Just a few years ago the decision was simple. Inflation was high and interest on savings accounts often failed to keep up with it. In July 2026 year-on-year inflation according to the ČSÚ fell to 1.7 % and some savings accounts offer a nominal rate of over 4 %. At first glance, a savings account therefore looks very good.

When deciding about money, however, one more question helps: When will I need it?

Money for everyday expenses, a financial reserve and capital that you can set aside for a longer time each have a different job. It makes sense to choose where to put them precisely according to that job.

Does a savings account beat inflation today?

Comparing inflation of 1.7 % and a savings account rate of 4.2 % seems clear at first glance. But each figure describes a slightly different thing. Year-on-year inflation says how much consumer prices changed over the past twelve months. The savings account rate expresses the current annual interest and the bank can change it in the future. Taxation also enters the result. The bank automatically deducts 15 % withholding tax from the interest. Of a nominal rate of 4.2 %, approximately 3.6 % therefore remains after tax.

With the highest rates, moreover, limits based on the size of the deposit or other conditions often apply. At the same time a savings account has one very practical quality: the money remains quickly available. That is why it has a strong place for a financial reserve and money you may need soon.

Every kind of money has a different job

Money in personal finance usually fulfils three basic roles.

Operating money serves for rent, energy, shopping and other everyday expenses. You need to have it immediately at hand and its appreciation plays a secondary role.

A financial reserve is ready for unexpected expenses. Quick availability is key for it too. A savings account is therefore usually a practical place for a reserve.

And then there is free capital, which you do not currently need and for which you have already built a financial reserve. With this money it starts to make sense to think about longer-term appreciation and to compare investment options. The simple question "When will I need this money?" will therefore often help you more than a comparison of interest rates alone.

Savings account: what lies behind the offered rates?

According to the current overview from Banky.cz, the best-paying savings accounts today are above 4 %. These figures change between banks practically every month.

A big number in an advertisement alone is moreover not enough. The highest rate often applies only up to a certain balance and tends to be tied to conditions such as using a current account, card payments or investing.

Some offers additionally add a one-off bonus for new clients, which needs to be distinguished from the interest itself. Before opening an account it is therefore worth checking three things: what amount the rate applies to, what conditions you have to meet, and whether the bank can change it.

When to start thinking about Benkee?

Have you sorted out money for everyday running costs and a financial reserve? Then, with the remaining capital, you can start comparing investment options according to their return, risk and liquidity.

At Benkee you can invest in loans secured by property from as little as CZK 5,000, with a possible return of up to 7.5 % p.a. With a higher possible return comes also investment risk and different availability of the money you put in. Before investing it therefore makes sense to weigh both sides equally carefully. It is precisely free capital that you do not need in the foreseeable future that may be the part of your money for which you start considering investing.

Inflation vs. savings account: so where does your money belong today?

Low inflation and interest of over 4 % give savings accounts a very interesting position in 2026. For short-term money and a financial reserve, their quick availability is an important advantage.

For capital that you do not need in the foreseeable future, it is worth also comparing investment options according to return, risk and liquidity. The decision about where to put money thus always comes back to what job that money fulfils.

Frequently asked questions about saving, inflation and investing

How much will I be left with from a savings account with a rate of 4.2 % after tax? The bank automatically deducts 15 % withholding tax. Of a nominal rate of 4.2 %, approximately 3.6 % therefore remains after tax. The bank pays the tax for you.

Why does the ČNB keep its rate at 3.75 % when inflation is only 1.7 %? On 6 August 2026 the Bank Board stated that core inflation has remained just below 3 % for eight months without any marked tendency to fall. It also mentioned rapid growth in wages and loans and increased growth in the prices of services and property. Monetary policy moreover takes into account the expected future development of inflation.

Does low inflation mean I should invest my financial reserve? The job of a financial reserve is above all quick availability. When deciding where to place it, it is therefore important to consider how quickly you can use it if needed.

How do I know that I will really get the rate the bank advertises? Check up to what balance the rate applies, whether it changes as the deposit grows, what conditions you have to meet, and whether a one-off bonus forms part of the offer.

Sources used

• Czech Statistical Office – year-on-year inflation for July 2026 (1.7 %, published 11 August 2026): https://csu.gov.cz/rychle-informace/indexy-spotrebitelskych-cen-inflace-cervenec-2026
• Czech National Bank – Bank Board decision of 6 August 2026 (2W repo rate left at 3.75 %): https://www.cnb.cz/cs/menova-politika/br-zapisy-z-jednani/Rozhodnuti-bankovni-rady-CNB-1785999600000/?tab=statement
• Czech National Bank – financial literacy, what you should remember: https://www.cnb.cz/cs/o_cnb/financni-a-ekonomicka-gramotnost/ota-negramota/co-byste-si-meli-zapamatovat/
• Banky.cz – overview and comparison of savings accounts, data verified 18 August 2026: https://www.banky.cz/prehled-a-porovnani/sporici-ucet/
• Benkee website (bankee.cz), verified 18 August 2026: https://www.bankee.cz/