Updated on 25 September 2020
Established in 2017, RiverBank is a specialized lender offering loans to small- and medium- sized enterprises (SMEs) in BeNeLux countries, Germany and France. RiverBank operates through a network of advisors, who help SME borrowers with their credit application and optimal financing structure. RiverBank aims to complement existing offering from other finance providers, by working with other lenders in a cooperative framework.
Germany: This product is offered to German 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 However the money deposited to such account cannot be withdrawn for a specified period of time (term).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 Luxembourg: currency, interest rate per annum and deposit term. The time deposit accounts terms vary from 36 month to 6 years (72 months). The interest rates are within the range 0.96 - 1.10 %. The interest rates provided in the table do not take into account withholding tax levied on interest income in Luxembourg.
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 0.03 %.
Country Deposit Rating. Luxembourg'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 Luxembourg 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 Luxembourg is not taxed. Interest gained on time deposit accounts by residents of Luxembourg is taxed at 10.00% rate. When the interest is paid, this tax is automatically withhold from the time deposit account by the bank.