Old Polish housing savings books, once mere sentimental items, can now be worth thousands through a state compensation program.
The Housing Savings Book and Its Issue Date
These documents, created with future children in mind, survived the massive 1990 hyperinflation (nearly 590%) and the subsequent redenomination of the zloty, drastically reducing the real value of savings. However, the state introduced a compensation mechanism. The key date is October 24, 1990; holders of books issued before this date have the best chance of receiving a substantial payment far exceeding their original nominal contributions.
Money From the Book Isn’t Cash in Hand
The funds cannot be withdrawn freely as cash. The compensation must be spent on specific housing-related purposes, such as a down payment for a mortgage, purchasing a cooperative apartment, or home renovations like window replacements or modernizing gas and electrical installations. The list of eligible housing goals is regularly updated, offering owners flexibility for investment and cost reduction.
The Full Process of Recovering Funds
Reclaiming the money requires visiting a bank, typically PKO BP, which manages these accounts. The process starts by registering the document, followed by applying for a calculation of the owed compensation. Payment, however, only occurs after proof of eligible housing expenses is submitted. Holders of books issued after October 24, 1990, are less fortunate; they can only reclaim their original deposit plus interest, usually a symbolic amount compared to the guaranteed premium.