Šiaulių bankas promotes saving by placing a fixed-term deposit with additional interest

2016-09-05

Many Lithuanian residents agree: saving is necessary. However, people choose different saving methods: some accumulate cash at home, others by placing fixed-term or cumulative deposits or select other options. It is noted that currently, at very low interest rates on fixed-term deposits, people are increasingly looking for alternatives.

“Market developments have an impact on customers' needs. Currently, even the customers tending to select traditional saving methods are looking for new saving measures, which will allow them accumulating more. Due to this, we offer a new savings product that guarantees a fixed annual return and enables extra earnings. This product is suitable for customers looking for a safe way of savings, fixed-interest, together with the extra opportunities”, says Daiva Šorienė, Šiaulių bankas’ Deputy Chief Executive, Head of Business Development Division.

The new savings measure offered by Šiaulių bankas, the term deposit with additional interest, allows depositors, at the end of the deposit period, getting a competitive fixed interest and provides an opportunity to earn additional interest for the entire deposit period. Additional interest depends on the change in value of the financial assets to which the deposit is linked.

At present, additional interest of the fixed-term deposit distributed by Šiaulių bankas is linked to the well-known oil companies: Statoil, Neste and Shell. Depositors, after expiry of the deposit period, will receive a fixed 0.5 per cent annual interest, as well as an additional 7 per cent interest (annual additional interest rate is 2.33 per cent), if value of the shares of each of these companies on the date specified in the deposit agreement will be increased by 7 per cent or more. Otherwise, depositors will be paid the deposit amount and fixed interest for the entire deposit period.

“We chose the oil sector enterprises, because fossil fuel remains the main source of energy and this situation will not change for a long time. Investments in the oil sector and the shares can yield significant returns. Value of just proven world's oil reserves is 85 trillion dollars, when oil price is 50 US dollars per barrel. After decrease in US shale oil production volumes, it is likely that in the next year oil demand will exceed its supply. This can lead to further moderate increase in oil prices, which will allow customers to participate in the oil sector companies growth”, says Viktorija Juzkiv-Grigaitė, Šiaulių bankas Investment Services Department Director .

Currently, Šiaulių bankas offers 8 types of deposits. Fixed-term deposit with additional interest is distributed till 5 October, proposed conditions are valid after placing a deposit amounting EUR 1000 or more for 3 years. The deposit agreement can be concluded at any branch of Šiaulių bankas.

Šiaulių bankas Group's deposit portfolio during the second quarter of this year increased by 2 per cent and in the end of June was 1.45 billion euros. In the deposit market, Šiaulių bankas is in the fourth position among the banks operating in Lithuania.

More information on fixed-term deposit with additional interest. Contact phone 1813 (when calling from abroad +370 37301337).