Ray Calleja, Head of Retail Banking at Credit Europe N.V. Malta Branch, commenting on the first month of the bank’s operation in the Maltese retail banking sector said: “Our launch has been very positive, but our offers have also been met with some understandable curiosity.”

Mr Calleja, a qualified banker with 30 years experience, explained that the cause for curiosity was due to the bank’s unusually high interest rates paid out on client’s savings and fixed term deposit accounts. “Some clients were wary, thinking that our fixed-term Time Deposit, which pays up to 5.4 per cent interest for a five-year term, was an investment product, which it most definitely isn’t. The Time-Deposit is an extension to our Top-Interest savings account and the interest, which varies according to the fixed-term one agrees to, is guaranteed.”

In fact, members of the public also thought Credit Europe’s Top-Interest savings account sounded too good to be true due to the fact that it offers four per cent interest, yet money can be withdrawn any time and no minimum deposit is required. There are no charges whatsoever and even Telephone Banking is available via a freephone number.

In addition to this, the local consumer can rely on the compliance and conformity by the Dutch Bank with its regulators. Credit Europe Bank operates under the full banking license supervised by the Dutch Central Bank, which includes its compliance to the Deposit Guarantee System.

Under this system, the Dutch Central Bank stipulates that if a bank cannot meet its obligations, each account holder is assured of full reimbursement of the first e20,000 of their balances held in current or savings accounts. In addition, a 90 per cent guarantee applies to balances from e20,000 to e40,000.

For more information, including all terms and conditions, visit www.crediteurope.com.mt or call freephone 8007 3232.