Savings Account

Abstract

The article is devoted to the analysis of the legal norms governing the accrual of interest on the account balance of an individual, and the existence of legal grounds for changing the amount of accrued interest on the account balance. When concluding contracts for the opening of popular so-called “savings” accounts, neither the client nor the bank have legal protection in terms of regulating changes in the amount of interest accrued on the account balance of an individual. Legal norms do not provide for the possibility of unilaterally changing the amount of interest accrued on the account balance both upwards and downwards, which encourages banks to initially set the amount of interest accrued on the account balance at a minimum level, or to include a condition on non-deduction of interest on the account balance. The analysis of the norms of legislation and practice made it possible to identify the problem that arises when credit institutions need to change the amount of interest accrued on the balance on the account of an individual, which is especially characteristic when working with the so-called “accumulative” account and come to the conclusion that it is necessary to improve the norms of current legislation in order to develop non-cash payments and competition, as well as uniformity in application of the norms of legislation and protection of the rights of consumers of financial services — individuals.