According to Teet Kerem, head of day-to-day banking at Coop Bank, a fixed-period deposit is suitable for those who want to use their savings to earn additional income without excessive risk: “According to the Bank of Estonia, there are over 10 billion euros of demand deposits in the current accounts of private individuals in Estonia, most of which today bring zero or close to zero interest. The growing domestic Coop Pank is very interested in attracting deposits, and therefore we have significantly increased interest rates on long-term deposits. A fixed-period deposit is also the safest way to multiply money, as the state Guarantee Fund guarantees deposits with respective earned interest for up to EUR 100,000 per depositor in one credit institution”.
The interest rate depends on the duration of the fixed-period deposit, which can range from 1 month to 10 years. For example, Coop Pank offers a 2% annual return on deposits for 5 years and 1.25% per annum on deposits for 1.5 years. Additional information about Coop Pank fixed-period deposits can be found at: https://www.cooppank.ee/en/deposit
Coop Pank, based on the Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking is 128 300. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti comprising 330 stores.
Coop Pank raises interest rates on fixed-period deposits to 2%
For the first time in the last five years, Coop Pank has raised interest rates on fixed-period deposits – for longer-term deposits, interest rates have doubled on average and now reach up to 2%.