At MeDirect, we understand the importance of building a solid financial foundation. One of the most effective ways to achieve this is through Fixed Term Deposits. With our recently improved interest rates, now is the perfect time to consider this secure and reliable investment option.
What Are Fixed Term Deposits?
Fixed term deposits accounts are a type of savings account where you deposit a lump sum of money for a predetermined period. In return, you earn a fixed interest rate on your deposit, which is higher than the rates offered by regular savings accounts. This makes fixed term deposits an attractive option for those looking to grow their savings with minimal risk.
Why Choose Fixed Term Deposits?
Guaranteed Returns: Unlike investments options, fixed term deposits offer guaranteed returns. You know exactly how much interest you will earn by the end of the term, providing financial stability and peace of mind.
Higher Interest Rates: MeDirect Bank has recently improved the interest rates on our Euro denominated 3, 4, and 5-year term deposits to 2.35%, 2.4%, and 2.4% respectively. Our Euro denominated 1 and 2-year term deposits remain at competitive rates of 2.55% and 2.3%. These rates are higher than the current European Central Bank (ECB) rate of 2.25%, which has been declining over recent months. This means you can earn more on your savings even as the interest you earn through other savings accounts goes down.
Low Risk: Fixed term deposits are low-risk. Your money is secure and covered by the Depositor Compensation Scheme which guarantees up to €100,000 per depositor per institution. This makes them ideal for conservative individuals or those looking to diversify their portfolio with a stable option.
Financial Discipline: By locking your money away for a fixed term, you cultivate financial discipline. This helps you avoid impulsive spending and ensures that your savings grow steadily over time.
How Fixed Term Deposits Can Benefit You
With our improved interest rates, your savings can grow significantly over the term. For example, a 5-year term deposit at 2.4% interest can provide substantial returns, helping you achieve your financial goals faster. This is ideal if you have some long-term objectives in mind like helping your children through higher education or wanting to buy a holiday home. Fixed term deposits are also an excellent tool for retirement planning. With long-term deposits, you can build up funds to enjoy in your later years.
Getting Started with Fixed Term Deposits
For existing clients, opening a fixed term deposit account with MeDirect is simple and straightforward and can be completed in just a few clicks via our mobile app or online banking platform. New customers will be required to complete the onboarding process before opening an account, but this can also be done online in a few minutes at https://onboarding.medirect.com.mt/start
With MeDirect’s competitive interest rates on fixed term deposits, you can build a strong financial foundation and achieve your savings goals.
MeDirect Bank (Malta) plc, company registration number C34125, is regulated by the Malta Financial Services Authority and 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 laws of Malta.
Rates quoted are gross of tax on a per annum basis. Interest is paid into a savings account. Accounts can be opened with a minimum of €100 and deposit must be kept in the account for the duration of the term and therefore you will not have access to your money. If a withdrawal is made, the rate will not be achieved. Terms and Conditions apply and are available upon request.
MeDirect Bank (Malta) plc, The Centre, Tigné Point, Sliema, TPO 0001, Malta.
