This comparison simply includes all savings accounts.
Bank Of Cyprus Savings Accounts
Why we like it: Interest paid annually. Unlimited deposits and withdrawals. Open and manage online. FSCS Protected. Must be UK resident and be aged 18 or older
Why we like it: Instant access to your savings. Unlimited deposits and withdrawals. Interest paid monthly, either to a linked current account, or adding it to your Online Flexi Saver account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Must be aged 18 or older and have a UK address. Must have a linked UK current account. Your eligible deposits with Investec Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: Which? Recommended Savings Provider. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services. Compensation Scheme (FSCS)
Why we like it: Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £250,000. FSCS Protected. Winner of Platinum Feefo Trusted Service Award in 2024. Must be UK resident and be aged 18 or older
Why we like it: Interest calculated monthly. Unlimited deposits and withdrawals. Open and manage online. FSCS Protected. Must retain a minimum balance of £20,000 in the account. Must be UK resident and be aged 18 or older
Why we like it: All funds deposited into the RCI Bank E-Volve Savings 14 Day Notice Account will be used to fund pure electric vehicles and charging facilities. Interest paid monthly or annually. Manage account online. UK-based support, seven days a week. Which? Recommended Savings Provider. Unlimited withdrawals subject to 14 days notice. Must be UK resident. Must be aged 18 or older. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: The interest rate tracks the Bank of England (BoE) Base Rate. Interest is calculated on the minimum daily balance and applied to the account on the first day of every subsequent month. Open and manage account online. Your eligible deposits are protected up to £85,000 by the Financial Services Compensation Scheme. The maximum deposit you may pay into any one OakNorth Account is £500,000. The maximum amount (excluding the interest) that you will be allowed to hold on deposit with OakNorth Bank across multiple accounts is also £500,000. Unlimited withdrawals, subject to 95 days notice. Available to individuals, aged 18 or over, who are UK residents
Why we like it: Unlimited deposits and withdrawals. Interest paid monthly: can be added to your Notice Saver or paid to your linked account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Withdrawals subject to 90 days notice. Must be aged 18 or older and have a UK address. Must have a linked UK current account
Why we like it: 3 penalty-free withdrawals in a 12 month period. 3.82% AER (variable tracker) + 0.68% AER 12 month boost. 3.75% gross variable tracker. Interest paid monthly. Deposit and withdraw almost instantly. No fees or charges for holding account. FSCS eligible on your deposits. After 3 withdrawals within a 12 month period the rate will revert to either 3.40% AER (variable tracker with boost applied) or 2.72% AER (variable tracker) for the remainder of the 12 month period since opening the account. Must be UK resident. Must be aged 18 or older
Why we like it: 9 month term, minimum deposit £1,000, no withdrawals permitted. FSCS Protected
Why we like it: Interest paid on maturity. Automatic repayment to your linked account. Maximum deposit £250,000. FSCS Protected. Must have a UK residential address and be aged 18 or older. No withdrawals permitted
Why we like it: 1 year term, minimum deposit £1,000, no withdrawals permitted. FSCS Protected
Compare Bank of Cyprus savings accounts
Below are some of the best savings options on offer from the Bank of Cyprus
High street banks have increased their current account interest rates to entice more customers to switch accounts. However, the current accounts usually have a low threshold over which interest is not paid.
If your savings goes over the interest-paying threshold, you might want to deposit the excess capital into another savings account.
The Bank of Cyprus currently offer a euro online current account, which provides competitive interest but is only available for euros.
Instant Access Savings Accounts
If you want to obtain competitive interest, as well as the ability to withdraw from you savings, an instant access account could be the best option for you.
The instant access account from the Bank of Cyprus offers comparatively high interest as well as access to your savings. Unlike their current account, it is possible to deposit sterling into their instant access account.
Easy access accounts are usually more or less identical to instant access accounts, except there may be a delay when you want to make a withdrawal from your savings.
The Bank of Cyprus has an online easy access account, which allows you to earn a high rate of interest on your savings and enables you to withdraw from your savings online.
It should be noted that the high interest rate is only available for the first 12 months and reverts back to a much lower underlying interest rate thereafter.
On the whole, notice savings accounts have higher interest rates than run of the mill savings accounts. However, in exchange for higher interest, you have to give a certain amount of notice before removing funds, which can be between 40 and 95 days.
The notice account from the Bank of Cyprus offers slightly lower interest than their easy and instant access accounts, but the interest will not dramatically drop after the first year.
Fixed rate bonds often provide attractive rates of interest, which do not change over the course of the bond. Although the interest rates are higher than the majority of other savings options, you cannot withdraw from a fixed rate bond without a significant penalty.
The Bank of Cyprus provide two different fixed rate products: fixed rate bonds and flexibonds.
Their fixed rate bond runs from between 1 and 3 years with their highest rate of interest. Their flexibond offers a medium rate of interest and the ability to withdraw a certain percentage from your savings, giving you more freedom with your capital.
If you have a substantial amount of savings and you are looking to benefit from £20,000 tax-free interest ISA allowance, you could explore the ISAs the Bank of Cyprus have on offer.
The Cash ISA from the Bank of Cyprus offers the ability to withdraw from your savings and earn tax-free interest, in exchange for a lower interest rate than their other products.
