1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.
7. 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.