MeDirect launches six-month fixed term deposit account for savers

The new account brings savers the best fixed term rate in Malta

For those who want to maximise their savings, MeDirect is launching its new six-month fixed term deposit account, offering an attractive interest of 1.25%.

The new account brings savers the best fixed term rate in Malta, for a period of six months, requiring a minimum deposit of just €100, to open an account. Deposits of up to €100,000 will be guaranteed by Malta's Financial Services Authority depositor compensation scheme - with an attractive savers rate that is among the most generous in the European Union for a Euro denominated account. 

Savers who choose to open an account will be able to benefit from a fixed rate of return for the money they deposit, receiving their interest payment at the end of the fixed term.

The new account is for new customers and existing MeDirect account holders that want to benefit from the new savings rate. No charges will be applied throughout the 6-month savings period - ensuring account holders have peace of mind knowing that their savings are protected, while providing them with a better financial return.

What are some of the benefits of getting a fixed-term account?

In an era of negative interest rates, MeDirect is providing savers with an easy-to-understand financial product that brings them a better rate of return on their savings.  There are no hidden account fees and account can be easily opened online.

As a capital guaranteed product, with deposits up to €100,000 guaranteed by Malta’s Financial Services Authority under the Depositor Compensation Scheme, savers can have full confidence that their 6 Month Fixed Term Deposit Account will be protected, enabling them to safely put away their savings whilst earning interest on their deposits.

Compared to a day-to-day savings account, MeDirect’s new 6 Month Fixed Term Deposit Account comes with a higher interest rate of 1.25% per annum and because it is a fixed-term, whatever happens in the market, savers will be guaranteed that rate of return for the duration of the 6 months. Interest rate is quoted gross of tax and on a per annum basis.

Maximizing savings during uncertainty

During periods of uncertainty, it’s difficult to know where to invest. With a 6-month fixed term account, people can easily start to earn interest on their savings and put aside some of their money for a future project. Whether it’s to get on the property ladder or saving up for a purchase further down the line, a 6-month fixed-term account is a great, low risk option to choose from.

To get started, you can open your 6 Month Fixed Term Deposit Account in a few simple steps through MeDirect’s simple to use online banking tools. For more information on accounts, visit MeDirect and see how you can start making your money work for you. 

MeDirect Bank (Malta) plc, is licensed to undertake the business of banking in terms of the Banking Act (Cap. 371). The Bank is a participant in the Depositor Compensation Scheme established under the Maltese laws. Rate quoted is gross of tax on a per annum basis. Interest is paid into a savings account. Accounts can be opened with a minimum of €100. Terms and Conditions apply and are available upon request.

More in Business News