Bank launches euro converter account

HSBC has launched a euro converter account as part of the preparations for the euro changeover process.

The account is a one-year fixed deposit in the lira with an interest of four per cent per annum, less 15 per cent withholding tax that will be paid upfront to customers upon account opening and credited to a savings or current account of customer's choice.

The account balance will automatically be converted to euro on January 1, and on maturity transferred to a savings or current account held in the customer's name with the bank.

The minimum balance required to open a euro converter account is Lm2,000.

More information about the account can be obtained by calling customer service on 2380 2380, by logging onto the bank's website at www.hsbc.com.mt or from any branch.

In the "unlikely event" of Malta not adopting the euro as its national currency, the account balance will remain in Maltese lira.