Our fixed term deposits are a great way to help you reach your savings goals.
Term deposits work by selecting an amount of money that you can afford to lock down in an account with us for a fixed period, against a guaranteed fixed interest rate.
Izola Bank can deduct the 15% withholding tax on your interest.
Please ensure you are a resident of Malta and you are over 18 years of age before applying. Please note we do not accept cash payments. Accounts must be opened using cheques or a bank transfer. Terms and conditions apply.
Rates are correct as at 01.07.2020
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Please ensure you are a resident of Malta and you are over 18 years of age before applying. Please note we do not accept cash payments. Accounts must be opened using cheques or a bank transfer.
There is a minimum required balance of €10,000 to open a Term Deposit account. You can open an account by visiting our offices in Valletta or we can also liaise via post. Once we have your request, we will provide you with a Term Deposit application form. This application form must be submitted to us, together with recent document with proof of your address and a valid copy of your Maltese ID Card. This product is only offered to residents of Malta. Funds to be used for the Term Deposit must also derive from another licensed bank operating locally in Malta. The money can be transferred online or by cheque. Izola Bank does not accept cash deposits.
Yes, your Term Deposit with Izola Bank is covered by the Depositor Compensation Scheme (DCS). The scheme covers deposits up to €100,000 per individual. Should you decide to open a joint Term Deposit with another person, the scheme would cover deposits up to €200,000.
Once your Term Deposit is opened, Izola Bank will send you a contract note. This letter will contain all the information related to your Term Deposit such as the amount, your interest rate, your interest repayment dates and so on. The contract note is an official document which proves that your Term Deposit was opened.
Yes, all you need to do is confirm this during your application and we will make sure that once the gross interest is issued, the 15% tax is withheld at source, so you only receive the net interest due.
Interest payments can be issued yearly and paid by SEPA transfer to your local bank account with any licensed bank operating in Malta. We can also pay your interest by bank draft if this is your preferred option. If you would like, we can also capitalize your interest and once a year, when interest is due to be paid, the latter is added to the capital. On maturity date you will get the capital together with all compound interest accrued. This method generates more interest since each year the interest accumulates to the capital. Izola Bank will not charge you for your interest payment.