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News: Bulgaria>> Contest among Bulgarian Banks for deposits

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Current date: 2010-02-09 08:03

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Contest among Bulgarian Banks for deposits


Finances: Thursday, 2008-04-10 11:37
Article by: Focus Agency

Bulgarian banks got involved in an Easter contest for best deposit offer on the market. All you should do to catch a glimpse of this all-encompassing trend is just switch the channels and there you go – you can well open yourself a saving account with interest rates ranging between 6.75% and even 12%.

And of course there is a hidden catch here – these interest rates on the commercials are not always specified in terms of duration – 3 months, 6 months or a year. And it does make a difference to clients. Besides, people willing to open deposit accounts should first of all scrutinize the conditions set by the given bank.

Banks usually use lucrative interest rate levels and small gifts to woo in new clients. Among the new products on the local deposit market there are the offers of FIBank, MKB Unionbank, Raiffeisenbank, DSK Bank, Piraeus Bank, ProCredit Bank and Postbank.

Postbank’s promotion for yearly deposits in BGN and EUR is valid up untill 16 May ’08. The bank accrues 6.75% and 7% on its BGN saving accounts depending on the amount. In the case of EUR deposits interest rates are set at 4.5% (for up to EUR 5, 000) and 5% for sums above EUR 5, 000. Dnevnik Daily reads.

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