Better Fixed-Term Deposits for Cypriots: Local Banks or Beyond?

Fixed-Term Deposits in Cypriot Banks

Let's talk about fixed-term deposits for Cyprus residents and what the local banks have to offer.

According to ECB data, the interest rates on fixed-term deposits in Cypriot banks have seen a decent bump from last year. 

Looking at fixed-term deposits in Cypriot banks for periods up to 12 months, the highest average rate hit 2.06% in January 2024. Now, it's hanging around 1.98%, compared to a measly 0.59% back in February 2023.

With the rise in interest rates at Cypriot banks, we've also seen an uptick in deposit offers. Here's what's on the table in Cyprus's financial market:

Cdbbank: 2.75% for 12 months
Alpha Bank: 2.75% for 12 months
Ancoria: 2.5% for 12 months

However these offers are sometimes available only at branches and aren’t always published online.

It's great to see the deposit market in Cyprus growing. However, it's still not quite the best spot to stash your cash.

Looking at the ECB data by country, Cyprus ranks third from the bottom in terms of average interest rates on fixed-term deposits up to 12 months, behind Slovenia and Greece.

E.g. Baltic countries offer one of the highest average deposit rates in Europe, 1.5% higher than in Cyprus.

Fixed-term deposits for Cypriots across the EU

Here’s the kicker: Cypriots can open fixed-term deposits in banks across other EU countries, and many are jumping on that bandwagon. After all, rates are generally better elsewhere in the EU.

This opportunity allows Cypriots to explore a wider range of options and potentially secure higher returns on their savings. With interest rates fluctuating and economic conditions varying between countries, seeking out the best offers beyond Cyprus can be a smart financial move.

Best Fixed-Term Deposit Offer for Cypriots

So, for Cypriots, the best fixed-term deposit is offered by BluOr Bank (Latvia) at 3.50% for 12 months.

And its advantages are:

Remote deposit deployment available without opening a current account
Minimum deposit of EUR 1,000
Offer is valid for individuals and companies
State guarantee on deposits up to EUR 100 000

Explore the terms and conditions of this and other BluOr Bank offers through the link below!

 Discover more about BluOr Bank offers 

These reviews are for informational purposes only and should not be construed as investment or financial advice, and users should always conduct their research or consult with professional advisors before making any decisions related to their finances.