Bank of Valletta is launching a new five-year euro step-up term deposit account offering an interest rate that increases each year over the duration of the account.

Account holders taking out this deposit will benefit from an initial interest rate of 2.6 per cent in the first year. In year 2, interest will be stepped up to 2.7 per cent, year 3 to 2.9 per cent, year 4 interest paid will be that of 3.2 per cent and increasing to 3.6 per cent in the fifth and final year. Interest on this account is payable annually.

The minimum deposit amount for this account is €1,000. This is the second time this year that Bank of Valletta is placing an attractive special offer on the market featuring a term deposit account with a strong headline rate.

“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, BOV Chief Officer for Financial Markets & Investments.

“As the brand of choice for customers’ deposits, Bank of Valletta has built a reputation of offering attractive deposit opportunities and, over the past years, we were regularly present in the market through the launch of a number of attractive deposit opportunities, all of which were extremely well received by the general public. We are confident that, as has been the case in the past, the market will respond positively to this attractive offer that we are making available,” concluded Mr Cutajar.

Full details can be obtained from any Bank of Valletta branch, by logging onto www.bov.com or by calling the BOV Customer Service Centre on 2131 2020. This is limited offer is available from 17 September to 30 November or may be closed earlier at the bank’s discretion.