Fimbank plc has launched the 1,000-day Deposit, a fixed-term account which pays interest of 4.25 per cent per annum for deposits of a minimum of €25,000.
This euro-based product allows savers to receive their principal 90 days earlier than a traditional three-year fixed term deposit.
Fimbank’s head of global deposits Martin Chetcuti explained how feedback from customers had indicated a preference for higher rates than those available in the two-year market.
The bank responded with an account with a deposit period of 1,000 days, maturing in two years and nine months, and paying an advantageous interest rate.
The account gives customers the option to deposit funds from interest received in a Fimbank savings account or receive proceeds by cheque. They also have the option to compound interest by adding it to the principal amount and earning interest on the cumulative total. Interest is payable every 90 days and no transaction fees or bank charges are applicable.
Information on this product is available on 8007 3110 or at www.fimbank.com.