More on Deposits Multi-Choises

FIXED TERM  DEPOSITS

1.What is a fixed-term deposit account?
2.How can I open a fixed-term deposit account?
3.What is the procedure for renewing a fixed-term deposit account?
4.How is the interest calculated?
5.When can I collect the interest?
6.What is the difference between Special Deposit Products (“UpFront”, “Monthly”, “Flexi Fix”) and Fixed Term Deposit accounts (“Classic”)?

Notice accounts

7. What is a notice account?
8. Who can open notice account?
9. How is the interest calculated?
10. How can I collect the interest?
11. Can I withdraw money free of charge but without giving notice?
12. Are there other benefits from having a notice account?
13. What is the procedure for opening a notice account?

Savings accounts

14. What is a saving account?
15. How can I choose the savings account that suits me best?
16. How is the interest calculated?
17. How can I open a savings account?
18. What is the procedure for renewing a savings account?

Traditional savings accounts

19. What is a traditional savings account?
20. Who can open a traditional savings account?
21. Is there a fee for withdrawing money from a traditional savings account?
22. How can I access my account?
23. How is the interest calculated on a traditional savings account?
24. How can I learn about my account transactions?
25. What are the benefits of having a traditional savings account?
26. Is there a charge for opening or maintaining a traditional savings account?
27. What is the procedure for opening a traditional savings account?

 

FIXED TERM DEPOSITS

 

1. What is a fixed-term deposit?

 A fixed-term deposit account is an account on which you place your money for an agreed period of time, during which time you can neither deposit additional money into your account nor withdraw from it. The interest rate is fixed for all the duration of the fixed term.  If you know that you will need your money at a specific date, for example in 3 months from now, you can arrange for the fixed- term deposit to mature in 3 months from now.

Additionally you can choose one of our Special Deposit Products that gives you flexibility in their duration, the time at which interest is paid and the ability to withdraw part of the amount deposited before the agreed expiry date.

2. How can I open a fixed-term deposit account?

The process of opening a fixed-term deposit is short and simple. Visit our network of branches to learn about the options available to you and work with your Personal Banker to design a fixed-term deposit that meets your needs. The process for renewing it is just as simple

3. What is the procedure for renewing a fixed-term deposit account?

A few days before your fixed-term deposit expires you will receive a letter reminding you of the expiry date.  You need to give instructions if, for example, you want to add to or remove money from the fixed-term deposit. You can also give instructions at the expiry of the fixed-term deposit for the interest or the entire amount deposited and the interest to be transferred to another account.

If you do not want any change in your fixed-term deposit, it will be automatically renewed with the Bank’s interest rate at that time, to ensure that there is no loss of interest even if you forget the fixed-term deposit renewal date.

After renewal, the Bank will send you a fixed-term deposit statement which will contain information about the amount renewed, the new interest rate, the next expiry date and the total amount of interest collected.

 4. How is the interest calculated?

Interest is calculated based on the agreed interest rate, the balance in your account and the duration of the account.  30% of the total interest payable is deducted in favour of the Defence Contribution (this applies to permanent residents of Cyprus). If you are not a permanent resident of Cyprus, please tell us about this by filling out the special form so that the 30% Defence Contribution is not deducted.

 5. When can I collect the interest?

For the Classic Fixed Deposit account you can collect the interest rate at the expiry/renewal date. However by choosing the right product from our special fixed deposit products you can choose when to collect the interest. You can collect the interest once you open the fixed-term deposit, either monthly or on expiry or even in parts on specific dates chosen

6. What is the difference between Special Deposit Products (“UpFront”, “Monthly”, “Flexi Fix”) and Fixed Term Deposit accounts (“Classic”)?

Special Deposit Products are fixed term deposit accounts with flexible characteristics. Special Deposit Products may vary according to their duration, the time at which interest is paid and the ability to withdraw part of the amount deposited before the agreed expiry date.  For more information press here.

 

Notice accounts

7. What is a notice account?

These are deposit accounts from which you can make withdrawals (part or even all of the balance) free of charge provided you give a specific number of days notice. It is you who decides the number of days notice required choosing from 8, 35, 90 or 180 days.

If you have a notice account that requires 35 days notice and you know that next month you will need a specific amount of money, all you have to do is notify any branch 35 days before the withdrawal date. Once the 35 days are up, you can withdraw the money (all or part of the amount you stated) free of charge.

8. Who can open notice account?

These accounts can be opened by individuals, companies and other legal entities, executors and asset managers, associations, clubs, trade unions, welfare funds, etc.

9. How is interest calculated?

  •  Interest is calculated based on the withdrawal notice period required (8, 35, 90 or 180 days) and the daily balance in your account.
  •  30% of the total interest payable is deducted in favour of the Defence Contribution (this applies to permanent residents of Cyprus). If you are not a permanent resident of Cyprus, please tell us about this by filling out the special form so that the 30% Defence Contribution is not deducted.
  •  The account’s interest rate may change (increase or decrease) depending on market conditions and decisions taken by the Bank.
  •  Interest is credited to the account once a year on 31 December. Immediately afterwards you can collect the interest by giving the relevant notice.

10. How can I collect the interest?

Interest is credited to the account once a year on 31 December. You can collect the interest immediately after, provided that you have given sufficient notice in advance.

11. Can I withdraw money free of charge but without giving notice?

  •  You can withdraw up to € 2,000 once a month free of charge without giving notice.
  •  If you are a subscriber to our 1bank service, you can transfer up to €300 per day to another account of your choice free of charge.
  •  If you want to have access to your money without having to give notice, it is better to opt for an instant access account or a traditional savings account. However, those accounts have lower interest rates than notice accounts.

12. Are there other benefits from having a notice account?

  • The account allows you to make an unlimited number of deposits as often as you want for as much as you want.
  • Your salary or other income such as rent can be automatically credited to the account.
  • You can pay public utility bills such as the electricity, water or phone bill, automatically by setting up a direct debit.

13. What is the procedure for opening a notice account?

Contact our network of branches to learn about the various types of notice accounts available, choose the one that suits you best and then open it using our short, simple procedure at any branch that suits you.

Notice accounts do not need to be renewed because, quite simply, they have no expiry date.

 

Savings accounts

14. What is a saving account?

These are accounts that aim to help you find the most appropriate way for saving and the best way of doing that without imposing a burden on your finances, while also allowing you to enjoy the benefits of setting money aside.

15. How can I choose the savings account that suits me best?

We have suitable accounts depending on how you want to save money. You have the choice of saving:

  • A regular amount every month (“Steady” account)
  • Whenever you want without any restrictions on the frequency with which you save (“Flexible” account)
  •  Any excess money lying idle in your current account (“SurPlus” account)
  •  Via your credit card (the “Save a la card” account)
  • For your Kids (Kids account)

16. How is the interest calculated?

Interest is calculated based on the agreed interest rate and the daily balance in your account. Interest is added to your account balance at the end of each 12-month period. 30% of the total interest payable is deducted in favour of the Defence Contribution (this applies to permanent residents of Cyprus). If you are not a permanent resident of Cyprus, please tell us about this by filling out the special form so that the 30% Defence Contribution is not deducted.

17. How can I open a savings account?

The process of opening an account is short and simple. Visit our network of branches to learn about the options available to you and work with your Personal Banker to select a savings account for you. The process for renewing it is just as simple.

18. What is the process for renewing a savings account?

A few days before the end of the 12-month period, you will receive a letter reminding you of the expiry date of your account. You may consider the following options:

  • Give instructions on the expiry of the account for the interest or the entire amount deposited and the interest to be transferred to another account.
  • If you do not want any change in your savings account, it will be automatically renewed at the Bank’s interest rate at that time. 
  • When you receive the letter it is a good opportunity for you to ask your local branch for information about new savings options and to select a new product tailored to you needs, if that is appropriate.
  • You can transfer money from a “Kids Saving” account to another account in the bank, only if the new account enjoys higher interest rate.
  • After the renewal of your Saving account, a statement will be sent to you to inform you about your new interest rate, next maturity date and the total interest amount you will collect.

 

Traditional savings accounts

19. What is a traditional savings account?

This is an account that customers can deposit money in while having access to that money at any time they want. When you open a traditional savings account, you will be given a savings booklet which can be used to be informed about your account transactions.

20. Who can open a traditional savings account?

Traditional savings accounts can be opened by individuals, companies and other legal entities, executors and asset managers, associations, clubs, trade unions, welfare funds, etc.

Traditional savings accounts can also be opened in the name of minors, with the only difference being that the minor cannot withdraw the money before he/she comes of age. It is possible in exceptional cases to withdraw money before the minor comes of age but you will need to present a court order for this to be possible. However you can transfer money from a “Kids Saving” account to another account in the bank,  if the new account enjoys higher interest rate.

 

21. Is there a fee for withdrawing money from a traditional savings account?

No, there is no fee. You have instant access to your money whenever you want, without restrictions.

22. How can I access my account?

Transactions can be done to your savings account at any of our Bank branches.

Moreover, you can link your account to your cash card that gives you access to any of our Bank’s ATMs to withdraw or deposit money or simply query your account balance.

You can also manage your account in a simple, easy way, any time of the day or night, using our web banking system, 1bank, to transfer money, pay bills or enter into other transactions.

23. How is the interest calculated on traditional savings accounts?

Interest is calculated on the lowest balance in any month at the interest rate offered for that account. 30% of the total interest payable is deducted in favour of the Defence Contribution (this applies to permanent residents of Cyprus). If you are not a permanent resident of Cyprus, please tell us about this by filling out the special form so that the 30% Defence Contribution is not deducted.

 

24. How can I be informed about my account transactions?

You can find out about your account transactions by updating your savings booklet, by querying the account at ATMs, using our web-banking system or in-branch.

25. What are the benefits of having a traditional savings account?

  • The account allows you to make an unlimited number of deposits as often as you want for as much as you want. The same applies in the case of withdrawals. You have access to your money whenever you want.
  • Your pay or other income such as rent can be automatically credited to the account.
  • You can pay public utility bills, such as electricity, water or telephone bills, automatically by setting up a direct debit.
  • You can also use the account to transfer money automatically to and from other accounts, whenever or wherever you wish.

26. Is there a charge for opening or maintaining a traditional savings account?

There is no charge for opening the account. On 31 December every year € 5 will be debited from your account to cover account operating costs.

27. What is the procedure for opening a traditional savings account?

The process of opening a traditional savings account is short and simple. Traditional savings accounts do not need to be renewed because, quite simply, they have no expiry date.

 

 

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