APS Bank has launched two term deposit accounts that will let you deposit US dollars for either two or five years at a fixed rate without risking your initial deposit.
The USD term deposits offer an annual interest rate of 2 per cent if you deposit your money for two years and of 3 per cent if you deposit for five years. A minimum deposit of $2,000 is necessary for either of these term deposits.
"The offer will attract individuals keen to increase their holdings in foreign currency, though clients need to be mindful of exchange rate movement”, APS Bank’s head of asset management Sandro Baluci said.
The interest, which is gross of tax, is paid into a savings account that is held with APS Bank once a year.
The product is subject to terms and conditions and falls under the Depositor Compensation Scheme. Term deposits are also available in other currencies. For more information, please visit any of the APS Bank branches, go to APS Bank’s website or call on 21 22 66 44.