✦ The OKI Account and the Money in Polish DepositsNarrow moat

XTB (XTB) — the future bets

More than half of Polish household assets sit in deposits, and the state is about to make moving them tax-free.

More than half of Polish household financial assets sit in cash and bank deposits, the highest share among the large European Union economies against a union average near a third. That is the market XTB has been advertising into for a decade, and the Polish state is about to do more to open it than any marketing campaign could.

Household financial assets in cash and depositsover halfPoland31 pcEU average12 pcSwedenThe tax-free Personal Investment Account allows 100 000 zł from mid-2026
The finance ministry thinks the new wrapper could move 100bn zł in three years.

The instrument is the Personal Investment Account, the OKI, modelled on the Swedish investment savings account and offering tax-free treatment up to 100 000 złoty from the middle of 2026.1 The finance ministry's own expectation is that it could attract as much as 100 billion złoty within three years.2 XTB's product roadmap lists the OKI account for Polish clients as in progress.3

The significance is what kind of money it would be. A deposit moved into a tax-free investment wrapper is not a leveraged trader. It is a saver, buying funds, holding for years, generating custody rather than spread — precisely the asset XTB has been accumulating at 43 364 million złoty and earning 29 basis points on.4 If the wrapper works, the volume of that asset changes by an order of magnitude, and the question of what it earns becomes the only question that matters.

The competition will be everyone: every Polish bank, every brokerage, and the exchange itself, which is counting on the same reform.

XTB does not break out client assets by country, so the visible number is the total: 43 364 million złoty of client instruments.5 If the wrapper works, that is where it shows.

Moat trajectory: Widening

The wrapper arrives in the middle of 2026 with a 100 000 złoty tax-free limit, the finance ministry expects it to attract up to 100 billion złoty within three years, and XTB lists the account as in progress. The competition will be every bank in Poland.

The number that tests this moat
Reported
Brokerage accounts in Poland
2,5 million at end-2025, up 500 000 in a year

More than half of Polish household financial assets sit in cash and deposits, and the tax-free OKI account is meant to move some of it. The number of brokerage accounts is where that shift shows first.

Source: World Federation of Exchanges, Warsaw Stock Exchange interview ↗
References
  1. ReportedThe instrument is the Personal Investment Account, the OKI, modelled on the Swedish investment savings account and offering tax-free treatment up to 100 000 złoty from the middle of 2026.
    Warsaw Stock Exchange, 'Reviewing 2025 and setting the agenda for 2026', WFE Focus interview — the WIG rose 47% and the dollar-based MSCI Poland 68%, making Poland one of the strongest equity markets globally; the number of brokerage accounts rose by 500 000 to 2,5 million; a zero-fee programme and new dividend, defence-sector and bitcoin ETFs contributed to ETF turnover growth of more than 100% year on year; the WSE IPO Academy was launched; more than half of Polish household financial assets are held in cash and bank deposits, the highest share among large EU economies against an EU average of 31% and 12% in Sweden; the Personal Investment Account (OKI), announced by finance minister Andrzej Domanski and modelled on Sweden's ISK, will allow individuals to invest up to 100 000 złoty tax-free and could attract up to 100 billion złoty within three years according to the ministry; 2026 is expected to bring a clear revival of IPOs, possibly including a significant defence-sector listing — FY2025 / 2026 outlook · publ. 2026 · source ↗
  2. ReportedThe finance ministry's own expectation is that it could attract as much as 100 billion złoty within three years.
    Warsaw Stock Exchange, 'Reviewing 2025 and setting the agenda for 2026', WFE Focus interview — the WIG rose 47% and the dollar-based MSCI Poland 68%, making Poland one of the strongest equity markets globally; the number of brokerage accounts rose by 500 000 to 2,5 million; a zero-fee programme and new dividend, defence-sector and bitcoin ETFs contributed to ETF turnover growth of more than 100% year on year; the WSE IPO Academy was launched; more than half of Polish household financial assets are held in cash and bank deposits, the highest share among large EU economies against an EU average of 31% and 12% in Sweden; the Personal Investment Account (OKI), announced by finance minister Andrzej Domanski and modelled on Sweden's ISK, will allow individuals to invest up to 100 000 złoty tax-free and could attract up to 100 billion złoty within three years according to the ministry; 2026 is expected to bring a clear revival of IPOs, possibly including a significant defence-sector listing — FY2025 / 2026 outlook · publ. 2026 · source ↗
  3. ReportedXTB's product roadmap lists the OKI account for Polish clients as in progress.
    Warsaw Stock Exchange, 'Reviewing 2025 and setting the agenda for 2026', WFE Focus interview — the WIG rose 47% and the dollar-based MSCI Poland 68%, making Poland one of the strongest equity markets globally; the number of brokerage accounts rose by 500 000 to 2,5 million; a zero-fee programme and new dividend, defence-sector and bitcoin ETFs contributed to ETF turnover growth of more than 100% year on year; the WSE IPO Academy was launched; more than half of Polish household financial assets are held in cash and bank deposits, the highest share among large EU economies against an EU average of 31% and 12% in Sweden; the Personal Investment Account (OKI), announced by finance minister Andrzej Domanski and modelled on Sweden's ISK, will allow individuals to invest up to 100 000 złoty tax-free and could attract up to 100 billion złoty within three years according to the ministry; 2026 is expected to bring a clear revival of IPOs, possibly including a significant defence-sector listing — FY2025 / 2026 outlook · publ. 2026 · source ↗
  4. Moat Explorer calcIt is a saver, buying funds, holding for years, generating custody rather than spread — precisely the asset XTB has been accumulating at 43 364 million złoty and earning 29 basis points on.
    Moat Explorer calculations from XTB's published figures. Correlations across the eight quarters from Q3 2024 to Q2 2026 between operating income (470 234, 465 416, 580 294, 580 597, 375 821, 609 344, 1 094 018 and 992 558 thousand złoty) and, first, CFD turnover in lots (1 627 978, 1 657 390, 1 907 974, 2 321 584, 2 094 296, 2 542 526, 2 323 204 and 1 831 627) giving 0,25, second, CFD notional in dollars (695 315, 727 854, 937 867, 1 144 554, 1 118 278, 1 605 005, 1 333 410 and 1 029 179 million) giving 0,37, and third, profitability per lot (272, 253, 277, 229, 152, 208, 439 and 484 złoty) giving 0,92; the ranges over those quarters are 1,56 times for lots, 2,31 times for notional, 3,18 times for profitability per lot and 2,91 times for operating income. Annually from 2019 to 2025 the correlation between CFD turnover in lots and operating income is 0,96. Market capitalisation of 16 970 million złoty is 144,34 złoty multiplied by 117 569 251 shares, which against trailing twelve-month revenue of 3 071,5 million złoty (2 146,056 less 1 160,891 plus 2 086,324) gives 5,53 times sales, and against trailing net profit of 1 261,4 million (644,199 less 410,052 plus 1 027,240) gives 13,45 times earnings and earnings per share of 10,73. Historic price-earnings ratios are year-end share price multiplied by 117,569 million shares divided by net profit: 8,15, 5,23, 8,31, 4,76, 5,62, 9,66 and 13,10 for 2019 to 2025, with price-to-sales of 1,97, 2,64, 3,16, 2,51, 2,75, 4,42 and 3,93. XTB's 2025 operating income of 2 146,056 million złoty converts to 570,9 million dollars at the National Bank of Poland's 2025 average rate of 3,7588, giving 480 dollars per active client across 1 189 397 active clients against Plus500's 3 268 dollars across 242 440, a ratio of 6,8 times, while Plus500's revenue of 792,4 million dollars is 39 per cent more than XTB's. Client instruments of 43 363 639 thousand złoty across 2 825 700 clients is 15 346 złoty each, against 12 603 at 31 December 2025 and 10 048 at 31 December 2024; 43 363 639 thousand złoty converts to 8,6 billion pounds at 5,03 złoty to the pound, or 3 051 pounds a client, against Trading 212's 25 billion pounds across 4,5 million funded accounts, or 5 556 each. Gross gain on stocks and ETPs as a share of gross gain on CFDs is 0,7 per cent for 2023 (11 050 over 1 622 633), 1,7 per cent for 2024 (30 654 over 1 837 173) and 3,8 per cent for 2025 (78 310 over 2 035 006); as a share of client instruments held, 78 310 over 27 283 557 is 29 basis points. Marketing divided by salaries is 0,44 in 2019 (37 716 over 86 024), 1,42 in 2025 (584 898 over 413 019) and 1,76 in the first half of 2026 (435 510 over 246 964). Revenue per employee is 1,54 million złoty for 2023 (1 618 385 over 1 054), 1,51 million for 2024 (1 873 436 over 1 245), 1,42 million for 2025 (2 146 056 over 1 516) and 2,70 million annualised for the first half of 2026 (4 172 648 over 1 548). Poland's share of operating income is 46,7 per cent in 2023, 52,7 in 2024, 54,4 in 2025 and 57,4 per cent in the first half of 2026 (1 197 033 over 2 086 324). Net interest income is 3,1 per cent of 2024 revenue and 3,6 per cent of 2025 revenue; the share of interest kept is 78 per cent of 140,1 million less 62,1 million, or 56 per cent. Institutional revenue is 2,0 per cent of 2025 operating income (42 524 over 2 146 056) and was 8,7 per cent in 2019 (20 847 over 239 304). Second-quarter 2026 net profit of 1 027 240 less 535 042 is 492 198 against 216 129 a year earlier, a rise of 127,7 per cent, while the sequential fall from 535 042 is 8,0 per cent. The 2018 to 2019 declines are 17,0 per cent in operating income and 43,1 per cent in net profit — FY2019-H1 2026 · publ. September 2026 · source ↗
  5. ReportedXTB does not break out client assets by country, so the visible number is the total: 43 364 million złoty of client instruments.
    XTB Group half-year report for the first half of 2026, notes - nominal value of derivative financial instruments at 30 June 2026 and 31 December 2025: Index CFDs 3 642 905 and 3 933 252; Commodity CFDs 3 967 775 and 6 216 958; Currency CFDs 2 204 780 and 3 284 496; Stock and ETF CFDs 1 767 315 and 1 615 397; Bond CFDs 4 118 and 1 553; Options 125 478 and nil; total 11 712 371 and 15 051 656, and as at 30 June 2026 transactions with brokers represent 8% of the total nominal value of instruments against 16% at 31 December 2025; clients' financial instruments at 30 June 2026 and 31 December 2025: listed stocks and rights to stocks 23 345 382 and 15 138 542; ETFs 20 018 050 and 12 144 808; other securities 207 and 207; total 43 363 639 and 27 283 557; amounts due to clients: retail 7 023 586 and 6 428 875, institutional 100 955 and 99 348, total 7 124 541 and 6 528 223; contributions to the compensation scheme with a closing balance of 28 338 against 23 981; total employment at 30 June 2026 of 1 548 people against 1 516 at 31 December 2025; XXZW Investment Group S.A. holding 42 067 329 shares or 35,78% at 30 June 2026; XTB Lithuania UAB incorporated with no operations yet; dividends of 478 507 thousand złoty paid in the period — H1 2026 · publ. 28 August 2026 · source ↗
Sources
Generated September 24, 2026