Issue link: https://maltatoday.uberflip.com/i/1497050
13.4.2023 1 month 0.50% 0.30% 0.30% 3 months 1.00% 0.50% 0.10% 1.61% 0.70% 0.40% 1.70% 0.40% 6 months 1.25% 1.00% 0.15% 2.01% 0.75% 0.50% 2.10% 0.75% 9 months 0.80% 2.25% 1 year 2.50% 2.50% 2.55% 2.31% 2.50% 1.00% 2.50% 1.25% 2 years 3.00% 2.50% 2.60% 2.01% 2.75% 1.05% 2.75% 2.25% 3 years 2.75% 2.50% 2.75% 1.58% 3.00% 1.20% 3.00% 3.00% 4 years 2.25% 2.50% 2.00% 1.20% 3.00% 3.00% 5 years 2.00% 2.50% 2.00% 1.20% 3.00% 3.00% 7 years 1.75% 3.00% 10 years 3.00% izola Bank has most term deposit accounts, gives best interest rates FROM PAGE 1 All 10 banks offer term deposit ac- counts but Agri Bank and IIG do not provide details of interest rates of- fered on different terms, minimum investments and conditions. The oth- er eight banks provided all necessary information on their websites. As the table below illustrates, all eight banks offer term deposit ac- counts for one, two and three years. Many make it also possible to open accounts for 3 or 6 months, and for 4 or 5 years. Only APS Bank, BOV and HSBC offer a 1-month fixed term account. izola Bank and BNF Bank offer term accounts for 7 years, and the former also advertises a 10-year fixed term account, with 3% interest. APS Bank APS Bank offers fixed term deposit accounts for up to five years. Besides 1-, 3- and 6-month term deposit ac- counts, the bank offers 1 to 5-year de- posit accounts with competitive inter- est rates, ranging from 2% to 3%. Interest can be added to the client's capital or credited to a savings or cur- rent account. Minimum deposits re- quired vary according to the term de- posit account. Interest rates are gross of tax and can be payable monthly, quarterly, semi-annually, annually, or at maturity depending on the type of term deposit. Bank of Valletta BOV offers the same term deposit accounts as APS, albeit with a differ- ent interest rate structure. Contrary to other banks' practices, BOV chose to offer a level 2.5% interest for all its deposit accounts covering 1 to 5 years. BNFBank BNFBank offers term deposit ac- counts for 3 and 6 months and for 1 to 7 years. Its 1 to 3 year accounts inter- est rates fall just above those of BOV and below or equal to those of APS Bank and izola Bank. FCM Bank FCM Bank revised its interest rates in November 2022. It offers five term deposit accounts, offering 2.31%, 2.01% and 1.58% interest on its 1-, 2- and 3-year term accounts respectively. A minimum deposit of €2,000 is re- quired and clients can choose quar- terly, bi-annual, or annual payments with the option to compound annual- ly for amounts greater than €15,000. FIMBank Through its Easisave scheme, FIM- Bank offers fixed-term deposits which are operated online through the exist- ing platform. Clients can transfer an amount of their choice above €1,000 into an Easisave Fixed Term Deposit for 3, 6 or 9 months, or for 1, 2 or 3 years. Clients are also given the choice as to whether they want to receive their interest quarterly, annually or on maturity as applicable. FIMBank offers six term deposit ac- counts, offering 2.5%, 2.75% and 3% interest on its 1-, 2- and 3-year term accounts respectively. HSBC Malta HSBC Malta offers the lowest inter- est rates available on 1 to 5 year term deposit accounts, at 1%, 1.05%, 1.2%, 1.2% and 1.2% respectively. The bank offer 0.3%, 0.4% and 0.5% interest on its 1-, 2- and 3-month term deposit accounts respectively. For accounts of at least a 1 year term and a minimum balance of €5,000, in- terest is paid monthly. For all other term deposit accounts, interest is paid on a yearly basis, or on maturity date where the term is less than one year. Rates of interest for deposit accounts with a balance of €500,000 or over can be provided on request. izola Bank Through its Saver+ scheme, izola Bank offers term deposit accounts with a fixed interest rate for periods ranging from 3 to 9 months and 1 year up to 10 years. Clients can choose whether to have interest paid quarter- ly, six monthly or annually. izola Bank offers 2.5% and 2.75% on its 1- and 2-year term accounts re- spectively and 3% on its term deposit accounts for 3, 4, 5, 7 and 10 years. Me Direct FIMBank has seven term deposit ac- counts, offering 1.25% and 2.25% on its 1- and 2-year term accounts re- spectively and 3% on its term deposit accounts for 3, 4 and 5 years. Interest rates offered by Maltese banks on fixed term deposit accounts in Euro Maltese customers are spoilt for choice when it comes to choosing a bank where to open a fixed term deposit account 3 NEWS