Dollar deposit: an easy way to earn passive income
Earning on deposit is one of the most profitable options for obtaining passive income. It is enough for the user to study the offers and choose from them the one according to which the benefit from cooperation will be maximum. Often it turns out to be a deposit in dollars interest, which is in demand for several reasons. A deposit in a foreign currency allows you to save funds from depreciation in the event of inflation. Such passive income does not involve physical or intellectual labor, and individuals and legal entities can open a deposit in foreign currency. To calculate a deposit in dollars and start opening a deposit, it is enough to have a passport and TIN with you.
Currency contribution: what do you need to know?
Making a deposit in a foreign currency is the same as when using deposits in hryvnia. To deposit money in dollars, the client enters into an agreement with a credit union. The CS undertakes to accept the client’s funds for storage and must pay them back after the end of the deposit period or at the first request of the deposit owner. The deposit of dollars on which the bank uses for financial transactions is beneficial because it allows you to get a percentage on top of the amount on the account. It happens that the deposit in dollars interest is accrued, as it is prescribed in the agreement.
A deposit in dollars will be more profitable if the deposit period turns out to be the maximum. The longer the bank uses the deposit funds, the greater the dollar deposit interest rate is provided to the client with a guarantee of its payment. If you decide to invest your money, then pay attention not only to the amount of interest, but also additional opportunities. So, in a number of situations, customers are allowed to replenish the deposit or withdraw funds at any convenient moment. The deposit amount can be fixed or any. Replenishment is usually provided for small deposits. If the interest rate is high, then such deposits usually cannot be replenished.
Accrual of interest on the deposit, if you open a deposit in dollars for 3 months, can occur in several different ways. For example, the capitalization of interest. In this case, the interest will be added to the body of the deposit every reporting period, which will increase the profitability of the deposit. Also, interest can be accrued to the client’s main or additional account.
Ukrainian credit unions can offer to open a deposit in Kharkiv dollars on various terms, which allows you to identify several main types of deposits:
- Short-term. Their feature is the ability to get your money back as quickly as possible, but it should be remembered that it will not be possible to withdraw them ahead of time.
- Long-term. The deposit has a higher rate, but you will have to wait longer for a refund.
- Demand deposit. Such a deposit demonstrates a low rate, but the client will have the opportunity to get his money back at any time.
- Cumulative. The deposit allows you to top up your account.
- Savings account. Does not imply the possibility of replenishment.
- Target. A deposit for a specific purpose, for example, to buy an apartment.
The current legislation does not allow you to return interest on a deposit in dollars, even if a financial institution has liquidity problems. For this purpose, the FGV works, returning funds of individuals if they meet the established requirements. You can open a deposit taking into account currency risks in a Credit Union yourself, using the offer of our website. We are always happy to help you in choosing a profitable deposit. We have many years of experience.