IIG Bank offers fixed term deposit account at 3% premium

In a statement issued on Wednesday, the bank said that the account also provides regular income to the depositor with interest payments that can be received by cheque at home every 3 months.

“IIG Bank’s new offer is an attractive option to depositors in an economic environment where potential inflationary pressures can give rise to increases in interest base rates. Whereas the interest rate on fixed deposits remains static, this hybrid account has the features of a time deposit and a savings account combined.  It pays a 3% premium above the current base rate for Euros, Sterling and US Dollars up to a maximum rate of 6% pa. The minimum rates paid for each currency are fixed at 4.00% pa for Euros, 3.50% for Pound Sterling and 3.25% pa for US Dollars.”

“The account is targeted at savers looking to deposit a minimum of €25,000 or its equivalent. Unlike other such accounts, this latest offering from IIG allows investors to top up their balance in the first 12 months from as little as €1,000 and earn interest on it from that day forward.”

“In addition, IIG offers other savings and deposit accounts and an internet banking service to suit the needs of personal savers and corporate investors. These include flexible term deposit structured products and deferred interest, 90 days notice and instant access accounts.  Perhaps IIG Bank’s unique proposition is its pledge to tailor term deposits to the specific needs of its investors.”

“We understand the aspirations of the saver and considering the prevailing market conditions, where increases in the base rate are increasingly expected, we want to offer a more attractive option to fixed rate deposits for the medium term,” said Ray Busuttil, CEO, IIG Bank (Malta) Limited. “We have a focused and streamlined operation where our client is catered for individually. Our objective is to be receptive to our customer needs and to be innovative when it comes to product design.”