Updated on 22 September 2020
FCM Bank is a Maltese bank specialising in savings and fixed term deposit products. FCM Bank focuses on delivering simple, straightforward and good-value products. FCM Bank operates online and has only one brick-and-mortar branch which allows the bank keep the costs low and pass on the savings to the customers.
BNF Bank plc (formerly known as Banif Bank (Malta) plc) started operations in Malta in 2008. BNF Bank provides personal and business and corporate banking products and services with a focus of lending to the local community, including local SMEs.
Ferratum Bank was incorporated in Malta in September 2012 in order to provide additional funding sources and business opportunities to its parent company, Ferratum Group (Finland). Ferratum Group provides internet and mobile micro-loans, amongst various other services, across a number of countries. It offers fast and readily available banking services, loans and savings both online and on mobile devices.
FIMBank (before 2003 - First International Merchant Bank) started operations in 1995; in 2001 its shares were listed on the Malta Stock Exchange. FIMBank plc is headquartered in St. Julian’s is a member of one of the biggest diversified holding companies in the Middle East, the KIPCO Group. FIMBank specializes in provider trade finance, factoring and forfaiting solutions, with a global presence in various important financial and trading centres.
Novum Bank Limited was established in Malta in 2009 and is a subsidiary of Novum Holdings Limited. Since 2014, Novum Bank expanded its operations to attract new customers from Germany, Poland, Spain, the Netherlands, France and Austria. Novum Bank provides Cards and Stored Value solutions. The range of solutions includes reloadable prepaid Mastercard cards and Mastercard Gift Cards, and short-term micro-loans.
Established in 2004, MeDirect Bank (formerly Mediterranean Bank) is a specialist bank, focusing on provision of savings products, and wealth management and investment services. In July 2009, Mediterranean Bank was acquired by a new shareholder - a fund managed by AnaCap Financial Partners LLP, a UK private equity firm, and was recapitalised.
Credorax Bank Limited was estblished in Malta in 2007. Credorax Bank Limited is focused on providing integrated acquiring and payment processing services to merchants within the EU and two other EEC States, and is also a principal level member with Visa (Europe), MasterCard and Union Pay.
Established in 1994, Izola Bank provides competitive, straightforward and easy-to-use financial products to both personal and corporate clients.
APS Bank is a Maltese credit institution established in 1910. APS Bank specializes in providing retail banking products and services, including deposit accounts, consumer and mortgage loans. APS Bank also offers corporate banking and wealth management. The major shareholder of APS Bank is the Archdiocese of Malta and Gozo.
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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 Malta: currency, interest rate per annum and deposit term. The time deposit accounts terms vary from 3 month to 5 years (60 months). The interest rates are within the range 0.00 - 1.42 %. The interest rates provided in the table do not take into account withholding tax levied on interest income in Malta.
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 0.45 %.
Country Deposit Rating. Malta'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 Malta 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 Malta is not taxed. Interest gained on time deposit accounts by residents of Malta is taxed at 15.00% rate. When the interest is paid, this tax is automatically withhold from the time deposit account by the bank.