1. What is a saving account?
These are accounts that aim to help you find the most appropriate way for saving and the best way of doing that without imposing a burden on your finances, while also allowing you to enjoy the benefits of setting money aside.
2. 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 (“Steady” account)
- Whenever you want without any restrictions on the frequency with which you save (“Flexible” account)
- Any excess money lying idle in your current account (“SurPlus” account)
- Via your credit card (the “Save a la card” account)
- For your Kids (Kids account)
3. 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. 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.
4. How can I open a savings account?
The process of opening an account is short and simple. 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 for renewing it is just as simple.
5. 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. You may consider the following options:
- Give instructions on 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 at the Bank’s interest rate at that time.
- 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.
- You can transfer money from a “Kids Saving” account to another account in the bank, only if the new account enjoys higher interest rate.
- After the renewal of your Saving account, a statement will be sent to you to inform you about your new interest rate, next maturity date and the total interest amount you will collect.