Fixed Term Deposit Account

Ways to Open Your Account

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Product Alternatives

NOW Account - best fit if you want to receive income today, without impacting your capital.

Savings Account - best fit in case you require flexible access to your savings.

Available Rates

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Key Features

  • Market leading interest rates
  • Deposit terms up to 5 years
  • Available in all major currencies
  • Choice of interest payment frequency

Frequently Asked Questions

Investment Options

The Investment Account provides you with a one stop solution to all your savings and investment needs.

Online research and execution to local and international stocks, bonds and funds; daily valuations, portfolio analysis.

Welcome to Mediterranean Bank

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10, St. Barbara Bastion
Valletta VLT 1961, Malta
Tel: +356 2557 4400
Fax: +356 2557 4900
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Apply by phone

If you are ready to proceed with your online application but feel you might require assistance with the process, our friendly staff are ready to provide step-by-step instructions over the phone

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Frequently Asked Questions - Savings Products

About Mediterranean Bank plc


Is Mediterranean Bank plc a Maltese Bank?
What is the background of Mediterranean Bank plc?
Who are the directors of Mediterranean Bank plc?
Who are the shareholders of Mediterranean Bank plc?
What assets does Mediterranean Bank plc hold?


Opening an Account


What are the prerequisites to open an account?
How do I open an account?
What is a linked account?
How much does it cost to have an account?
How can I deposit funds in my account?
How do I register for online banking?


Fixed Term Deposit Account


What is the minimum amount required to open a Fixed Term Deposit Account?
What happens if interest rates go up or down?
How frequently is the interest paid?
Where is the interest paid?
Can interest frequency be changed after a Fixed Term Deposit Account has been opened?
Can a Fixed Term Deposit Account be closed before maturity?
Will the Fixed Term Deposit Account be automatically rolled over upon its maturity?


The NOW Account


What is the minimum amount required to open the NOW Account?
When is the interest paid?
Where is the interest paid?
Can the NOW Account be closed before maturity?
Will the NOW Account be automatically rolled over upon its maturity?


The ME3 Account


What is the minimum amount required to open a Me3 Savings Account?
How frequently is the interest paid?
Where will the interest be paid?
Is it possible to deposit additional funds in the Me3 Savings Account?
How can I withdraw funds from my Me3 Savings Account?


Savings Accounts


What is the minimum amount required to open a Savings Account?
How frequently is the interest paid?
How can I withdraw funds from my Savings Account?


Other Frequently Asked Questions


Why do you offer high rates?
Are the Mediterranean Bank accounts guaranteed and covered by the depositor compensation scheme?
What happens if I pass away?
What is withholding tax?
What withholding tax options can I choose from?

About Mediterranean Bank plc

Question #1: Is Mediterranean Bank plc a Maltese Bank?

Answer: Mediterranean Bank plc is a fully licensed Maltese credit institution, regulated by the Malta Financial Services Authority (MFSA).

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Question #2: What is the background of Mediterranean Bank plc?

Answer: Mediterranean Bank plc was established in July 2005 as a fully licensed Maltese credit institution, regulated by the Malta Financial Services Authority (MFSA). In July 2009, the Bank was acquired by AnaCap Financial Partners LLP, a UK private equity firm specialising in European financial services, and recapitalised. Senior management of the Bank are also shareholders with a minority stake in the Bank’s equity. At present, Mediterranean Bank plc continues to implement its business plan which has the aim of sustaining the Bank’s long-term profitability through the development of the Bank as a savings and wealth management institution.

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Question #3: Who are the directors of Mediterranean Bank plc?

Answer: For professional biographies of our management team members, please follow this link.

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Question #4: Who are the shareholders of Mediterranean Bank plc?

Answer: The ultimate shareholders of Mediterranean Bank plc are AnaCap Financial Partners II L.P., a fund managed by AnaCap Financial Partners LLP, a UK private equity firm focused on investing in the European financial sector. Senior management of the Bank are also shareholders with a minority stake in the Bank’s equity.

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Question #5: What assets does Mediterranean Bank plc hold?

Answer: The Bank has built a quality investment portfolio comprising European Union sovereign and sovereign related credits, covered bonds and other similar credit quality securities.

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Opening an Account

Question #1: What are the prerequisites to open an account?

Answer: In order to open an account with us you just need to be aged 16 years or older. Minor accounts may also be opened by visiting one of our branches.

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Question #2: How do I open an account?

Answer: If you are based in Malta, you can open an account by visiting one of our branches. A member of our staff will assist you with the account opening process, which consists of submitting an account application form and providing official identity document (ID card or passport) as well as a proof of address (ID card, recent utility bill or recent bank statement).

If you are based abroad or unable to visit one of our branches, you can also open an account online. To do so, you need to a) select product of your interest, b) follow the 'Apply Online' link, c) provide us with information about yourself, and finally d) send us all necessary documents by post. The documents you will need to send are:

If you already hold an account with Mediterranean Bank plc, opening an additional account is a fairly quick process as you will not need to provide all the documentation mentioned above. You will just need to submit an account application form, which can be done online if you have registered for Internet Banking, or at one of our branches.

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Question #3: What is a linked account?

Answer: If you apply for an account online, we will ask you to provide the details of an account in your name that you hold (as a single or joint holder) with a bank in the European Union. We call this linked account because we will link it to your new Mediterranean Bank account.

We will also ask you to send a payment from your linked account in order to activate your account with Mediterranean Bank. Subsequently, when your account is activated, you can transfer money from any account however any funds sent out of your Mediterranean Bank account may only be sent to your linked account.

If you would like to remove the linked account feature from your account, you can visit one of our branches and provide an official identity document (ID card or passport) and a document proving your address (ID card, recent utility bill or recent bank statement).

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Question #4: How much does it cost to have an account?

Answer: No charges are applicable when opening an account with Mediterranean Bank plc. Furthermore there are no charges for the maintenance of such accounts. If you would like to see our tariffs and charges for banking services, please follow this link.

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Question #5: How can I deposit funds in my account?

Answer: You can deposit funds at Mediterranean Bank plc by instructing a bank transfer online, on the phone, via email or by visiting one of our branches. We can also accept cheques, bank drafts or cash. In the case of cash, we may ask you to provide a proof of the source of funds, such as a withdrawal receipt or a declaration letter.

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Question #6: How do I register for online banking?

Answer: If you have an account with Mediterranean Bank plc and want to register for online banking, you need to follow this link. Once you have set up your security details, you will be able to logon and manage your account(s) online.

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Fixed Term Deposit Account

Question #1: What is the minimum amount required to open a Fixed Term Deposit Account?

Answer: The minimum amount to open a Fixed Term Deposit Account is 5,000 in the currency of denomination of the account.

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Question #2: What happens if interest rates go up or down?

Answer: Should interest rates change, the interest rate on your existing Fixed Term Deposit Account will remain unchanged and as agreed on commencement of the account.

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Question #3: How frequently is the interest paid?

Answer: You can elect to receive interest monthly, quarterly, semi-annually or annually.

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Question #4: Where is the interest paid?

Answer: Interest is paid directly into your Savings Account held at Mediterranean Bank plc unless you instruct us otherwise.

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Question #5: Can interest frequency be changed after a Fixed Term Deposit Account has been opened?

Answer: No changes can be effected to Fixed Term Deposit Accounts during the course of the term apart from withholding tax instructions.

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Question #6: Can a Fixed Term Deposit Account be closed before maturity?

Answer: A Fixed Term Deposit Account cannot be terminated before its maturity date.

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Question #7: Will the Fixed Term Deposit Account be automatically rolled over upon its maturity?

Answer: The Bank will send you a letter around three weeks prior to maturity date and will follow-up this letter with a phone call in order to take maturity instructions from you. By default, unless indicated differently by you upon account opening, funds held in your Fixed Term Deposit Account will be automatically transferred to your Savings Account held at Mediterranean Bank plc.

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The NOW Account

Question #1: What is the minimum amount required to open the NOW Account?

Answer: The minimum amount to open the NOW Account is 5,000 in the currency of denomination of the account.

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Question #2: When is the interest paid?

Answer: Interest is paid up front after ten working days from the account opening.

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Question #3: Where is the interest paid?

Answer: Interest is paid directly into your Savings Account held at Mediterranean Bank plc unless you instruct us otherwise.

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Question #4: Can the NOW Account be closed before maturity?

Answer: The NOW Account cannot be terminated before its maturity date.

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Question #5: Will the NOW Account be automatically rolled over upon its maturity?

Answer: The Bank will send you a letter around three weeks prior to maturity date and will follow-up this letter with a phone call in order to take maturity instructions from you. By default, unless indicated differently by you upon account opening, funds held in the NOW Account will be automatically transferred to your Savings Account held at Mediterranean Bank plc.

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The ME3 Account

Question #1: What is the minimum amount required to open a Me3 Savings Account?

Answer: There is no minimum amount required to open a Me3 Savings Account.

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Question #2: How frequently is the interest paid?

Answer: Interest on Me3 Savings Account is paid annually on the 30th of June.

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Question #3: Where will the interest be paid?

Answer: Interest is credited to the same Me3 savings account or to a regular savings account if requested.

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Question #4: Is it possible to deposit additional funds in the Me3 Savings Account?

Answer: Additional deposits can be made at any time.

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Question #5: How can I withdraw funds from my Me3 Savings Account?

Answer: : You can withdraw funds from your Me3 Account subject to a three month notice by instructing a bank transfer online, by visiting one of our branches or by phoning our Customer Service on 2557 4400. Charges will apply as specified in our Tariffs and Charges Schedule for Banking Services, that you can view by following this link.

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Savings Accounts

Question #1: What is the minimum amount required to open a Savings Account?

Answer: There is no minimum amount required to open a Savings Account.

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Question #2: How frequently is the interest paid?

Answer: Interest on Savings Accounts is paid twice yearly on 30th June and 31st December.

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Question #3: How can I withdraw funds from my Savings Account?

Answer: : You can withdraw funds from your Savings Account by instructing a bank transfer online, by visiting one of our branches or by phoning our Customer Service on 2557 4400. Charges will apply as specified in our Tariffs and Charges Schedule for Banking Services, that you can view by following this link.

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Other Frequently Asked Questions

Question #1: Why do you offer high rates?

Answer: Mediterranean Bank plc is a specialised bank, focused on providing attractive savings products combined with cost efficient and transparent investment solutions to better enable our customers to achieve their long term financial goals.

Mediterranean Bank plc operates under highly efficient, low cost structure, which allows the bank to operate competitively and deliver consistent, understandable savings products.

By combining its access to the international wholesale market with its high quality, liquid investment portfolio, the Bank can generate a very competitive cost of funds, the benefit of which can be passed on to its customers in the form of its deposit rates.

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Question #2: Are the Mediterranean Bank accounts guaranteed and covered by the depositor compensation scheme?

Answer: Mediterranean Bank plc is licensed by the Malta Financial Services Authority under the Banking Act (1994) and the Investment Services Act (1994). The Bank operates under the depositor compensation scheme established under the Laws of Malta.

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Question #3: What happens if I pass away?

Answer: In the event when an account holder passes away, all accounts in his or her name will be blocked until the heirs' family notary provides a number of documents to facilitate liquidation of funds. There is an application form which needs to be completed by the notary and returned to the Bank with the required documents. An administration fee will apply as specified in our Tariffs and Charges Schedule for Banking Services.

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Question #4: What is withholding tax?

Answer: Withholding tax is a tax deducted at source and equal to 15% of the gross amount of interest earned on a bank account or deposit. Withholding tax is paid by the Bank to the Maltese government on your behalf.

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Question #5: What withholding tax options can I choose from?

Answer: You can choose either to have 15% withholding tax automatically deducted from your gross interest or not to have withholding tax automatically deducted at source. We advise you to consult your tax advisor in order to asses which option is better for you.

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