Fimbank has launched its first online savings product as the trade finance bank leverages technology to make its initial foray in internet retail banking for small individual customers.

Customers can sign up to Easisave.com, a euro-denominated savings account, completely over the internet without having to submit documentation in person.

Fimbank’s head of product sales Renald Theuma told The Sunday Times the product will be initially marketed in Malta, but Easisave.com is also open to customers who have bank accounts in the European Economic Area.

Easisave pays 2.5 per cent gross per annum and promises “access to your money whenever, wherever” through a dedicated portal at www.easisave.com, operated by Fimbank.

Headquartered in Sliema, Fimbank’s business focus is primarily trade finance, structured commodity finance, international factoring, forfeiting, and supporting banking services, besides a comprehensive corporate banking offering. Its calling card is its specialisation in emerging markets through a global presence.

“The development of this product is in line with the bank’s overall strategy to develop innovative quality banking solutions and seek new, alternative sources of funding,” Mr Theuma said of Easisave.

“Our positioning allows us to combine traditional banking with state-of-the-art IT platforms which together drive the dynamic innovation of our products and services. We are a very specialised, focused bank and this differentiates us substantially from the other commercial banks. We aim to provide innovative, value-added products and high quality service without the need to depend on an expensive branch infrastructure.”

Mr Theuma explained that Easisave.com was modelled on similar products launched in Europe over the past two years which were revolutionising the way consumers managed their savings.

The bank was confident its premium annual interest rate, flexibility, and Fimbank ‘packaging’ would appeal to customers who sought higher returns on their euro savings without incurring fees and bank charges.

Easisave sets a first-time minimum deposit at €50, after which there are no balance limits, giving customers who did not wish to tie up savings in term deposits an alternative option.

The account is opened “in a matter of minutes” after an online application form is filed. Customers need to provide details of a reference bank account and of an identification document. The documentation may then be printed by customers, who may also opt to receive it by regular mail. Customers may turn to an online help desk or call a freephone for guidance.

Funds are deposited to or withdrawn from Easisave through transfers as customers interlink their Easisave account with an existing reference bank account.

Mr Theuma said Easisave.com was designed to be no frills and free of charge: “As part of our standard offering we will not debit a customer’s account with any bank fee or commission,” he pledged.

Fimbank also intended to develop and enhance the Easisave platform further with the eventual introduction of new features.