According to the announcement, the bank introduced this new product as a response to market demands. “The bank addresses the need for increased yields on deposits over €100,000 by raising the returns on its 12-month fixed-term deposits,” the announcement explained. Moreover, at the end of this maturity period, clients have the option to withdraw, increase the principal, or renew the deposit and capitalise on the interest. “Through its series of Alpha Fixed-Term Deposits, Alpha Bank empowers clients to select the ideal product based on their specific needs,” the bank said.

In addition, the range also provides an annual interest rate of 1.60 per cent and 2.10 per cent for deposits over €50,000 with durations of 18 and 24 months, respectively. Finally, the announcement clarified that the interest is non-compounding, and the payment is made upon the expiry of the fixed-term deposit.

Source: Cyprus Mail