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.”
You can take a look at the new price list for business clients here.