Opening a savings account helps people build disciplined saving habits that can last a lifetime. In an interview with Izvestia, Yaroslav Bajurak, the executive director of Vyberu.ru, noted that many banks allow automatic transfers into the savings account, so money can grow without constant manual effort. The feature is especially convenient for households aiming to automate their financial routines and steadily increase their balance over time.
According to Bajurak, you can fund a savings account with no enforced waiting period and close it at any moment. Additionally, banks often do not require a minimum initial deposit, which means someone can open an account with zero money and gradually add funds to suit their financial situation. This flexibility makes savings accessible to a wide range of savers, including students, young professionals, and families managing tight budgets. The adviser emphasized that these accounts are designed to support routine saving rather than immediate, high-rate returns, which can influence how customers view them relative to fixed-term deposits.
Nevertheless, Bajurak cautioned that money kept in a savings account is typically more liquid than money placed in longer-term products. Since withdrawals are straightforward, banks may offer lower yields compared to long-term deposits. The practical takeaway for Canadian and American savers is to weigh the value of liquidity against potential earnings when choosing between a savings account and other investment options. The idea is to create a saving habit first, then explore opportunities to optimize returns as personal circumstances change.
Starting February 1, financial institutions are required to inform customers, at no cost, five days in advance when fixed-term deposits mature. This regulatory improvement aims to provide more predictability and time to plan for reinvestment. The update also expands the scope of information included in cadastral records, noting which real estate objects fall under state assessments. For individuals building long-term financial plans, these changes can influence how one coordinates savings with larger asset management and property-related considerations, offering clearer timelines and more transparency in reporting. The shift signals a broader push toward better consumer awareness and steadier financial planning across savings products and related real estate obligations.
Historically, Sberbank and other major lenders encouraged customers to cultivate long-term savings habits. The recent developments underscore a broader trend toward flexible, low-friction savings options that still reward regular contributions, while balancing the need for liquidity. For Canadians and Americans, this means there are viable pathways to establish and grow savings without sacrificing accessibility or future planning, making it easier to set aside funds today for tomorrow’s goals [Source: Izvestia].