Savings Accounts in Poland
Looking for the best savings accounts in Poland with high interest rates? Our comprehensive guide compares term deposits, high-yield savings accounts, and investment options from top Polish banks. Whether you're an expat, local resident, or investor, find the perfect savings solution to grow your money safely with competitive rates and flexible terms.
Table of Contents
ING Bank Śląski
High-yield savings seekers
ING Bank Śląski
High-yield savings seekers
Key Features
Account Details
Summary
mBank
Tech-savvy savers and digital banking
mBank
Tech-savvy savers and digital banking
Key Features
Account Details
Summary
PKO Bank Polski
Conservative savers and beginners
PKO Bank Polski
Conservative savers and beginners
Key Features
Account Details
Summary
Santander Bank Polska
International savers and high-net-worth individuals
Santander Bank Polska
International savers and high-net-worth individuals
Key Features
Account Details
Summary
Millennium Bank
Wealth building and premium services
Millennium Bank
Wealth building and premium services
Key Features
Account Details
Summary
Alior Bank
Polish speakers seeking promotions
Alior Bank
Polish speakers seeking promotions
Key Features
Account Details
Summary
Bank Pekao
Traditional savers and stability seekers
Bank Pekao
Traditional savers and stability seekers
Key Features
Account Details
Summary
Credit Agricole Bank
Regional savers and agricultural sector
Credit Agricole Bank
Regional savers and agricultural sector
Key Features
Account Details
Summary
Important Information About Polish Savings
All deposits in Polish banks are protected by the Bank Guarantee Fund (BFG) up to 100,000 EUR per person per bank. Interest rates shown are indicative and can change. Always check current rates before opening an account. Interest earned on savings accounts is subject to 19% tax in Poland, which banks automatically deduct.
Why You Can Trust Our Savings Guide
We are independent from the financial institutions that we review and compare.
We are transparent about our research methods and evaluation criteria for savings products.
Our content is carefully fact-checked to ensure accurate and up-to-date interest rates and terms.
We have extensive experience with Polish savings products and understand what savers need.
Choosing the Right Savings Account in Poland
When selecting a savings account in Poland, it's crucial to consider factors such as interest rates, minimum deposits, withdrawal flexibility, and safety guarantees. The Polish savings market offers competitive rates, especially for term deposits, with some banks offering promotional rates above 7% APY for limited periods.
Having a Polish savings account is essential for building wealth and protecting against inflation. Local accounts offer higher interest rates than many international options, and all deposits are protected by the EU-standard Bank Guarantee Fund up to 100,000 EUR per person per bank.
Maximize your savings with competitive Polish interest rates.
Photo: Polish Zloty Currency
Understanding Interest Rates and Terms
Polish savings accounts offer some of the highest interest rates in Europe, with term deposits (lokaty terminowe) currently offering 4-7% APY depending on the bank and deposit term. ING Bank Śląski andmBank typically offer the most competitive rates for both regular savings and term deposits.
Interest rates are influenced by the National Bank of Poland's reference rate and can change frequently. Term deposits lock in rates for the full period (3 months to 5 years), while regular savings accounts may have variable rates that can be adjusted by the bank with notice.
Deposit Safety and Guarantees
All deposits in Polish banks are protected by the Bank Guarantee Fund (Bankowy Fundusz Gwarancyjny - BFG) up to 100,000 EUR per depositor per bank. This is the same protection level as other EU countries and applies to both Polish residents and foreigners with accounts in Poland.
Major banks like PKO Bank Polski, mBank, and ING are additionally supervised by European banking authorities and undergo regular stress tests. For maximum protection, consider spreading large deposits across multiple banks to stay within the 100,000 EUR guarantee limit per institution.
Tax on Savings Interest
Interest earned on savings accounts in Poland is subject to 19% capital gains tax (podatek Belki). Banks automatically deduct this tax before crediting interest to your account, so you receive the net amount. There's no additional tax reporting required for standard savings accounts.
For non-residents, tax treatment may vary depending on tax treaties between Poland and your country of residence. Consult with a tax advisor if you have questions about your specific situation, especially for large deposits or if you're planning to move between countries.
High-Yield Savings Options for Maximum Returns
Polish banks offer some of the highest savings rates in Europe. Here are the top options for maximizing your returns while keeping your money safe and accessible.
ING Bank Śląski
Currently offering up to 7% APY on term deposits, ING provides the highest rates in Poland. Their Konto Oszczędnościowe offers competitive rates with no early withdrawal penalties.
mBank
mBank's eLokata offers up to 6.5% APY with full mobile management. Their automated savings features help you save consistently with competitive rates.
PKO Bank Polski
Poland's largest bank offers up to 6% APY with the lowest minimum deposits (100 PLN). Perfect for conservative savers who prioritize security and accessibility.
Term Deposits vs Regular Savings Accounts
Understanding the difference between term deposits (lokaty terminowe) and regular savings accounts is crucial for maximizing your returns. Term deposits offer higher interest rates but require you to lock in your money for a specific period, while regular savings provide flexibility with lower rates.
The choice depends on your financial goals, how long you can commit your money, and whether you need immediate access to funds. Let's compare both options to help you decide.
Choose the right savings strategy for your financial goals.
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Term Deposits (Lokaty Terminowe)
Advantages:
- • Higher interest rates (4-7% APY)
- • Guaranteed returns for full term
- • Protection against rate decreases
- • Various term options (3 months - 5 years)
Considerations:
- • Money locked for fixed period
- • Early withdrawal penalties
- • Higher minimum deposits
- • Miss out if rates increase
Best for: Money you won't need for 6+ months, maximizing returns
Regular Savings Accounts
Advantages:
- • Immediate access to funds
- • No early withdrawal penalties
- • Lower minimum deposits
- • Can benefit from rate increases
Considerations:
- • Lower interest rates (1-3% APY)
- • Rates can decrease anytime
- • Temptation to spend savings
- • Variable returns
Best for: Emergency funds, short-term goals, flexible access needs
Hybrid Strategy
Many savers use a combination: keep 3-6 months of expenses in a regular savings account for emergencies, and put longer-term savings in term deposits for higher returns. This balance provides both security and growth.
Savings Strategies for Expats in Poland
As an expat in Poland, you have unique opportunities to take advantage of competitive savings rates while building wealth in a stable EU economy. Here are proven strategies to maximize your savings.
Currency Diversification Strategy
PLN Savings (Recommended)
- • Higher interest rates (4-7% APY)
- • Best for Poland residents
- • Protection against Euro weakness
- • Take advantage of PLN strength
Best for: Long-term Poland residents, local income earners
EUR/USD Savings
- • Lower rates (0.1-2% APY)
- • Currency stability
- • Easy international transfers
- • Hedge against PLN volatility
Best for: Temporary residents, international income
Term Deposit Ladder Strategy
A deposit ladder involves splitting your savings into multiple term deposits with different maturity dates. This strategy provides regular access to funds while maximizing interest rates.
Example 12-Month Ladder with 60,000 PLN:
As each deposit matures, reinvest in a new 12-month term for maximum rates with regular liquidity.
Emergency Fund Strategy
Maintain 3-6 months of living expenses in a high-yield regular savings account for emergencies. This should be separate from your wealth-building savings and easily accessible.
Minimum (3 months)
For stable employment, dual income households
Standard (4-5 months)
For most expats, freelancers, single income
Conservative (6+ months)
Uncertain visa status, seasonal work
Essential Polish Savings Terms
Understanding key Polish banking terms will help you navigate savings products and communicate with bank staff. Here are the most important terms you'll encounter.
Language tip: Most modern Polish banks offer English interfaces in their mobile apps. mBank's app and ING's platform are completely available in English, making savings management easy for expats.
Frequently Asked Questions About Polish Savings Accounts
What are the highest savings rates currently available in Poland?▼
Currently, ING Bank Śląski offers the highest rates up to 7% APY, followed by mBank at 6.5% APY. These rates are often promotional and may vary based on deposit amount and term length. Always check current rates as they change frequently based on National Bank of Poland policy rates.
Are my savings safe in Polish banks?▼
Yes, all deposits in Polish banks are protected by the Bank Guarantee Fund (BFG) up to 100,000 EUR per person per bank. This is the same protection level as other EU countries. Major banks like PKO, ING, and mBank are additionally supervised by European banking authorities, providing extra security layers.
How much tax do I pay on savings interest in Poland?▼
Interest earned on savings accounts in Poland is subject to 19% capital gains tax (podatek Belki). Banks automatically deduct this tax before paying interest to your account, so you receive the net amount. There's no additional reporting required for standard savings accounts.
What's the difference between regular savings and term deposits?▼
Regular savings accounts offer flexibility with lower rates (1-3% APY), while term deposits (lokaty terminowe) offer higher rates (4-7% APY) but lock your money for a fixed period (3 months to 5 years). Term deposits typically have penalties for early withdrawal, while savings accounts allow immediate access to funds.
Can foreigners open savings accounts in Polish banks?▼
Yes, foreigners can open savings accounts in Poland with the same requirements as regular bank accounts. You'll need a passport, proof of Polish address, and often a PESEL number. EU citizens have easier access, while non-EU citizens may need residence permits. mBank and ING offer fully English services for international customers.
What's the minimum amount needed to start saving?▼
Minimum deposits vary by bank and account type. PKO Bank Polski requires as little as 100 PLN, while premium accounts at Millennium Bank require 2,000 PLN or more. Generally, higher minimum deposits unlock better interest rates. Most banks offer entry-level savings starting from 500-1,000 PLN.
How often do interest rates change in Poland?▼
Interest rates in Poland can change monthly or even weekly, especially for promotional offers. They're influenced by the National Bank of Poland's reference rate, competition between banks, and market conditions. Term deposits lock in rates for the full term, while regular savings rates can fluctuate. Always check current rates before depositing.
Should I choose PLN or foreign currency savings?▼
PLN savings typically offer higher interest rates (4-7% APY) compared to EUR or USD accounts (0.1-2% APY). However, foreign currency accounts protect against PLN devaluation. For expats planning to stay in Poland long-term, PLN accounts are usually more profitable. For those planning to leave, foreign currency might be safer.
Ready to Start Earning Higher Interest on Your Savings?
Take advantage of Poland's competitive savings rates. Compare our top-ranked accounts and start growing your money with safe, high-yield savings options.