FIMBank has launched the first series of fixed rate deposit accounts in three major currencies – US dollars, euro and pound sterling. The Classic Term Deposit Account offers 100 per cent capital security and attractive fixed interest rates.

Christian Trapani, the Product Manager said: “This product is ideally suited for those who want to invest capital in US dollars, euro and sterling and obtain higher interest rates. The Classic Deposit account has a fixed rate of return and offers customers peace of mind, as principal is guaranteed.” Aimed at the high savings customers, the minimum deposit for these accounts is $100,000.

A second product offered, is the Money Market Linked (MML) Term Deposit. With FIMBank MML Term Deposit the term available is one (1) year. According to the current money market rates, a floor deposit rate is established at inception and marked as the minimum deposit rate for the term deposit. FIMBank MML Term Deposit gives the opportunity to earn that extra return should market rates rise above the established floor rate, which is guaranteed for the term of the deposit.

FIMBank also offers, foreign currency conversions between the Maltese lira, US dollar, euro and pound sterling at competitive market rates. Christian Trapani stressed, “FIMBank Foreign Currency Exchange Rates are also another selling point to this product. Exchange Rates are specifically dealt for the product and deposits shall attract premium interest and competitive exchange rates.”

At the end of the term, in accordance with current tax legislation, Maltese resident investors may opt to be taxed at a 15 per cent final withholding tax on the interest received. Investors, who are not subject to tax in Malta, will receive interest gross without deduction of final withholding tax.

Customers opening a Premium Term Deposit account by depositing a foreign currency bank draft will enjoy the benefit of “same day value”, choosing a deposit tenure from six months up to one year starting from draft deposit date. Upon maturity same day value payments shall apply for fund transfers to other banks.

FIMBank President Margrith Lutschg-Emmenegger expects the new foreign currency fixed deposit accounts to generate a positive response from customers due to their attractive terms. “We have the most attractive interest rates for customers willing to invest $100,000 or more. We intend to adopt our highly personalised way of doing business to this segment of the market and assist our customers to pursue their investment objectives by providing simple straight forward financial products.”

All those who would like more information on FIMBank’s premium Fixed Term Deposit Accounts can contact FIMBank on 2132 2100, Christian Trapani on 2328 0119, or free phone 800 773 110.