Bank of Valletta on Friday said it would be slashing its credit interest rates on customer deposits.
The new interest rates will be applicable to fixed-term deposits opened or renewed as from June 17, 2020. Interest rates on other deposit accounts will change with effect from August 12, 2020.
Interest rates on existing term deposits will remain valid until maturity.
See the new rates on term deposits in the table below.
The tables show that interest on fixed terms of one year will drop from 0.500% to 0.300%. Two-year terms will have an interest drop from 0.900% to 0.400%.
Three-year terms will have an interest drop from 1.100% to 0.500%.
Four-year terms on balance from €200 to €25,000.00 will drop from 1.250% to 0.600% on any balance. Five-year terms on that same balance will drop from 1.350% interest to 0.700% on any balance.
Meanwhile, BOV's wesbite says that interest rates on savings accounts will remain unchanged at 0.0%.
BOV Young Savers Accounts will also remain unchanged.
BOV eAccount holders will see their interest drop from 0.200% to 0.100% for deposits of up to €12,000. Deposits of over €12,000 will now carry 0% interest.
Reserve cheque accounts will remain unchanged at 0% interest while student accounts with deposits of over €2,500 will see interest drop from 0.7% to 0%.
Last October HSBC had also announced it planned to slash interest rates.
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