Erje Mettas, head of day-to-day business banking at Coop Pank, noted that the 0.5% rate applied to demand deposits for business clients from May 1 does not depend on the size of the deposit: “Banks operating in Estonia usually only offer business clients 0.01% per annum on demand deposits. Some offers also provide higher rates but may require a larger deposit sum. Coop Pank has no limit on the amount: all business clients receive 0.5% per annum on their current account balance.”
At the end of April, Coop Pank also raised interest rates on time deposits for private and business clients. Interest is now 1.7% for a 1-month deposit, 2% for a 3-month deposit and 2.3% for a 6-month deposit. For time deposits with a longer term of 12–35 months, the bank offers an annual interest rate of 3–3.2%.
According to Mettas, Coop Pank’s desire to be a helpful partner for as many Estonian businesses as possible gave impetus to the increase in deposit rates: “As a local fast-growing bank, we actively work for the benefit of every client, no matter how big or small.”
Business clients can open accounts and start making deposits on the Coop Pank website or by contacting their account administrator.
You can take a look at the new price list for business clients here.