On Tuesday, 21 August, Coop Pank has increased the interest rate paid to business customers on their account balance – now the rate is 0.25% per annum, while the average market interest rate on account balance is 0.01%.
Coop Pank aims to be a good partner to Estonian companies, paying to business customers interest that is significantly higher than the market average. Companies that have free funds in the amount from 100 000 to 1 million euros on their accounts earn 0.25% per annum on the account balance. This is the highest rate offered by any universal bank in Estonia. With regard to amounts below 100 000 or above 1 million euro, the bank sets the rate of 0.15%.
According to a member of the management board of Coop Pank and the head of business customer banking Hans Pajoma, by raising the interest rate the bank wants to offer businesses alternative opportunities for managing their available liquidity. “While most banks offer customers the rate of 0.01% or – for larger amounts – even negative interest rates, the rates of Coop Pank are significantly higher. Companies with relatively large account balances are the ones to benefit the most from the new rates, while currently their account balances do not bring any substantial income,” explained Pajoma.
More information on the new interest rates of Coop Pank: cooppank.ee/äriklient.