After all, we are not the only ones who have been outraged and are shouting about the Bank of Cyprus, that it not only exploits its customers for filthy lucre, but also mocks them from above with ridiculous deposit rates and unacceptable bank charges.
The well-known TikToker Kyps explains in very simple terms how the Bank of Cyprus steals its depositors and how much more benefit someone has if they use Revolut instead of the well-known Cypriot bank.
Deposit rates for the Bank's customers Cyprus vs Revolut
If someone has their deposits in the Bank of Cyprus, they get a deposit rate of 0.05%. On top of everything else, he has to give them 180 days notice before his money is withdrawn.
That's half a year!
They want 6 months notice to get your money!
Otherwise, the deposit rate that the bank gives you back is a very nice, round zero!
That is, if you have €50,000 in deposits ( and you don't make withdrawals) X 0.05% deposit interest – in one year – they will give you the amount of €25.
On the other hand, Revolut gives a 3.97% deposit interest to its customers with a savings plan (The annual interest rate is presented as it was calculated on 01/15/2024). This means that if, respectively, you had €50,000 in Revolut X 3.97%, you would earn €1,985 in a year compared to €25 in Bank of Cyprus.
Also, you have the possibility to withdraw these of the money at any time without notices and additional costs.
In addition to the poor interest rates on our deposit accounts, they of course charge us seemingly unreasonable interest rates on our mortgage accounts and charge unacceptable fees to depositors.
They charge you to be their customer< /b>
The Bank of Cyprus charges €5 to maintain a savings account, as Kyps reports, (and the amount of €6 for current) every quarter just because you have account with them.
Which means €20 and €24 respectively, per year. And if you exceed the limit of withdrawals that have been arbitrarily put in YOUR MONEY, you are also charged an extra €12 every withdrawal day. The money you save for a great need, in the great need you are overcharged to use it!
Even if you receive the deposit rate from the Bank of Cyprus with all the above conditions, this amount that is being charged to you is not covered. You're essentially paying out of pocket too…
See related Kyps videos here:
@0xkyps
< p>Revolut Euro savings account vs Bank Of Cyprus savings account #cyprus #fyp
♬ original sound – Kyps
@0xkyps
Revolut vs Bank of Cyprus pt. 2 these local banks don't make sense
♬ original sound – Kyps
