Before the coronavirus panic began, Czech banks had begun raising the interest rates they offered clients as a way of attracting new clients. But with the Czech National Bank forced to cut its rates in an attempt to avoid economic recessions, one bank after the next has been reducing their own rates. One of the last hold outs was Air Bank, which was offering 1.5 percent on its savings accounts until its decision to slash the rate to just 0.8 percent. Clients who held more than CZK 250,000 in those accounts could until today expect an extra 0.4 percent to be added, but even that bonus will slide to 0.2 percent as of April 17. Funds held in a client’s current account will accrue no interest whatsoever. Other banks have gone even further. ING Bank had been offering 2 percent interest on its savings account, but clients will only receive this rate for six more months, after which they’ll collect just 0.5 percent on their savings.
