Bank of Valletta has just launched a new five-year Euro Term Deposit Account offering an interest rate that increases each year over the term of the account.

Account holders taking out this account will benefit from an initial interest rate of 2.25 per cent in the first year, increasing up to four per cent in the fifth and final year. Interest on this account will be paid every six months.

“In the current scenario where rates of interest on deposit accounts are historically low, this new term deposit account addresses customers’ need for a higher return on their savings while offering regular income,” said Romeo Cutajar, Chief Officer Financial Markets & Investments at Bank of Valletta. “We have enhanced the features of the standard term deposit account to mitigate any future increases in interest rates. This account complements the bank’s comprehensive range of deposit products and reinforces our commitment to provide greater value to our loyal customers.”

This offer is available up to 13 March and may close earlier at the bank’s discretion.

Further details can be obtained from the bank’s website www.bov.com, by calling its Customer Service Centre on 2131 2020 or visiting any BOV branch.