Updated on 29 November 2020
Holm Bank AS is a family-owned Estonian bank operating more 20 years as a financial company (Liisi AS), specialized in providing consumer credit solutions to private individuals in Estonia. Holm Bank AS is focused on providing hire purchase solutions, small loans and credit cards as well as deposits and financing solutions to small businesses.
Coop Pank was established in Autumn 2017 as a cooperative bank, owned by Estonian consumer cooperatives as well as their clients (owners). Coop Pank is focused on providing simple and straight-forward banking products for daily banking and financing particularly to private persons, as well as small and medium-sized companies.
Inbank traces its roots back to 2011 when fintech company Cofi (Estonia) was established introduced an innovative sales finance solution. Cofi obtained a banking licence in 2015 and started operating as Inbank. Inbank offers deposit and consumer financing products to retail customers in Estonia, Latvia, Lithuania and Poland, and also accepts deposits from Germany, Austria and the Netherlands.
Austria: This product is offered to Austrian residents only. When clicking on the product link you will be redirected to the product page in German.
Time deposits accounts are interest-bearing deposit accounts offering higher interest rates than savings accounts. However the money deposited to such account cannot be withdrawn for a specified period of time (term).
The table above shows essential details of selected time deposit products offered to retail customers by the banks in Estonia: currency, interest rate per annum and deposit term. The time deposit accounts terms vary from 6 month to 5 years (60 months). The interest rates are within the range 0.20 - 1.20 %. The interest rates provided in the table do not take into account withholding tax levied on interest income in Estonia.
Average Deposit Rates. In March 2020, average annual deposit interest rate in local currency (Euro) of new contracts with fixed term up to 1 year between credit institutions and retail customers (households) was 0.71 %.
Country Deposit Rating. Estonia's Moodys country ceiling (the highest rating that can be assigned) for deposits in local currency is set to Aaa (prime).
Deposit Guarantee. Time deposit accounts made with credit institutions in Estonia are covered by deposit guarantee scheme up to 100,000 EUR per depositor.
Withholding Tax. Interest income gained on time deposit accounts by non-residents of Estonia is not taxed. Interest gained on time deposit accounts by residents of Estonia is taxed at 20.00% rate. When the interest is paid, this tax is automatically withhold from the time deposit account by the bank.