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Invest for a period of a few years with Wallet
Grow short-term savings you’ll need in the next couple of years.
What is Wallet?
Traditional bank and savings accounts can't keep up with inflation and pay only a fraction of market rates. Wallet is a conservative investment for money you’ll need in 1–3 years.
Minimized risk
The portfolio is composed of a large number of safe instruments so its value barely moves.
Withdrawals at any time
You do not have to lock your savings in Wallet; you can request a withdrawal anytime without a fee. The money will reach your account within 3–10 days.
For a period of 1–3 years
Wallet is ideal for storing savings you will need in 1–3 years (e.g., for major apartment renovations or car replacement).
Lower fee
Just one fee: 0.5 % per year (incl. VAT). No charges for deposits, withdrawals, or trades.
Fair return
Wallet consists of instruments that track the rates at which top global companies and governments borrow.
Tax-free
Investment gains are tax-exempt for Slovak tax residents after one year of investing.Bond maturity return
It wasn't too long ago, when the central bank kept the interest rates in the negative territory, causing the traditionally popular bond and money markets to not be able to appreciate money. However, the times have changed. Thanks to hiking thie interest rates, lot of bonds now offer solid and positive yields. Instruments in Wallet were chosen in such manner so that the volatility of the portfolio remains low even during a negative market development or changes in interest rates. High rates don't have to be a burden only, take advantage of them!
When to Use the Wallet?
Essentially, whenever you know you don't need the money now but plan to use it in one to three years. Planning a wedding or major renovation? Preparing reserves for the birth of a child or replacing appliances? Are you about to buy a property or just want to have some money in reserve? In our blog, we've outlined 10 cases when you should not let your savings lie around in the bank.
Thinking about possible financial goals?
Find out what suits you best
Want to dive deeper into the Wallet?
What does Wallet consist of?
Wallet is composed of two types of ETFs. The first one are so called money-market funds, which track the ECB interest rates. The second one contains the bonds of the richest countries in the Eurozone and large global companies with short maturity (between 3-5 years).
Governments and companies use bonds to borrow money for a shor period, returing the money with interest. The aim of Wallet is to make this interest, at which companies and governments normally borrow, accessible to ordinary people. In order to minimize the risk, we didn't include stocks nor bonds with longer maturity or worse credit rating, as they involve a greater risk of value fluctuations.
What risks do I take in Wallet?
Wallet is designed so its value fluctuations are minimal. The biggest threat is rising interest rates, which cause its value to decline. However, the portfolio is built to ensure this risk does not significantly threaten you when investing for the recommended 1–3 years.
it goes the other way around too - if the interest rates drop, the value of Wallet will grow faster. Therefore, this solutions performs the best during the periods of declining interest rates.
How does inflation devalue savings in banks?
Inflation means prices of goods and services in the economy gradually rise. Money held in regular or savings accounts thus loses value gradually, as it buys fewer things. Conservative low-risk investing via Wallet can protect your savings better than a bank.
If you want to avoid inflation eating your money away, don't leave your short-term savings laying in the bank account, where they lose their purchasing power. People lose hundreds of milions of euros every year, by keeping their money in bank accounts with no yields.
However, an important note is, that if the bank account holds money that you'll need in more than 3 years, and, therefore, can be invested for a longer period, there is no need to settle for conservative investing with Wallet. In such case we recommend considering our long-term Investing in ETFs which beat inflation with even more convincingly.
When to choose Smart Deposit and when Wallet?
Finax offers two products for short-term investing: Smart Deposit and Wallet. However, their composition slightly differs, resulting in somewhat different risks of value fluctuations and expected returns.
Both Smart Deposit and Wallet consist of short-term bonds and instruments tracking short-term interest rates set by the central bank. However, unlike Smart Deposit, Wallet contains bonds with slightly longer maturities.
Therefore, the value of savings in Wallet will fluctuate a bit more than in Smart Deposit. In exchange, it should generally offer higher returns during most periods.
Smart Deposit is more suitable if you need your savings within one year (e.g., for a vacation or tax payment) or if you do not want to see any value fluctuations. On the other hand, if you will need your savings in 1 to 3 years (e.g., for a car replacement or major home renovation) and are willing to accept some value fluctuation in exchange for higher returns, you should choose Wallet.
We have also written a separate blog on this topic. Read it for more information about the differences between these products and examples of situations where they are appropriate.
Create an investment plan today
Got questions?
- Opening an account at Finax is simple and fully online. Just click on "Let's start" in the top menu bar. From there, you will be taken to the registration page where you can choose your investment goal and answer a few questions regarding your investment preferences and risk profile. Based on your answers, we'll select a suitable investment strategy for you. Afterwards, you'll create your online access, verify your identity using biometrics, provide personal information, confirm your contact details, and sign the portfolio management agreement online. Once you've completed these steps, nothing will hold you back from growing your wealth efficiently. More information.
- Finax was established by Juraj Hrbatý, a seasoned financier with 16 years of experience, and Radoslav Kasík, who brings 9 years of experience as a portfolio manager. The company's management team also includes Ján Jursa, Ján Tonka, Michal Vaculík, and Juraj Šnirc, each with extensive backgrounds in various departments of banks, securities traders, and asset management companies. More information about the Finax team.
- Finax charges a portfolio management fee of 1% per annum plus VAT, calculated based on the average account value throughout the year and deducted monthly. If the volume of the client's assets managed by Finax reaches at least 100,000 euros, this fee will be reduced to 0.85% per annum plus VAT. For assets over 500,000 euros, the fee is reduced to 0.65% p.a. + VAT. For further details on Finax service fees, please refer to our Price List.
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Check the ongoing promotions to obtain an even higher discount.
At Finax, we provide various discounts to make your investments with us even more profitable. Alongside regular special offers, we offer several permanent discounts that allow you to exempt a part of your assets from the portfolio management fee: discount for inviting a friend and for transferring investments to Finax from competitors.
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