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What is it?
Buildings savings » What is it?
Building savings is an effective way to save where the person saving long-term can save at a specialized bank. During the time that the person is saving, support can also be given by the government, and at the end of the savings period, the person can have the right to a loan from the building savings bank if they meet certain criteria.
Building savings combines both savings and a loan in a compact package. The loan is characterized by low and stable interest rates during the entire period of payment.
In its own way, building savings is a closed system, not influenced by the negative factors of the capital market.
Participants
Participants in building savings can be:
- a person
- a legal entity
This difference is important primarily in the case of getting state support. At the moment, a legal entity is unable to gain state support, whereas a person is able to.
State support can be given to:
- citizens of the Czech Republic
- European Union citizens who have given permission to live in the Czech Republic and have been given a Czech family number (after the accession of the Czech Republic into the European Union, as of 1.5.2004)
- a person with permanent residence in the Czech Republic and is given a Czech family number
You can find more information on state support here.
Vitejte na www.acss.cz
We are your adviser in the world of building savings.
The Association of Czech Building Societies in the Czech Republic (ACSS) comprises five building savings banks. It was founded on June 29, 2000, with the aim of supporting the joint interests of the building savings banks operating in the Czech Republic. It thus continued a long-term informal co-operation among the financial institutions.
You can get more information about the ACSS here.
NOT TO OMIT
ACSS advises: Home-building savings contracts signed in 2003 remain in full force and effect regardless of the expiration of the five-year saving phase. You can read more here.