OREANDA-NEWS. July 27, 2009. Rietumu Bank offers a new product – savings account. Interest accrues on savings account residual amounts, but unlike a standard term deposit, savings accounts are termless. Therefore, new product is particularly useful for those customers, who have large account residuals, but do not plan to open a fixed-term deposit, reported the press-centre of Rietumu Bank.

As of now, Rietumu Bank’s customers can open a savings account not only in our head office or by fax, but also using the internet banking system Rietumu BankWorld. The customers can also replenish the savings account, to convert currencies within the account and to transfer the funds to a current account using Rietumu BankWorld.

Savings account, same as a current account, is multi-currency – funds can be held in euro, US dollars and Latvian lats. If the savings account residual amount is no less than 100 000 EUR, 100 000 USD or 50 000 LVL, the interest is accrued for the period, during which the funds are held on the account; the accrued interest is transferred to the savings account monthly. At present, the following annual interest rates are set: 2% – for EUR, 1% – for USD, 4% – for LVL.

An account holder can transfer funds from his savings account to a current account fully or in part by filling in a standardised application form. If the account holder fills in the required application form 14 days prior to the funds’ transfer, this transfer is classified as standard and is free of charge. In case a customer fills in the application form less than 14 days in advance of the transfer, this transfer is classified as urgent – the Bank transfers the requested amount to the current account during 1 working day and withholds a fee of 1% of the transfer amount.

The new product is available for all customers, who hold current accounts with Rietumu Bank – both private and legal entities irrespective of their country of residence.

You can obtain more detailed information on savings accounts by contacting your personal manager or Rietumu Bank’s round-the-clock information centre by phone +371 67025555.