Following the recent announcement of the European Central Bank to decrease the interest rate of the Main Refinancing Operations to two per cent, Volksbank Malta has reviewed its interest rates payable on deposits.

The bank will continue to offer a very competitive rate on all deposit accounts, including its savings and current accounts with chequebook facility. “Volksbank is now paying an interest rate of one per cent,” said managing director Herbert Skok. “We feel that in the current financial climate this is an extremely attractive rate, considering that funds are immediately available. Additionally, our depositors have the comfort of the knowledge that Volksbank Malta forms part of Österreichische Volksbanken Group which enjoys a Long Term rating of A by Fitch International Rating Agency.”

On short and medium term deposits, the bank offers competitive interest rates linked to market conditions. Updated rates are always available on the bank’s website www.volksbank.com.mt

Variable interest rate loans and overdrafts remain pegged to the Euribor. “We consider that Volksbank’s approach is very transparent since our base rate is the Euribor, and the feedback we received from our customers on our debit interest rate structure is very positive” Mr Skok concluded.