AstroBank raises deposit interest rates

Cypriot lender AstroBank on Monday announced that it has raised its deposit rates, describing the move as a response to the needs of its clientele and the Cypriot economy in general.

“Following the programme of ‘freezing’ the base rate on performing housing loans, and taking into consideration the prevailing socioeconomic changes, AstroBank has decided to raise its deposit rates and offer existing and new customers, individuals and businesses, a fixed, preferential return on their savings, irrespective of the amount,” the bank said in a statement.

This refers to the bank’s recent decision to freeze the base interest rate for first-time homebuyers for all eligible borrowers.

That programme applies to first-time housing loans with a value not exceeding €350,000 and which are linked either to the Base Interest Rate of the European Central Bank or to Euribor.

Regarding today’s announcement on deposit rates, the bank said that it is offering “attractive interest rates on 3, 6, 12 and 18-month term deposits as follows, regardless of the amount”.

Specifically, for a 3-month period, the rate stands at 0.25 per cent, followed by 0.5 per cent for 6 months, 1.2 per cent for 12 months, and 1.5 per cent for 18 months.

Moreover, the bank explained that customers will receive the interest upon maturity while the bank is also offering the option of automatic renewal.

Finally, the bank said that for more information, terms and conditions, regarding deposit products and revised interest rates in force as of June 8, 2023, customers are advised to contact one of AstroBank’s branches across Cyprus.