Šiaulių bankas presents a new type of deposits - time deposits with the variable interest rate


Šiaulių bankas offers a new type of deposits for the frugal clients, i.e. the time deposits with the variable interest rate. This banking product created for saving does not have analogues in the Lithuanian market of financial institutions and will allow the clients earning higher interest.

The essence of the deposit with the variable interest rate is simple - a client will receive the annual interest and fixed deposit bonus.  The time deposit with variable interest rate can be placed in Šiaulių bankas by private and corporate clients.  The deposit maturity can reach the period of two (plus one day), three, four or five years. The deposit can be placed in litas, euros and USA dollars, the minimum amount of it is LTL 300, EUR 100 or USD 100.

The interest rate of this new type of deposit is established on the first day of the deposit - the typical interest of a 360- day deposit valid at the bank shall be applied and a fixed bonus of the interest rate defined in the agreement shall be added.  The size of the bonus depends on the period the time deposit with the variable interest rate is placed for - the longer the period the bigger the bonus. Depending on the chosen period of maturity it is possible to receive the interest bonus between 0.15 and 0.30 per cent - the bonus added to the deposit interest remains unchanged for the entire period of the agreement, while the deposit interest rate is corrected each year on the same calendar day. The calculated interest can be paid on monthly basis or on the last day of the deposit maturity.

Another benefit of the product is that a depositor will receive interest for a deposit kept for the full year even if a deposit agreement is terminated, i.e. if the deposit agreement is terminated prior to its maturity (the deposit has to be kept with the bank not less than for a year) the client will receive the accumulated interest for each full year during which the deposit has been kept with the bank, however without an interest rate bonus - for example, if the deposit agreement is concluded for the period of 4 years and the client is suddenly in need for money and wishes to terminate the agreement after 2.5 year then the client will not loose the accumulated interest and in this case he/she received interest calculated for 2 years.

If you saved much money at home, sold a part of valuable property, received insurance or other benefits and have not decided yet where to invest the funds, the time deposit with the variable interest rate can be a perfect solution.  You can conclude an agreement of the deposit with the variable interest rate in the nearest or the most convenient outlet of Šiaulių bankas.

More information about the deposit with the variable interest rate is available here.

We kindly remind that  the agreements of the new type of deposits with the variable interest rate  by the bank's decision will participate in the time deposit campaign "Win the Chest of Golden Coins"  laughed by Šiaulių bankas until 18 December 2013.  We kindly remind, that the prize fund of the campaign can reach LTL 50 000. The grand prize of LTL 10 000 - the Chest of Golden Coins - will go to the main winner while the remaining amount of the prize fund will be distributed among 200 lucky clients who will receive the additional prizes   called "Golden Sacks" with LTL 200 each.