Savings

• Term Deposit Applications

Savings Account

A savings account combines the functionality of a current account with some traditional deposit features: Interest is accrued on the residual amount of funds in a savings account, and the account holder has instant access to his funds.

Savings accounts are particularly useful for customers who might require instant access to their funds.

Savings accounts have no time terms. A customer can replenish the account, convert currencies within the account, as well as withdraw the residual funds fully or in part.

Conditions

• All savings accounts at Rietumu Bank are multi-currency accounts, with the currencies being EUR, USD, LVL
• The minimum residual amount for a savings account is 100 000 EUR or USD, or 50 000 LVL
• If the residual amount in any of the currencies is less than the specified minimum, interest for the funds held in this currency is not accrued
• The accrued interest for the past month is transferred to the savings account not later than on the fifth day of the current month
• Interest rate can be subject to change depending on market situation
• Account replenishment can be performed at any time with no limitations
• Currency conversion within the account can be performed at any time with no limitations
• Transfer of funds from savings account to current account: No fee applies if the application form is submitted 14 calendar days prior to the transfer date. During this period, interest accrual for the amount specified in the application continues
• If the application form is submitted less than 14 days before the funds transfer, a fee of 1% of the transfer amount applies. The bank will transfer the requested amount within 1 business day.