Red: for what is left
Do you systematically have money left over in your current account? That extra money lying idle in your Bank of Cyprus current account need not stay there doing nothing. Just decide about the minimum amount you want to have in your current account. When your balance exceeds that amount, the extra money will be automatically set aside in the Red savings account. Of course, it will accumulate interest there, for you.
All you have to do when you open a Red account is to set the minimum amount you want to maintain in your current account. Every time your credit balance exceeds that figure, you will automatically be saving the extra money in your Red account where, of course, it will accumulate interest.
- The initial deposit required is € 30.
- By opting for the Red account, you will enjoy a higher interest rate on that extra money you had in your current account.
- You can withdraw money free of charge up to 4 times a year, provided that the amount withdrawn is not more than 10% of the account balance.
- It is not possible to transfer money from the Red account back to the current account.
- You can withdraw the amount saved only after a 12-month period has elapsed. If you need money before then you should contact your personal banker.
- The account is for a 12-month period and is automatically renewed in each case at the interest rate available for this product on the renewal date.
- The account’s interest rate is 3.50%.