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About PickTheBank and our partner bank

What is PickTheBank?

PickTheBank is a European platform with two services. The comparison engine compares fixed deposit and savings account rates from 1,000+ banks in 25+ European countries. The Savings Platform lets you apply for and manage fixed-term deposits with our partner bank, Lidion Bank plc (Malta), in one place. PickTheBank is operated by Pick Savings Navigator Ltd, Limassol, Cyprus.

Is PickTheBank a bank?

No. PickTheBank works on behalf of our partner bank: we handle onboarding, applications and deposit servicing on the bank's behalf. Your deposit contract is signed directly between you and the partner bank, and the bank holds your money. PickTheBank never holds or transfers client funds.

Which banks can I open a deposit with through PickTheBank?

Currently only Lidion Bank plc. All other banks on pickthebank.eu are shown for comparison: you apply on those banks' own websites, and their eligibility rules and country restrictions are set by them. We are working on adding more partner banks. You can see every offer available through the platform on the Savings Platform page.

What is Lidion Bank and how is it regulated?

Lidion Bank plc is a bank licensed in Malta and supervised by the Malta Financial Services Authority (MFSA). It focuses on corporate clients in the digital economy (financing, treasury, cash management, multi-currency payments) and serves retail depositors through PickTheBank. You can check its licence in the MFSA Financial Services Register.

Where can I confirm the partnership between PickTheBank and Lidion Bank?

Lidion Bank announces the partnership on its own website: Lidion Bank partners with PickTheBank.

Eligibility and onboarding

Who can open a deposit?

Individuals (natural persons) aged 18+ who live in one of 27 supported countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden. Deposits cannot be opened in the name of a company.

Can I open a joint deposit with my spouse or partner?

No, joint deposits are not supported. Each person registers their own PickTheBank account, passes identity verification and opens their own deposit. Each person's deposits are protected separately up to €100,000. A joint bank account held in both your names can be used to fund each deposit.

How does the application work?

1. Choose a partner bank offer on the Savings Platform page and click Open online.
2. Register and verify your identity: a photo of your ID document (both sides) and a selfie check.
3. Confirm your phone number by SMS.
4. Fill in the questionnaire (address, tax residence, occupation, income, source of funds) and enter your reference account for repayment.
5. Sign the deposit application. We forward it to the partner bank together with your profile.
6. After approval you receive the wiring instructions by email and in your Portfolio, and transfer the funds.

How long does approval take?

The partner bank usually reviews complete applications within 1–2 business days. If the bank needs more information, our support team emails you with the exact request, and the review continues as soon as you reply.

Which documents will I need?

• A valid passport, national ID card or residence permit, used in the identity check.
• Proof of address: a utility bill (electricity, water, gas, internet), a bank statement or a letter from a government authority, showing your own name and current address and dated within the last 3 months. Rental agreements and rent statements are not accepted.
• Your tax identification number (TIN) in your country of tax residence.
• Depending on the amount and term, documents on the source of your funds (see below).

Why does the bank ask about my income and the source of my funds?

Like every EU bank, our partner bank must check where deposited money comes from under anti-money-laundering rules. For larger amounts or longer terms, it may ask for payslips, your latest tax return, bank statements showing your savings, or documents for a specific event such as a property sale (sale contract plus the statement showing the proceeds arriving) or an inheritance. The documents should let the bank follow the money from its origin to the account you will transfer from. You can reply to our email with the documents attached.

My proof of address is in my partner's name or shows a different address. What can I do?

The bank needs a document that shows your own name at the address in your application. If your utility bills are in a partner's name, a bank statement, a tax authority letter or another official letter addressed to you usually works. If you have recently moved or own several properties, explain this in your reply and we will pass it to the bank.

My identity verification failed. Can I try again?

Yes. Write to support@pickthebank.eu and we will reset your verification so you can start over. When you retake the photos, capture both sides of the same document and make sure the whole document is visible and sharp.

I did not receive the SMS code, or I entered the wrong phone number.

First check whether the SMS was filtered or blocked on your phone. If you entered a wrong number, email support@pickthebank.eu from your registered email address and we will update it.

Is there a mobile app?

Yes. You can use PickTheBank in the browser on any device and in our iPhone app. There is currently no Android app.

Deposits and interest

Which deposits are available?

Fixed-term deposits with our partner bank in three currencies. Current rates for every term are on the Savings Platform page.

Is the interest rate fixed?

Yes. The rate shown when you submit your application is fixed for the whole term, even if rates change later. The term itself starts on the day the partner bank receives your funds.

When is interest paid?

For terms of up to 12 months, interest is paid at maturity together with your principal. For longer terms, interest is paid once a year and at maturity. Interest is simple, not compounded, and is paid to your reference account.

How is interest calculated?

Interest accrues from the day your deposit is opened until the maturity date, based on the actual number of days. Example: 85,000 EUR for 12 months at 2.94% earns about 2,499 EUR (85,000 × 2.94%).

Is tax deducted from my interest?

No tax is withheld in Malta for depositors who live in another EU country, so you receive the interest in full. You may need to declare it in your country of residence; see Safety, legal and tax.

Can I open several deposits?

Yes. You can hold several deposits at once, in different currencies and terms, as long as each meets the minimum amount. Splitting a large amount into several deposits is also useful if your bank limits the size of a single transfer.

Funding your deposit

When and where do I send the money?

Only after the partner bank approves your application. You then receive the wiring instructions (beneficiary, IBAN and payment reference) by email, in the application confirmation PDF and in your Portfolio. Please do not transfer anything before approval.

My bank says the IBAN is invalid.

Enter the IBAN without spaces (for example MT10AGRK… as one string) and copy it from the confirmation rather than typing it. If your banking app still rejects it, send us a screenshot of the error and we will help.

Which account can I pay from?

Any account in your own name at a bank or e-money institution in the EU, including online banks and payment apps such as Revolut or bunq. A joint account that includes your name also works. Payments from accounts in another person's or a company's name are not accepted.

Can I split the payment into several transfers?

Please send the full deposit amount in a single transfer: the bank's systems match one payment to one deposit, and you cannot add money later. If your bank limits the size of a single transfer, open several smaller deposits instead (for example two deposits of 50,000 EUR rather than one of 100,000 EUR), or ask your bank to raise the limit.

How long do I have to fund my deposit?

One month from approval. Applications that are not funded within one month are cancelled, and you can submit a new one at any time.

When will my deposit be opened?

Your deposit opens once the partner bank receives your funds. USD and GBP transfers take longer, so expect those deposits to open 1–2 business days after the transfer. You get an automatic deposit confirmation email when it opens.

How do USD and GBP transfers work?

For USD and GBP, the partner bank uses The Currency Cloud Limited as its correspondent institution. Your wiring instructions will name The Currency Cloud Limited as the beneficiary bank and Lidion Bank plc as the payment beneficiary.

Are there any fees?

PickTheBank and the partner bank charge no fees for opening, holding, funding or repaying a deposit. Your own bank, and for USD or GBP any intermediary bank, may charge transfer fees. These can be significant for foreign-currency transfers, so check them first and choose the OUR fee option so that the full amount reaches the bank. With the SHA option, an intermediary bank may deduct a fee and the amount credited will be lower.

I have sent the money. Do I need to tell you?

No, but you are welcome to. We monitor incoming payments, and you will receive the deposit confirmation once the bank has matched your transfer.

Managing your deposit and maturity

Where can I see my deposits?

In your PickTheBank Portfolio, on the web or in the iPhone app. It shows your applications, open deposits, balances, interest and maturity dates. The partner bank does not offer separate online banking for these deposits: PickTheBank is the bank's channel for servicing them.

I cannot see my deposit in the Portfolio.

Please check that you are using the email address you registered with. Email support@pickthebank.eu for additional assistance.

Which documents will I receive?

In your Portfolio (open the application, then the Documents tab):

• Partner bank Terms and Conditions
• PickTheBank Terms of Use
• Product information sheet with the key conditions of your deposit
• Application confirmation, issued after approval, with the wiring instructions
• Deposit confirmation, issued after your funds are received, showing you as the depositor

Statements of interest received or accrued, for example for your tax return, are available on request from support@pickthebank.eu.

Can I add money to an existing deposit?

No. A fixed-term deposit cannot be topped up above the amount in your application. To save more, open an additional deposit.

Can I withdraw my money before maturity?

Fixed-term deposits are designed to run until maturity, and partial withdrawals are not possible. Early termination of the whole deposit is possible with the partner bank's approval. To request it, email support@pickthebank.eu from your registered email address: we will pass your request to the bank and confirm its decision and conditions, including any effect on your interest, before anything is closed.

What is the reference account?

The account you enter in your application to receive your principal and interest. It can be any account in your own name at a financial institution in the EU, in the deposit's currency, and it does not have to be the account you pay from.

Can I change my reference account?

Yes. Email support@pickthebank.eu from your registered email address with the new account details. We will start the procedure with the bank.

What happens at maturity?

Your principal and interest are paid automatically to your reference account on the maturity date. You do not need to do anything. About 2–3 weeks before maturity we email you a reminder.

Can I renew or reinvest my deposit?

Deposits are not renewed automatically. Before maturity you may be offered a rollover application: if you fill it in, the interest is paid out and the principal is placed for a new term at the rate valid at that time. Otherwise, after the money returns to your reference account you can open a new deposit in a few clicks from your existing profile.

Can I cancel an application I no longer need?

Yes. Open your Portfolio, select the application and cancel it, or email us and we will cancel it for you. Unfunded applications are also cancelled automatically one month after approval.

What if I move to another country during the term?

Your deposit stays open until maturity. Please tell us about any change of residence or tax residence and send updated proof of address so that the bank's records stay current.

Safety, legal and tax

Is my deposit protected?

Yes. Our partner bank participates in the Maltese Depositor Compensation Scheme, which protects up to €100,000 per depositor per bank, including accrued interest. You can check the bank's participation on the scheme's list of participants and in the MFSA register.

Are USD and GBP deposits covered too?

Yes. The scheme covers deposits in all currencies. If compensation is ever paid, it is paid in euro, up to the €100,000 limit per depositor.

Is the deposit held in my name?

Yes. Your deposit agreement is concluded directly between you and the partner bank, and the bank holds the deposit in an account in your name. PickTheBank does not use pooled, omnibus or fiduciary accounts. Your deposit confirmation shows you as the depositor and is issued by PickTheBank on behalf of the partner bank.

Does PickTheBank ever hold my money?

No. You transfer funds directly to the partner bank, and at maturity the bank pays them directly to your reference account. PickTheBank never receives, holds or moves client money.

What happens to my deposit if PickTheBank stops operating?

Your deposit is unaffected, because it is held by the bank. The partner bank repays it on the original schedule. You would also receive a notice from PickTheBank with continuity instructions and the bank's contacts.

How is PickTheBank supervised?

PickTheBank provides services to the partner bank under an outsourcing partnership covered by the EU Digital Operational Resilience Act (DORA). The partner bank, as the regulated entity, oversees the quality and continuity of PickTheBank's services. PickTheBank is not a bank and does not provide investment, legal or tax advice.

Do I pay tax on the interest?

Malta does not withhold tax on interest paid to depositors who live in another EU country, so you receive the interest in full. You may need to declare it and pay tax in your country of tax residence. We cannot give tax advice, so please check with a tax advisor or your local tax authority. We can provide a statement of interest received for your tax return on request.

I live in Cyprus. Does Special Defence Contribution apply?

It may. Depending on your domicile status, interest received by Cyprus tax residents can be subject to Special Defence Contribution (SDC) and General Healthcare System (GHS/GeSY) contributions, which you may need to declare yourself because the partner bank does not withhold them. Your tax advisor can confirm what applies to you.

Account, data and support

How do I delete my account and personal data?

Email support@pickthebank.eu from your registered email address and ask for account deletion. We will ask you to confirm, cancel any open applications, and confirm by email once your data has been deleted. Data that the law requires us or the bank to keep (for example for anti-money-laundering purposes) is retained only for the required period. Deposits that are still running must reach maturity first.

How do I update my email, phone number or address?

Email support@pickthebank.eu from your registered email address with the change. A new address must be supported by a recent proof of address.

How can I contact you?

For anything about your deposit, contact PickTheBank first: acting on the partner bank's behalf, we handle depositor requests and coordinate with the bank.