that’s about it.
Well, there’s another benefit — this is one of the most conservative and oldest banks in Poland, going back all the way to the early 1900s, making it one of the safest banks to put your money in. They lack international business condition risks as they’re essentially 100% polish from head to toe, which can provide some peace of mind compared to some banks that deal with the US or western Europe and their high-leveraged economies.
If you simply don’t want one of the other accounts mentioned before, or want a more conservative safe bank, then this one might be your best option. If you want to apply in English you can go through this link, or they have a polish webpage on their website as well that you can go to through this link. Both accounts should have the same 0.5% to 1% interest rates.