Deposits

A term deposit is a deposit for a fixed period of time at a fixed interest rate.

• Minimum amount – 100 EUR
• Duration – from 1 month to 1 year
• Interest is paid out, at your option, on a monthly basis or at the end of the deposit period
• Possibility to choose automatic extension of the agreement The deposit is extended for the same period (e.g. 3 months, 12 months) at the interest rate in force at the time of the extension. You can choose the renewal options – principal amount only (without interest) or principal amount and interest
• The term deposit can be terminated before the maturity date free of charge, however no interest accrued will be paid out in such an event and any interest paid out earlier will be withheld The interest (including tax withholdings) previously paid out is deducted from the deposit amount before it is paid out. No tax withholdings will be refunded

• The term deposit can be concluded from the age of 16
• The term deposit can be set up in EUR, as well as USD, GBP, SEK and NOK
• No amounts can be added to an existing term deposit
• Several agreements with different amounts and durations can be concluded
• The personal income tax on the interest payout is withheld automatically. You won’t need to pay the tax yourself or file any tax returns with the State Revenue Service (except when declaring annual income is required under the Law on Personal Tax)
• If you enter into the agreement using funds in an investment account, no personal income tax will be withheld from the interest paid out at the time of payout. Tax on income is payable in accordance with the terms of the investment account

documentTerms of Deposit Agreement for Private Persons

documentBackground Information on the Protection of the State-guaranteed Deposits

A maturity savings account is a deposit opened in the name of a minor (child) which is valid until the child reaches the age of majority.

• Minimum amount for concluding the agreement – 10 EUR
• You can add to your savings at any time, and you can also set up a regular payment
• Interest rate is revised once a year on a date corresponding to the agreement conclusion date
• Interest on the majority savings account is added to the principal amount of the savings once a year
• Limited access – early withdrawal of savings is possible only with the permission of the Orphans Court
• At the end of the period, the savings are transferred to the child's current account specified in the agreement

Conclusion of agreement

• The majority savings account agreement can be concluded from the moment of the child’s birth to 16 years of age. From the age of 17, a term deposit agreement can be concluded as an alternative
• The majority savings account agreement can be concluded by the parents or the appointed guardian at any branch of the bank. Documents required:
  - Guardian’s passport
  - Child's birth certificate with record of parents or appointed guardian and passport, if issued (compulsory from age 15)
  - A decision of the Orphans Court on the appointment of a guardian or a court ruling on the confirmation of the adoption, if the guardian has been appointed by a decision of the Orphans Court or the adopter has been confirmed by a court ruling
• The majority savings account agreement can be set up in EUR, as well as USD, GBP, SEK and NOK

Termination of agreement

To close the majority savings account early, the child's guardian must submit an application to the bank for closure of the account and the decision of the Orphans Court on the termination of the deposit and the withdrawal of the amount. The decision of the Orphans Court must state the guardian entitled to receive the accrued funds.

Taxes

The personal income tax on the interest payout is withheld automatically. You won’t need to pay the tax yourself or file any tax returns with the State Revenue Service (except when declaring annual income is required under the Law on Personal Tax).

documentTerms of Deposit Agreement for Private Persons

documentBackground Information on the Protection of the State-guaranteed Deposits

1. Set specific saving goals, e.g. safety pillow, vacation, new laptop, etc. This will help monitor progress and assign meaning to saving habits.
2. Save small amounts routinely to increase your savings. Have at least 3 months of your expenses saved to ensure you can overcome any unexpected challenges.
3. Save money by choosing products that will last longer. Evaluate the cost per use of each product and choose your purchases wisely.