**EUR Deposit Rates Break 3% for Cyprus as PickTheBank and Lidion Bank Announce Increase**
In a significant development for savers in Cyprus, PickTheBank.eu, a local European savings and deposit platform, has announced an increase in its EUR fixed-term deposit rates in collaboration with Lidion Bank, based in Malta. This adjustment marks a notable shift in the financial landscape, as selected long-term deposit rates have surged by 12%, elevating them above the 3% threshold for the first time.
The new rates, effective immediately, see the interest on deposits with terms ranging from two to five years rise to 3.08% per annum. Additionally, customers opting for an 18-month deposit can earn an interest rate of 3.02% per annum. The most significant increase is observed in the two-year term, which has jumped from 2.60% to 3.08%, representing an approximate 18.5% rise.
This increase in deposit rates provides customers with enhanced opportunities for medium- and long-term savings, allowing them to choose from various maturities that span from three months to five years. The move is expected to attract more depositors seeking better returns on their savings in a competitive financial market.
PickTheBank facilitates a streamlined process for customers to onboard and submit their deposit applications online. Once approved, customers are required to transfer their funds directly to Lidion Bank. It is important to note that PickTheBank does not hold or intermediate customer funds, ensuring that deposits are securely managed under the customer’s name at Lidion Bank. These deposits are also protected by the Maltese Deposit Guarantee Scheme, which covers up to €100,000 per depositor per bank, subject to the scheme's terms.
PickTheBank is designed to serve as a service partner to licensed banks, allowing eligible customers to manage their deposits through a user-friendly interface available on both web and mobile platforms. This digital approach aligns with contemporary banking trends, catering to a growing demand for online financial services.
Lidion Bank, licensed and supervised by the Malta Financial Services Authority (MFSA), combines traditional banking services with modern digital solutions. The bank focuses on providing financing, cash management, treasury, and multi-currency banking services, with a particular emphasis on supporting businesses in technology and digital sectors. Through its partnership with PickTheBank, Lidion Bank also extends its services to retail depositors, enhancing accessibility to competitive deposit rates.
As interest rates continue to evolve, the recent adjustments by PickTheBank and Lidion Bank reflect a broader trend in the financial sector, where institutions are responding to market demands for higher returns on savings. This development is likely to benefit a wide range of customers in Cyprus, offering them more attractive options for their savings and investments.
For more information on the updated deposit rates and services, customers can visit PickTheBank’s website at pickthebank.eu or learn more about Lidion Bank at lidionbank.com.