Hellenic Bank on Tuesday announced a further reduction in the reference rate for all loans linked to the European Central Bank’s (ECB) base rate.

Specifically, the interest rate has been reduced by 0.25 per cent, from 3.15 per cent to 2.90 per cent, effective from February 5, 2025.

In its announcement, Hellenic Bank explained that this latest reduction is “a response to the latest interest rate cut by the European Central Bank (ECB)”, which lowered its three key interest rates by 0.25 per cent on January 30.

What is more, the bank stated that this “reduction also affects the interest rates on loans linked to interbank Euribor rates, benefiting over 6,000 borrowers“.

Furthermore, it is worth noting that Hellenic Bank recently lowered its base rate by 0.21 per cent, bringing it down to 1.91 per cent.

“This reduction,” the bank continued, “positively impacts more than 90,000 borrowers—both individuals and businesses—helping them manage their borrowing costs more effectively.”

Hellenic Bank also said that it “continues to offer a fixed-rate mortgage at 2.95 per cent for the first three years or 3.10 per cent for the first five years of the loan agreement, along with a comprehensive package of enhanced benefits for those looking to acquire their first home”.

“This product is part of Hellenic Bank’s exclusive My Home Rewards programme, which enables customers to secure their own home under favourable financial terms while benefiting from combined advantages,” it added.

“The broader and innovative rewards programme offers an immediate cashback of up to €2,000 to customers who choose a mortgage from Hellenic Bank for furnishing and home equipment purchases from partner retailers,” the announcement concluded.