Survey: Czechs Trust Banks and Are Not Afraid of Their Collapse – Yet Some Still Save Money “Under the Mattress”

Prague, 9 September 2025 – Banks are the most trusted financial institutions among Czechs, according to the latest survey conducted by Response:Now for the Financial Market Guarantee System. The survey shows that 86% of Czechs trust banks. Building savings banks came in second place, trusted by 70% of respondents. In contrast, only 16% of Czechs trust cooperative credit unions. “All three types of financial institutions benefit from statutory deposit insurance – which means that in case of their failure, depositors will receive their legally insured savings back within 7 working days, up to EUR 100,000,” says Renáta Kadlecová, Executive Director of the Financial Market Guarantee System.

The collapse of financial institutions does not seem to worry Czechs too much. Only 5% of respondents consider such a scenario likely. “Confidence in banks and the entire financial system is relatively high in society. A major factor is the supervision of the Czech National Bank, thanks to which any problems of financial institutions are addressed at an early stage. Positive perception is also supported by the improving economic situation and the strong financial results reported by banks,” explains Renáta Kadlecová.

Savings under the mattress?

Despite the high level of trust in financial institutions, many Czechs still keep a significant amount of cash at home. About one-third of the population (34%) keep up to CZK 5,000 at home, an amount sufficient to cover basic expenses. Fifteen percent of Czechs hide between CZK 5,000 and 50,000 “under the mattress,” while 3% keep even larger sums at home. “Unlike funds held in deposit accounts with banks, building societies, and credit unions, cash stored at home is not protected by law,” warns Renáta Kadlecová.

It is therefore safer to deposit larger amounts into financial products that are legally insured. Which ones do Czechs use most often? Unsurprisingly, the most common is the current account, used by 97% of adults. Data also show a growing popularity of savings accounts, now used by 78% of respondents (compared to 65% three years ago). Another product with statutory deposit protection is building savings, used by 31% of respondents – 10% fewer than three years ago. “The increase in popularity of savings accounts can be explained by the rise in interest rates that occurred a few years ago. On the other hand, the decline in building savings is linked to the reduction of state support: as a result, some depositors who used it only as a savings tool abandoned the product,” adds Renáta Kadlecová.

Other products protected by law and used by the public include term deposits (used by 16% of Czechs) and passbooks (owned by 5% of respondents).

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