Bank of Valletta last Friday announced it would be cutting credit interest rates on customer deposits.

The new rates will be applicable to fixed-term deposits opened or renewed from 17th June 2020.

Interest rates on other deposit accounts are to change with effect from 12th August 2020.

The bank specified that interest rates on existing term deposits will remain valid until maturity.

As per BOV’s announcement, interest on fixed terms of on year will decrease from 0.500 per cent to 0.300 per cent, while two-year terms will go from 0.9000 per cent to 0.4 per cent.

Three-year terms will see interest rates drop from 1.100 per cent to 0.500 per cent.

Additionally, four-year terms on balances of €200 to €25,000.00 will decrease from 1.250 per cent to 0.6000 per cent on any balance. For five-year terms on the same balance, rates will drop from 1.350 per cent to 0.700 per cent on any balance.

For more detailed information about BOV’s interest rate change, click here.