1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. How can I be informed about my account transactions?
You can find out about your account transactions by querying the account at ATMs, using our web-banking system or in-branch.
7. 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.
8. Is there a charge for opening or maintaining a traditional savings account?
There is no charge for opening the account.
9. 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.