Starting from 1 June, Rietumu Bank offers a new product – savings account – for all customers. The product combines current account and traditional deposit features. It is particularly useful for those customers, who might require instant access to their funds in a short time period.
Savings account, same as a current account, is multi-currency – the funds can be held in euro, US dollars and Latvian lats on it. A customer is entitled to replenish the account, to convert currencies within the account, to withdraw funds fully or in part.
The interest is accrued for the period, during which the funds are held on the account. At present, the following annual interest rates are set: 2% – for EUR, 1% – for USD, 4% – for LVL. The rates can be subject to change depending on the current market situation.
The accrued interest is transferred to the savings account monthly, not later than the fifth day of the current month for the previous one. Thus, the interest is added to the principal residual amount on the account and capitalise, increasing ensuing payoffs.
The minimum savings account residual amount is 100 000 EUR, 100 000 USD, 50 000 LVL. In case the residual in any of the currencies is less than the specified amount, the interest for the funds held in this currency is not accrued.
The account holder can transfer the funds from the savings account to the current account fully or in part by filling in a standardised application form 14 calendar days prior to the funds’ transfer. During this time, the interest accrual for the amount specified in the application continues.
In case a customer fills in the application form less than 14 days in advance of the required transfer, the Bank transfers the requested amount to the current account during 1 working day and withholds a fee of 1% of the transfer amount.
Starting from 1 June, Rietumu Bank’s customers can open savings accounts in our head office Rietumu Capital Centre and the payment group Daugava, or alternatively by sending the respective application via fax. In the nearest future, the Bank will also provide the opportunity to open savings accounts via internet bank and Home Banking system.
The new product is available for all Rietumu Bank’s customers – both private and legal entities irrespective of their country of residence.
More detailed information on savings accounts can be obtained in the Bank’s Customer Deposit Division via phone + 371 67005545.
Eleonora Gailisha Mass Media and Public Relations
Phone: +371-67020506
Fax: +371-67020563
E-mail:
egailisha@rietumu.lv
