HSBC Euro Converter Account now pays 4.55% up front

HSBC's successful Euro Converter Account, launched earlier this year, has been revamped to include two additional term and interest rate options. This product forms part of the bank's strategic preparation for the euro changeover process, and is the only local account that pays interest to customers in advance.

Along with the existing 4.35% interest per annum on the one-year Maltese liri (Lm) term account, HSBC's Euro Converter Account now also offers a 4.45% interest annually on an 18-month term account and a 4.55% interest annually on a 24-month term account.

The interest, less 15% withholding tax, for the whole of the applicable term, will be paid immediately to customers on account opening and credited to a savings or current account of the customer's choice.

The account balance will automatically be converted to euros on January 1, 2008, and on maturity transferred to a designated 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.

"HSBC's Euro Converter Account now offers a wider choice of incentives, with the added value of a unique feature on the Maltese market - that of paying interest to customers with immediate effect," HSBC Bank Malta's head of Personal Financial Services, Godfrey Swain, said.

"The bank's commitment to being 'Your Euro Bank' means HSBC is keeping up its fast pace of developing and delivering attractive euro-denominated products for customers."

More information about HSBC's Euro Converter Account can be obtained by calling Customer Service on 2380-2380, logging on to the bank's Website www.hsbc.com.mt or from any HSBC Bank Malta plc branch.