mBank introduces interest-bearing foreign currency accounts in Czech Republic

mBank has launched new foreign currency accounts in five currencies, including the euro and the US dollar, offering interest rates of up to 2.61%. The move responds to data showing that while 58% of Czech residents hold foreign currency, three-quarters of those savings currently earn no interest.

An Ipsos survey conducted for mBank reveals that the euro is the most common foreign currency held in the country, followed by the US dollar, Polish złoty, and British pound. Demographic trends show that two-thirds of individuals under the age of 26 hold foreign currency, with the highest concentration of holders located in Prague.

Usage patterns indicate that citizens primarily use foreign currency for holiday payments, cross-border shopping, and international e-shops. The survey also noted gender differences in usage: men tend to hold US dollars more frequently for online purchases and digital subscriptions, while women show a higher preference for cash transactions.