They are aimed at customers with deposits from €20,000 to €500,000
Bank of Cyprus has announced the offer to its customers of two “Step-Up” deposit products, lasting 18 months, with an increased interest rate of up to 3%.
Specifically, in a statement, the Bank of Cyprus states that the two products are aimed at customers with deposits from €20,000 to €500,000, who now have the possibility, as it adds, “to benefit from even more preferential interest rates compared to the other deposit products that offered by the Bank”.
He mentions that the Products are offered to individuals and legal entities and adds that the first offer of the “Step-Up”, lasting 18 months, concerns deposits from €20,000 to €100,000 with an interest rate of up to and 2.60% while the second proposal concerns deposits from €100,000 to €500,000 with an interest rate of up to 3%.
It also states that the interest rate of the 18-month “Step-Up” term deposit increases incrementally every six months and the interest is paid every six months, automatically, to an account indicated by the customer.
According to the Bank of Cyprus , the average annual interest rate of the term deposit amounts to 1.40%, for 18-month “Step-Up” deposits below €100,000 and to 1.75% for deposits above €100,000.
The Bank states that the Interest rate increases every six months depending on the amount of the deposit as follows: For a deposit up to six months and for an amount below €100,000 with a minimum amount of €20,000 the interest rate is 0.50%, for a deposit from 6 to 12 months the interest rate is 1.10% and for a deposit of 12 to 18 months the interest rate is 2.60%.
For amounts from €100,000 to €500,000 the interest rate up to 6 months is 0.75%, from 6 up to 12 months is 1.50% and from 12 to 18 months is 3.00%.
Furthermore, the Bank of Cyprus states that there are charges in case of withdrawal of part or all of the deposit amount, before maturity of.
It states that deposits at the Bank of Cyprus are protected by the Deposit Guarantee and Consolidation System of Credit and Other Institutions (SEK) with a deposit protection limit of a total amount of €100,000 per depositor per credit institution.
< iframe width='300px' height='500px' src='https://www.adstorebluebird.cy/api/banner/ServeBanner?zoneId=2734' frameborder='0' scrolling='no'>