5% deposit rate attracted about 5,000 new customers to Coop Pank
19.06.2023
Since the beginning of June Coop Pank, which offers a 5% rate on term deposits, has attracted about 5,000 new customers, and signed 9,400 deposit agreements. The term deposit offer with the highest interest rate in Estonia is valid until 24 June 2023.
According to Paavo Truu, chief financial officer, and member of the management board of Coop Pank, private and business clients are showing great interest in the 5% term deposit: “Since the offer was presented, Coop Pank has gained about 5,000 new clients, which is three times the usual increase in the number of clients. As of June 19, we have concluded close to 9,400 term deposit agreements, which probably currently makes Coop Pank an Estonian bank with the fastest growing deposit portfolio. Clients are mainly interested in term deposits for one year, but a third of the contracts are also concluded for a maximum period of 17 months.”
Since June 1, Estonian Coop Pank has increased the interest rate on deposits for a period of 12 to 17 months to 5% for both individuals and companies. This is the highest interest rate for term deposits among banks operating in Estonia. The interest rate is valid until June 24 for both existing and new private and business customers. Starting June 25, the regular price list for time deposits will be in effect again.
You can open a term deposit of up to EUR 500,000 on your own in Coop Pank’s internet bank. For larger deposit agreements, please contact the customer service administrator. Coop Pank advises customers who wish to open a new term deposit by June 24 not to wait until the last moment to sign the agreement, as bank-to-bank transfers may take longer than usual due to upcoming holidays.
Earning interest on deposits is a low-risk way to multiply your saving, as the state Guarantee Fund guarantees the deposits of all private and business clients in Estonian credit institutions, together with earned interest for up to EUR 100,000 per depositor, in one institution. More information about Coop Pank term deposits.
Estonian-owned Coop Pank is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking is 160,400. 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 320 stores.
