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VTB High-Yield Savings Account
I'm talking real growth here - a high-yield savings account that actually makes your money work for you. You'll earn interest on your deposits, and get perks like a competitive interest rate and flexible access to your cash.
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My VTB Savings Account Nightmare: A Cautionary Tale
summarizeEditor's Summary
I recently opened a VTB savings account, thinking it'd be a no-brainer given the competitive welcome rate. But things quickly took a turn for the worse. I encountered a string of frustrating errors when trying to log in to the online bank, and the ATM threw an error too. It took a working day to get help from a bank employee. The whole experience left me feeling uneasy about the bank's reliability and transparency. I'm sharing my story as a warning to others considering VTB.
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I recently invested in Ozон Bank and earned over 20,000 rubles on the welcome rate. That got me thinking - in the current economic situation, I should make the most of my savings and invest them in several banks with competitive welcome rates.
I used to keep my money in Sber, where I was a former employee and knew the ins and outs. But after trying out other banks, I realized that they often hide the conditions until you've already opened the account - and that's not something I'm comfortable with. So, I'm sharing my experience with VTB.
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Why VTB?
I already had a VTB bank card from my previous job, and since the welcome rate was the same as Ozon's - 23% - I thought it would be easier to invest my money there. But things didn't quite go as planned.
When I tried to log in to the online bank, I got an error message and was told to take a new access code from the ATM. But the ATM also threw an error, and I was left waiting for a working day to get help from a bank employee. It turned out that the code was supposed to arrive via SMS, although this was nowhere mentioned. It was all a bit disorganized, but I've encountered delayed information delivery before.
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Opening an account.
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Accumulative VTB Account When I opened the account, I didn't notice anything suspicious, and the 23% welcome rate applied to the first three months. After that, I could 'top up' to a maximum of 17% per annum, but by then I wasn't interested anymore.xa0
VTB Savings Account Next, I was asked how I wanted to accrue interest: on the minimum balance or daily. Since I'm saving for a specific goal and won't touch the money for the entire term, I chose minimum balance - it's what I do with similar accounts at other banks.xa0
VTB Savings Account The issues I encountered.I had certain expectations for the final amount, so I added a bit more after depositing in OZON Bank, even though I thought I'd only add up to a round number.
Doing some simple math, at the end of the three-month term, I should have been credited around 39,000 rubles.
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Reality, however, brought me back down to earth. In my preliminary calculation, I saw that at the end of the month, I'd receive 0 rubles!
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I rubbed my eyes, and realized that the end of the first month was April 30th, but I'd deposited the money on April 10th. So, it turns out that the month starts from the first day, not when I opened the account and deposited the money. But nowhere during the sign-up process did they warn me about this, and the detailed conditions, as always, can be read only after opening the account.
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I wasn't prepared to keep the money for more than two weeks without interest, and I was really disappointed to have lost a whole month of good interest rates. I called the hotline to clarify possible solutions to my problem.
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I was offered to open another savings account, but this time on the daily balance. Apparently, in VTB, you can have two savings accounts at the same time, but only one with the welcome interest rate.
I had to transfer the money to a new account by April 30th, and when the money came in, I immediately returned it to the first account with interest on the minimum balance, so I could get 23% for the remaining two months. With my daily balance account, my money would be sitting at 10% interest, because I don't have any conditions for a higher rate.
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I couldn't open the new account right away, I had to re-sign some agreement that the operator was supposed to send me within 10 minutes. We agreed that they'd call me back within that time to help me sign and open it, but even 30 minutes later, the phone was silent.
Eventually, I went back to the online bank and did it myself, and within the next hour, I got an SMS saying they couldn't reach me. It was just a weird situation, they were dragging out my time.
By the way, there's no VTB bank app in the App Store, so I have to use the browser version, which is really inconvenient for me.
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So, by April 30th, I left the money at 10%, and within the day on the last day of the month, I got 3,700 rubles credited.
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Accumulative VTB AccountFollowing the plan, I transferred the funds to the first account at 23% interest, but it turns out, for those days, the 23% rate had dropped to 19%.Pretty strange, because the bank can change it unilaterally depending on the economic situation.
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Accumulative VTB AccountIt's weird, to this day, Ozon is still offering the same high rate of 23%, and many other banks are too, but something must have affected VTB. Yes, it was in the conditions, but it was the final straw for me, and I decided to withdraw the money.xa0
VTB Savings AccountMy Experience with It.I've gotta say, using VTB's services has been a mixed bag. On the one hand, they do pay out the interest as promised. But on the other hand, it feels like they're not exactly transparent about the terms and conditions when you first sign up.
I think if I'd opened the account with a manager, I might not have had these issues. But I'm guessing the bank actually prefers online users like me.
For instance, if I'd opened the account on the 29th instead of the 10th, I would've gotten interest for just one day and missed out on a whole month of the introductory rate. And I'm sure I'm not the only one.
Another thing that really got my goat was the delayed update on the screen. I'm not sure if it was because I was using the browser version, but when I transferred money to my first account with an 19% interest rate on April 30th, I saw that I'd get zero rubles at the end of the month.
VTB Savings AccountAnd to make matters worse, it was already May 1st on the calendar.
When I checked my second account with interest on the daily balance, I saw that I'd get 3700 rubles at the end of May, starting from zero. That's nice and all, but I'm not happy about the inaccuracies in an online bank like VTB, which is the second-largest bank in Russia.
VTB Savings AccountThe information updated at exactly 1:00 - that's 00:00 Moscow time. But to be honest, that was the least of my concerns. Savings Account in VTB BankMy Verdict.I've had a short experience using the savings account in this bank, and I wouldn't recommend it. Ozon, where I used to store my savings, wins on many fronts.
I've completely lost the desire to transfer money and open new accounts in the future. Now I'm 100% sure that in VTB bank I'll encounter another change in the interest rate and withholding of information from online clients.
Pros and Cons.
+ Good welcome interest rate+ Good term for the welcome interest rate+ You can open two savings accounts at the same time+ Top-up and withdrawal at any time+ Free account maintenance
- Unilateral changes to the interest rate- The interest payout period starts from the first day of the month, not from the day you open the account and deposit funds- Inadequate delivery of up-to-date account information- Complicated login to the online bank and no app in the store- They don't inform you about changes to important account conditions- Support is misleading
After weighing the pros and cons, I wouldn't recommend this bank for collaboration. The main criterion for me is the decrease in the interest rate unilaterally, and they didn't even inform me about it, although they could have sent an SMS.
I've transferred my funds to a new bank, and maybe I'll share my impression of it soon.
Thanks for your attention!
live_helpFeatured FAQ
What are the conditions for the welcome rate at VTB?
The welcome rate at VTB is 23% for a limited period, but be aware that the interest rate drops significantly after the promotion ends.
How do I log in to the online bank at VTB?
To log in, you'll need to use your access code from the ATM or generate a new one. Just be prepared for potential errors and delays.
What happens if I encounter issues with the ATM?
If the ATM throws an error, you'll need to wait until the next working day to get help from a bank employee.
Can I trust VTB with my savings?
After my experience, I'm not entirely confident in VTB's reliability and transparency. I'd recommend exercising caution and exploring other options.
What are the benefits of free maintenance services at VTB?
Free maintenance services mean you won't have to pay extra for account management, but be aware that other banks may offer similar perks.
How does VTB compare to other banks in terms of interest rates?
VTB's interest rates are competitive, but be sure to check the fine print and understand the conditions before investing your money.
Can I change my mind and close my VTB account?
Yes, you can close your account at any time, but be aware that there may be fees associated with account closure.
What happens if I forget my access code?
If you forget your access code, you'll need to generate a new one from the ATM or contact customer support for assistance.
How do I contact VTB customer support?
You can reach out to VTB customer support via phone, email, or online chat.
check_circlePros
- •Free maintenance services
- •Competitive welcome rate
- •Easy account setup
- •Wide range of banking services
- •Convenient online banking platform
- •Good customer support (eventually)
- •Low fees
- •Flexible account options
cancelCons
- •Bank can change conditions unilaterally
- •Low interest rate after the welcome period
- •Complexity in bank operations
- •Multiple nuances in bank operations
- •Frustrating login process
- •ATM errors
- •Limited customer support options
- •Poor website usability
