Malta, September 2017: For well over 2 years, IIG Bank has offered its standard range of Term Deposits with a maximum term of 3 years.
Mixed economic indicators continue to influence decisions at the Federal Reserve and the European Central Bank. The high expectations on the number of interest rate hikes in 2017 for the US Dollar, and tapering marking the end of quantitative easing by the ECB have somewhat faded, with depositors still finding it difficult to earn a decent return on their savings. At IIG Bank, we continue to see increasing requests from both existing and potential clients for medium to longer term deposits to secure an attractive rate of interest. The Bank has therefore decided to restructure the range of our products, taking the opportunity to reintroduce the longer term.
Nigel Stibbs, Chief Officer, Private Banking said 'We have had a range of products for well over 2 years now, with rates being offered from 3 months to 36 months with options for each 6-month period in between. Our Limited Edition 5-year deposit product, launched earlier this year, proved to be very popular and was fully subscribed in a matter of weeks. We could see at that time and indeed since the closing of that product, that the demand for the longer term deposits is still there and so we have reacted with a new suite of revised rates to meet this demand.'
'People may also notice that we are now offering higher rates for US Dollar deposits than those offered for Euro and British Pound. In The US, the Fed Funds rate increased in June by 0.25% to 1.25% and clients may wish to take advantage of the increase in rates for US Dollar deposits that we are offering, now that such deposits are also protected under the Depositor Compensation Scheme, something that until last year was not the case.'
IIG Bank has also taken the decision to remove the 18 & 30-month terms from its range, which will become effective on Monday 4th September.
IIG's offices are located on the Qui-Si-Sana Seafront and also in the Portomaso Tower. Its opening hours are 8am - 5pm, Monday to Friday.