Notice accounts

1. What are notice accounts?
2. What determines that an account is a notice account?
3. Who can open notice accounts?
4. How is the interest calculated?
5. How can I collect the interest?
6. How can I withdraw money free of charge but without giving notice?
7. Are there other benefits from having notice accounts?
8. In addition to the initial deposit, can I deposit additional amounts in a notice account?
9. What is the procedure for opening a notice account?

Savings accounts

10. What are savings accounts?
11. How can I choose the savings account that suits me best?
12. How is the interest calculated?
13. What is the procedure for opening a savings account?
14. What is the procedure for renewing a savings account?

Traditional savings accounts

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

Notice accounts

1. What are notice accounts?

These are accounts that allow you to withdraw all or part of the amount free of charge provided that you give adequate notice to Bank of Cyprus at the right time.

Using its experience and the potential afforded by technology, Bank of Cyprus offers modern, notice accounts designed to specifically meet your personal needs.

2. What determines that an account is a notice account?

Notice accounts are determined by the length of notice required after which customers can withdraw all or part of the money they have deposited in the account. Today we offer notice accounts with notice periods of 8, 35, 90 and 180 days.

If for example you have a 90-day notice account and know that you will need money at a specific time in the future, let’s say 3 months from now, you can give notice to any branch of the Bank that suits you and after those 90 days are up, you can withdraw all or part of the amount you stated free of charge.

3. Who can open notice accounts?

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

4. How is the interest calculated?

This will depend on the notice period required for withdrawals (e.g. whether it is an 8-, 35-, 90- or 180-day notice account) and the daily balance in your account. 15% of the total interest payable is deducted in favour of the Defence Contribution. The account’s interest rate may change (increase or decrease) depending on market conditions and decisions taken by the Bank.

5. 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 that provided that you have given sufficient notice in advance.

6. How can I withdraw money free of charge but without giving notice?

Notice accounts allow you to withdraw up to € 2,000 once a month free of charge without giving notice. It is also important to mention that subscribers to our e-banking service (ibank) can also transfer up to € 1,000 a day free of charge to another account of their choice.

If you want to withdraw your money without giving notice, then you should choose an instant access account or a traditional savings account. Those accounts have interest rates lower than those offered for 8-, 35-, 90- and 180-day notice accounts.

7. Are there other benefits from having notice accounts?

•  The account allows you to make an unlimited number of deposits as often as you want for as much as 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 the electricity, water or phone bill, automatically by setting up a direct debit.

8. In addition to the initial deposit, can I deposit additional amounts in a notice account?

Yes, you can deposit money whenever you want without any restriction. You can deposit from € 1 up to an unlimited amount. When you deposit money you enjoy the account interest rate based on the account’s current balance.

9. 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

10. What are savings accounts?

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

11. 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 (the Green account)
•  Any time you want, without any restrictions on the frequency with which you save (the Blue account)
•  from extra money lying idle in your Current Account (the Red account)
•  via your credit card (the Yellow account)

12. 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. 10% of the total interest payable is deduced in favour of the Defence Contribution.

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

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 of opening an account is short and simple. The process for renewing it is just as simple.

14. 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 and asking you to provide instructions about renewal of the account at the branch where it is held. For example, you can give instructions at 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 along with the interest at the Bank’s interest rate at that time, to ensure that there is no loss of interest even if you forget the account renewal date.

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.

After the account is renewed, the Bank will send you a statement with information about the amount the account was renewed for, the interest rate and the next expiry date.

Traditional savings accounts (tamieftirio)

15. 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 learn about your account transactions.

16. Who can open traditional savings accounts?

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.

17. 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.

18. How can I access my account?

You can enter into transactions using your traditional 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, ibank, to transfer monies, pay bills or enter into other transactions.

19. 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. 15% of the total interest payable is deducted in favour of the Defence Contribution. The account’s interest rate may change (increase or decrease) depending on market conditions and decisions taken by the Bank.

20. How can I learn 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.

21. What are the benefits of having an 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, or whenever you wish.

22. 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 € 5,00 will be debited from your account to cover account operating costs.

23. 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.