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Coop Pank starts offering a rate of interest of 1% on account balance

Coop Pank, a bank based on domestic Estonian capital, started paying interest at the rate of 1% per year on private customers’ account balance, which is the highest among Estonian banks and 100 times higher than the standard interest rate of 0.01%.

The interest rate of 1% per year applies to all clients who have joined Coop Pank, opting for the Rändrahn banking plan. The interest will be paid on the account balance below 200,000 euros and calculated on a daily basis. The interest will be paid once per month. 

Head of daily banking at Coop Pank, Teet Kerem, said that the banks based on foreign capital which operate in Estonia, as a rule, pay an interest at the rate of 0.01% on the funds on the current account, so Coop Pank’s offer is 100 times higher than the standard interest rate. It is also several times higher than other banks in Estonia pay on term deposits. “Our offer of the interest rate gives a reason to bring one’s daily banking operations to Coop Pank,” Kerem explained. 

Last year, Coop Pank started paying interest on the account balance to business clients. Business clients receive interest at the rate of 0.25% per year on the account balance between 100,000 and 1 million euros. The interest rate of 0.15% applies to amounts below 100,000 euros and over 1 million euros. 

The rate of interest on term deposits paid by Coop Pank to private and business clients can reach 2 per cent.

Coop Pank’s private clients can choose one of the two available banking plans: Rahn and Rändrahn. Like the plans offered by telecommunication or energy service providers, the banking plans include all the most popular services which a client might need in daily life, for example, making bank transfers or paying by card in foreign currencies without an additional fee. 

Now the Rändrahn banking plan with its monthly fee of 4.99 euros also includes the best interest rate on the account balance in addition to the free debit card, instant payments and free cash withdrawal anywhere in the world.