Frequently asked questions about building society savings accounts

A building society savings account gives you value for your savings through interest and state support. It is useful when you want to build a financial reserve or want to get a favourable home loan or mortgage in the future.

Interest and the advance payment of state aid are credited to the building society account once a year. To get state support, you need to save for at least six years or take out a loan from a building society. If you end your contract early, you unfortunately lose your state support.

When you arrange a building society savings account, you choose a target amount depending on how much you want to save. The minimum deposit (0.25% of the target amount) that you must save monthly for the building society is based on the target amount. The lowest target amount you can choose is CZK 150,000, so the lowest possible deposit is CZK 375 per month.

If you plan to take out a building society loan, the target amount is chosen according to the amount of the future loan. We can help you make these decisions at the branch.

As soon as two years after you start saving, you can qualify for a regular building society loan if you meet the other conditions. It guarantees you an interest rate of 4,5% for the entire repayment period. You can use it to buy, build or renovate a property.

And if you need money for a home sooner, you can use a bridging loan. This allows us to lend you money without waiting for a proper loan with a guaranteed interest rate.

We offer free contract conclusion for all target amounts. You only pay an account maintenance fee of CZK 360 per year.

The minimum amount you can start saving is CZK 500 per month.

The minimum monthly deposit is 0.25% of the selected target amount. For example, with a target amount of CZK 200,000, you need to save at least CZK 500 per month. Ideally, you should set up a regular monthly payment, but you can also make regular contributions in one lump sum and prepay your savings for a whole year or more in advance.

Yes, you can. Deposits can be made monthly or in one lump sum – for example, for a whole year or several years in advance.

The target amount is set when you arrange a building savings plan according to how much you want to save in six years. It includes future deposits, state aid, interest on these (less 15% tax on interest) and any loan (if you plan to apply for a home loan).

If you want to use your building society savings to earn interest, this is more of an indicative amount. However, it is important to know that the target amount on the contract must not be exceeded.

Yes, it is possible to request both an increase and a decrease in the target amount. We can help you at any ČSOB branch. Both of these services are free of charge.

You must save for at least six years to qualify for state support. If you decide to stop saving early, you will unfortunately lose the state support. You don't need to do anything to get the state aid, it will be automatically credited to your building society account for the entire period of saving. You can split it between several contracts. The amount of state aid is based on the amount saved.

If you apply for support for more than one building savings contract, the state aid advances are then paid in priority to the contracts concluded earlier until the annual maximum limit is reached

Anything you save in excess of CZK 20,000 on one contract in a year will be carried over to your state support base for the following year.

• Czech citizens
• EU citizens with a residence permit issued in the Czech Republic and a birth number assigned by the competent Czech authority
• Individuals with a residence permit issued in the Czech Republic and a birth number assigned by the competent Czech authority

In order to qualify for state aid from your deposits, the funds must be posted to the building society account by December 31 of the calendar year.

You can use the savings from the building society, including state aid, for anything you wish. Building savings are therefore useful when you want to earn interest on your savings, create a financial reserve or to save for your children.

You can also use them to renovate, build or buy a property. Two years after you start saving, you can qualify for a regular building society loan with a guaranteed interest rate of 3.6%.

And if you need money for a home sooner than in two years, you can use a bridging loan. That way, we'll lend you money without waiting. You can therefore obtain a bridging loan from a building society with state support even if you do not have a building society account.

According to the Building Savings Act, the minimum period of saving and the condition for obtaining state aid is six years. You can continue saving for a longer period of time. However, it is important to check the balance of the building savings account to ensure that the target amount is not exceeded according to the terms and conditions.

The interest rate including the interest bonus (if the specified conditions are met) is guaranteed by the building society only for six years from the conclusion of the contract. After six years, you can cancel the contract and withdraw the savings and use them for anything you wish. For example, you can put part of your savings into a new building savings contract for yourself or another family member, or you can invest it in a supplementary pension savings or investment life insurance. If you're not sure which option is best for you, we'd be happy to discuss your options with you.

Yes, a building society account for a minor child can be set up by a legal guardian at a branch. You will need the child's birth certificate to open the account. Both parents and grandparents can send deposits to the building savings account.

You can start saving as soon as your child is born. Even small deposits can add up to a nice sum in a few years.

On your 18th birthday, the ability to handle and access your building society account in the Client Zone automatically passes to your child.

The parent who is named as the legal guardian on the building society contract can see their child's contract in their Internet Banking or Smart app until the child's 18th birthday.

When closing a building society account held in the name of a minor child, after the six-year mandatory period has already expired and the legal representatives are acting in agreement, it is necessary to have the signatures of both legal representatives certified on the termination form and to submit a copy of the child's birth certificate.

In other cases, closing a building society account for a minor child requires a decision of the guardianship court granting the court's consent to the termination of the agreement and a clause stating that it has become legally effective, pursuant to Section 898 of Act No. 89/2012 Coll., the Civil Code.

The proceedings of the guardianship court are free of charge.

For payments sent by post order or bank transfer, the following information is required:

• Account number = the number of the building society savings contract
• Bank code = 7960
• Variable symbol = birth number of the contract owner

The basis for a standard loan is a building society savings agreement, where you gradually build up your entitlement by making deposits. You can obtain a loan if you meet the conditions as soon as two years after signing the contract. The amount saved must be a minimum of 35% (applies to the Komfort savings plan) and the rating number must be 64. The processing of the loan is free of charge.

If you need money for a home but don't have a building society account or don't yet qualify for a standard loan, you can get an intermediate loan (sometimes called a bridging loan).

The basis is a building society savings agreement. You pay only interest on the intermediate loan through direct debit, you save at the same time (your deposits appreciate in value through interest and state support), and by saving you create the right to a standard loan. Once the conditions for a standard loan have been met, the intermediate loan is rolled over into a standard loan, where the amount saved and the standard loan are used to repay the depleted intermediate loan, leaving you with only the standard loan to repay. For the administration of the bridging loan and subsequently the loan account, you will pay once a year the amount set forth in the current Fee Schedule.