The main purpose of the institution proposed to be incorporated by Costache Balcescu in 1864, that later became Casa de Economii si Consemnatiuni, currently CEC Bank was "to receive and enhance the savings of working individuals ".
"The purpose of a national savings house is not limited only to receiving deposit, making cheque payments and placing funds. Besides these strictly financial passive and active operations, the savings house must comply with highly national pedagogy educational function. CEC must welcome the precaution, abstinence and saving for the wide nation. An old challenge was performed by introducing the savings as a mandatory education method. The institutionalization of the economy training and compulsoriness of the economy school houses, from the new circular letter of the Ministry of National Education, on October 31st, is a real success" - 1938, Gheron Netta, President of the National Savings House and Postal Cheques
At the beginning of the 20th century, a supporter of the incorporation of school economy houses was Spiru Haret, the great reformer of the Romanian school. Besides the countless activities and initiatives towards the upgrade of Romanian education, Spiru Haret encouraged also the organization of Romanian schools and school economy houses. In 1909, Spiru Haret stated that "one of our people’s sins is the lack of any worry about tomorrow. From the poorest to the richest, the skill is, if not spending more than he has, but without a doubt, everything he has". In addition, he was writing to the teachers that "I cannot recommend enough to you and your colleagues to place the savings house among our main occupations and to strive, through advice, through short stories taken from day to day life, to seed the love for savings in the heart of your children ". He is the one who also took the initiative or the first official measures to encourage school savings houses.
Subsequently, due to internal and international political disorders, the interest for incorporating and developing this type of economic institution is continuously dropping until 1930.
The incorporation of the General Economy House has as a base also the performance of a national development policy for saving and to incorporate school savings houses, an objective which was efficiently accomplished.
Starting 1930, the bank celebrated on October 31st the National Savings Day. In time, the bank earns a rich experience in organizing the World Economy Day. For example, on October 31st, 1937 a beautiful tradition was about to be launched – the gift book for the new born. On October 31st, 1939, the gift book was generalized for all new born babies in Romania.
Other actions to promote savings:
- conferences at the main companies in Bucharest and distribution of the educational report Worker’s Piggybank in 100,000 copies;
- free distribution of a special promoting material for savings – 30,000 schedules, 14,000 notebooks and 15,000 soakers – as well as the manual “Economy issues”, printed in 50,000 copies for gymnasiums.
The biggest obstacles that was standing in the way of organizing the school economy houses in the country-side, which was the most important part in the demographic structure of the country in the demographic country structure, was the lack of money, of the fact that the students were too poor to save money. For this reason, at the beginning there was a big doubt from the professors and teachers in obtaining practical and financial results through the school savings houses. The leadership of the General Savings House responded to the directors and teachers from the country side "that this is not only about saving money, but especially about the children education and sense of order, prudence and saving ".
Through the piggybank, the education of the child for saving and prudence was possible very easily, because it represented, in the same time, a reality but also a symbol, for understanding the material values of the future. The piggybank was the safest form of hoarding, for as long as the savings of the child were not directed to the higher deposits of the savings houses.
Another step, superior to the piggybank, was represented by the savings stamp paper. Based on a simple technique of transforming the cash in special stamps, applicable on a savings paper, the system is a dynamic form of saving, given the reduced savings possibilities, on one hand, and on the other, the possibility to transform the savings, in time, into a savings book.
The savings book was the last form of modern saving. For students, it could have become a certainty for the future. Less of a symbol than the piggybank, the savings book for the students represented their personality, independence and material safety.
The most important numerical increase is registered in the category "students and under aged", the number of depositors in this category being in 1944 of almost two times higher than in 1939, reaching to represent over 42% of the total number of depositors.
Save three gold coins and the forth one will fall in your lap.
Coin by coin you build the house.
Save money for rainy days.
Prudence is bigger than richness.
From savings come the profusion.
Saving is a big earning.
Wise men say: "Keep something for the rainy days".
The art to keep is not less harder than the one to obtain.
Cash savings is a very controversial subject. On one hand, some think that saving is the proof of poverty and that you shouldn’t "pinch yourself" now just to have more money later. On the other hand, others think it is a good idea not to spend everything you receive as income and as a good savings and investment long-term plan, it can help you be more prosperous in life. In any case, even though the majority of people want to be rich or to have the financial freedom to buy anything their heart desires, to save money is rarely in the top list of anybody.
The reasons to save money are multiple:
- we currently earn more than we want to consume (a situation current especially in the matured phase of our carrier);
- we do not want to consume the resources now, but rather later (we have a larger time preference);
- we need to have reserves for emergency situations;
- we desire things we cannot acquire from the regular monthly income (for example, a vacation or a car);
- we have loans, that we have to pay in advance;
- we want to add to the state pension for the future.
Regardless of the reasons, either they are clear targets or only the desire to cumulate, we are equally preoccupied by the safety of our savings. Beyond the customs perpetuated in time, a bank continues to remain a much safer place to keep your money. In addition, you have the opportunity to earn something in return, and in time, even if the interest rate maintains at a lower level, you will get a bigger amount than the one you initially had. Another reason is the inflation that erodes the acquisition power of the saved resources and for which the bank provides a compensation meant to cover the potential loss generated by this risk.
What you need to know when you choose the right bank:
- Which bank do you wish a long-term partnership with?
- What does the bank you choose have to offer: what is the working hours with the clients, what level is the service quality on, what are the contractual clauses?
- How easy can you withdraw cash?
- What are the provided interest rates?
- What are the costs for opening, using or even closing an account?
- What is the level of commissions used for operations through accounts or cash?
The deposits are the most benefic and secure savings methods. At CEC Bank you can find deposits as savings instruments where you can secure the capitalization of personal savings. These are the modern, flexible savings instruments with beneficial interests. You can have access anytime to the time deposits with a fix interest rate, at any of the over 1,000 CEC Bank units. The bank will provide you with the opportunity to perform operations (creation and liquidation) through alternative channels. No cash withdrawal commission is collected on the due date.
The savings entrusted to the bank are granted by the state, through the Guarantee Fund for Bank Deposits. Under these conditions, you will recover the money safely, within the limit of the EUR 100,000, the equivalent of lei.