Banks in Estonia start raising deposit account interest rates
Interest rates offered on term deposits by major banks in Estonia stand at 1.5 percent to 2 percent per annum in January, up from 0.5-0.6 percent in November.
With negative interest rates on the money market, bank deposit interest rates stood at zero for a lengthy period of time, and have only started to rise now, with the rising base rate.
Swedbank is now offering 1.5 percent (up from 0.01 percent) SEB 1.55 percent (also up from 0.01 percent) and LHV 2 percent (from 0.05 percent on deposits up to €100,000).
The smaller banks, too, have started hiking their rates, with Inbank offering 3.5 percent, up from 2.5 percent, on 60-month deposits, and Holm Bank offering the same rate.
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Editor: Andrew Whyte, Barbara Oja