How do I open a current account?

  • Visit any of our branches.
  • Bring your identity card or driving license and proof of address (such as your electricity bill).
  • If you would like to be issued a Debit card, fill out the necessary application.
  • For overdraft accounts, bring last month’s pay slip with you. You can apply for an overdraft account only if you are a permanent resident and have a job in Cyprus.

Can I automatically pay utility bills, loans, rents, etc.?

Yes, through a standing order and a Direct Debit. Talk to your personal banker and make use of the facility provided by your current account for making automatic payments by setting up a standing order. You can pay your loans, insurance premiums, rents or other recurring expenses and/or your utility bills automatically. For example, you can pay electricity, telephone and water bills through Direct Debit.                                                                                                                        

What should I do if I need to exceed my current account limit for a short period of time?

If you expect to have additional expenses for a short period of time (e.g. 2 months), and need to exceed your overdraft limit, contact your personal banker in order to arrange for a temporarily increase of your limit. This way you can cover your needs at no cost (e.g. by increasing your limit from €1.000 to €1.500 for 3 months). The temporary increase must be settled at maturity through gradual deposits.

How can I avoid overdraft costs?

Check your account balance often and plan your expenses and income so as to not exceed your overdraft limit. The 1Bank Service can help you keep track of your current account balance and transfer money from your savings accounts. 

How can I make better use of the extra money in my current account?

If you have extra money on a regular basis, do not let it go unused. Talk to your banker about the “SurPlus” Savings Account. Select the minimum amount you want for your current account. If your balance exceeds this amount, the extra money will be automatically transferred to the “SurPlus” Savings Account at a higher interest rate. Learn more about the “SurPlus” Savings Account here.

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