Fixed-Term Deposits for Cypriots: Are Local Bank Offers Competitive?

Fixed-Term Deposits in Cypriot Banks

Let’s explore what fixed-term deposits look like for Cyprus residents.

Since January 2024, interest rates on term deposits in Cypriot banks have remained steady, with the highest average rate for 12-month deposits peaking at 2.06%. Currently, it hovers around 1.96%.

Here’s a snapshot of the best offers from local banks:

• Alpha Bank: 2.25% for 12 months
• Ancoria Bank: 2.00% for 12 months
• Ancoria Bank: 1.50% for 9 months
• Alpha Bank: 1.25% for 6 months

However, sometimes these offers are only available in branches and are not always available to open online.

While the market is growing, Cyprus still ranks low in Europe for average interest rates on deposits up to 12 months, behind Slovenia and Greece. On the other hand, the Baltic countries offer some of the best rates in Europe — Estonia at 3.55%, Finland at 3.51%, and Latvia at 3.10%.

Here’s the good news: Cypriots can still open fixed-term deposits online at some of banks.

Better Fixed-Term Deposit Offers for Cypriots

Cypriots can take advantage of higher interest rates by exploring options outside Cyprus. Many EU banks allow Cypriots to open fixed-term deposits online, offering better rates and returns on savings.

PickTheBank, a platform that simplifies the search for the best fixed-term deposit offers, has analyzed over 1,000 banks and found the best option for Cypriots.

The Best Fixed-Term Deposit Offer for Cypriots

For Cypriots, the top offer is from BluOr Bank (Latvia), offering 3.50% for 12 months. Other options range from 3 to 60 months.

Why choose BluOr Bank?

• Online opening without the need for a current account
• Minimum deposit of just EUR 1,000
• Available to individuals and companies
• Deposits guaranteed by the state up to EUR 100,000

This definitely looks better than the 1.50% offered by local banks, doesn’t it?  
Visit the bank’s website and apply online today!