Banks and savings banks in the Czech Republic are doing very well. The headlines already say so. Cumulative net profit for the first quarter increased by 34% compared to last year. In other words, net profit for the first quarter of this year amounted to CZK 18.53 billion. And all this is derived from data released by the Czech National Bank after the first quarter of 2017.

Therefore, it can be calculated and assumed that even low interest rates did not pose a particularly high threat to banks, according to the corrections and measures the Czech National Bank is taking. On the contrary, the excellent economic conditions in the Czech Republic, low unemployment, and strong growth in real wages of the population have had an impact on the growth of demand for banking products.
The favorable conditions in the market for banking products are certainly confirmed by the number of 46 banking institutions in the Czech market at the end of 2016.

ATM withdrawals

If you have a bank account, you probably also have a bank card used for withdrawals. If the bank is doing well, they might consider ATM withdrawal prices and interest rates on checking accounts.
But even if the bank is generous and does not charge withdrawal fees, the moment you withdraw from the ATM now, you will lose some money. Why, because you are spending time at the ATM. So you need to think about how many times and how much you should withdraw from the ATM. The wisest thing to do is to calculate how much interest you will earn on the money in your account and withdraw money accordingly.

So, for example,
– withdraw 2. 000,000 CZK
– interest on checking account is 0.01%
– net income of 130,000 CZK per hour at work
– it takes 30 minutes including travel time to withdraw money
– bank s ATM, not the nearest ATM, costs 25,000 CZK

Based on the above information, the cost of one withdrawal every 9 years or one withdrawal is 90,000 CZK.