BOV announces changes to interest rates

BOV has announced that it is changing its credit interest rates on fixed term deposits.

Savers are set to miss out, as interest rates for fixed-term deposit accounts of more than six months are set to be slashed.

The new rates indicate that for fixed-term accounts of one year and over, the interest rate will be set at 0.25 per cent, as opposed to the previous variable rates, which went from 0.3 per cent to 0.7 per cent for fixed terms of one to five years.

However, the bank makes clear that interest rates on existing fixed-term deposits will remain valid until maturity.

The revised rates will apply for term deposits opened or renewed as from 2^nd March 2021.

Fixed Deposit Account	Rates applicable up to and including 1st March 2021	New rates applicable from 2nd March 2021
One month	0.030 per cent	0.030 per cent
Three months	0.05 per cent	0.05 per cent
Six months	0.1 per cent	0.1 per cent
One year	0.3 per cent	0.25 per cent
Two years	0.4 per cent	0.25 per cent
Three years	0.5 per cent	0.25 per cent
Four years	0.6 per cent	0.25 per cent
Five years	0.7 per cent	0.25 per cent

BOV Term ISA	0.5 per cent	0.5 per cent

Bank of Valletta interest rates on term deposits in Euro

More details of BOV's interest rates, old and new, can be found here.

Written by

Solomon Cefai

Solomon has an interest in financial markets and innovative business practices. He also loves literature and music. As such, you might find him on the seafront with a cold Kinnie, his trusty headphones, and a good book.

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