Ozon-Bank introduces a new savings account with a rate of 8% per annum
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Ozon-Bank, which is part of the holding of the same name, introduces a savings account with a rate of 8% per annum. The trading platform is a tool, analogues of which all major competitors already have, can help increase turnover due to the influx of new customers. But citizens need to be attentive to the nuances: a unilateral revision of the rate is possible in the product, while for deposits it is fixed for a certain period of time. Moreover, as a rule, banks offer generous interest only for the first months, a high rate is only a marketing ploy.
Ozon Bank told Kommersant that they were introducing a new savings account. According to the tariff, the bank offers 8% per annum for this product on the minimum monthly balance. To open an account, you need to pass identification by passport at the points of issue of orders or at a meeting with an Ozon representative.
The holding expects that the introduction of a savings account of a subsidiary bank may have a positive impact on the marketplace’s revenue. “Fintech products drive order growth and help merchants scale faster, which is reflected in Ozon’s services revenue. Ozon card prices encourage customers to place orders more often,” the bank explains.
At the end of last year, a similar deposit was launched by a subsidiary bank of another marketplace – Yandex-bank – with a rate of 8.5% per annum. Now the range of rates on his deposits is 6.5-9% per annum. According to data on the website of Wildberry Bank, the rate on its deposits is 2-7% per annum. However, according to the results of the first quarter of 2023, only Yandex-bank (four times, up to 938 million rubles) and Ozon-bank (3.8 times, up to 257 million rubles) managed to increase the balances on the accounts of retail clients. At Wildberry Bank, they decreased by 13%, to 61.4 million rubles.
At the same time, in the structure of liabilities of all the listed banks, the money of individuals plays an insignificant role. The main volume of funds was attracted from companies, their reports testify. As explained to “Kommersant” in Wildberry Bank, attracting funds from individuals is not a strategic area of activity, there “there is no plan to increase interest rates.” Yandex Bank did not respond to Kommersant’s request.
At first glance, Ozon-Bank’s offer looks generous, but the cost of it will pay off through the growth of acquisitions on the trading floor, Kommersant’s interlocutors in the financial market are sure. In addition, the format of the savings account implies the ability of the bank to unilaterally reduce the rate at any time, while, for example, on a traditional deposit, it is fixed for a certain period.
As Maria Tatarintseva, manager of the Deposits product in the financial marketplace Sravni.ru, notes, at present the average effective rate on savings accounts is 6.5% per annum. In addition, according to the Central Bank, the average maximum rate on deposits from the largest banks in terms of attraction in the third decade of May is 7.75% per annum. Most banks offer a higher rate in the first one to three months, and then it is reduced, said Ms. Tatarintseva. According to the expert, at present, short-term deposits – up to a year – continue to be in demand. However, banks set maximum interest rates on long-term deposits, she explains.
Raising funds from retail clients for marketplace banks is more likely not a solution to the problems of lack of liquidity, but a struggle for a new client base for their own trading platforms, believes B1 partner Gennady Shinin. In this case, for banks, it is more likely just the cost of attracting a new client, which has the opposite effect for the entire ecosystem: having entered once, the client can begin to interact with it regularly, Mr. Shinin notes. As a result, the expert believes, involving a client in turnover on trading floors and other ecosystem services can bring them significant income, while the financial costs of banks for such products will not be high.
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