Malta, July 2011: IIG Bank customers who have a three-year Base Rate Tracker account will see an immediate increase to their interest rate as the product moves with the ECB base rate, the Portomaso-based bank said.
With quarterly interest being paid on the product, the rate of return on the euro account is now 4.5 per cent per annum. With possible further increases in the base rate looming, due to high inflation rates in the eurozone, customers could earn up to six per cent per annum.
This product is one of IIG Bank's suite of term deposits and is still available to new clients. "Some of our clients like the idea of the rate changing automatically and this takes away the worry of 'when to invest', as the mechanics of the account allow them to benefit straight away from the rising rate," IIG's chief officer, private banking, Nigel Stibbs, explained.
IIG Bank has just launched the latest in its line of fixed rate products, giving customers the choice of term, currency and interest payment dates. It is available in euro, US dollar and sterling and can be fixed for up to three years.
The product is available for a limited period.
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