Bank of Cyprus Online Easy Access Account paying 1.35%
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Bank of Cyprus Online Easy Access Account paying 1.35%

Editor 11
Editor
Found 14th Nov
Bank of Cyprus UK has upped the rate on its easy access savings account and now pays 1.35%, putting it at the top of Moneyfacts best buy tables.

It beats Paragon which pays 1.31%.

Account details
You can save £1 to £1,000,000
Account can be opened and operated online only
No notice for withdrawals
Funds protected by the Financial Services Compensation Scheme (so don’t worry about the Cyprus bit)
Includes a bonus of 0.5% for 12 months, this means after the first year interest drops off to 0.85 per cent. So, time to switch again.

The rate’s beaten by some high interest current accounts but you need to jump through some hoops (deposit X amount each month, set up direct debits etc) to get the high rates.

Top comments

Is this the bank that froze customers money few years ago
11 Comments

Is this the bank that froze customers money few years ago

veni_vidi_emere2 m ago

Is this the bank that froze customers money few years ago



100% .... nothing gets past a UKHD member (even though some try)

Thanks OP

veni_vidi_emere6 h, 14 m ago

Is this the bank that froze customers money few years ago

Yes- I met a taxi driver whilst on holiday last year and he had hundreds of thousands taken from him overnight. Left him and his family with nothing - and no chance of ever getting it back.
The money was taken to bail out the country -

Wouldn't dare use this to save a few extra pence.
I was stung nearly 10 years ago with this company....

ICESAVE anyone?!
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james109992 h, 28 m ago

Wouldn't dare use this to save a few extra pence.I was stung nearly 10 …Wouldn't dare use this to save a few extra pence.I was stung nearly 10 years ago with this company....ICESAVE anyone?![Image]



Did you have more money with them than the UK protection level? I got my money back from the ISA. Just took a while. I was definitely protected for my investment.

thetarget3 m ago

Did you have more money with them than the UK protection level? I got my …Did you have more money with them than the UK protection level? I got my money back from the ISA. Just took a while. I was definitely protected for my investment.


Yes I got it all back but was quite a hassle as it was my deposit for my house at the time I nearly lost out on!

This is the only big bank crash I can remember and your right it still got protected. Just a bit hurt since that time and would rather earn a few less pence and put with a UK bank.

Safer under the dogs bed

james109992 h, 28 m ago

Yes I got it all back but was quite a hassle as it was my deposit for my …Yes I got it all back but was quite a hassle as it was my deposit for my house at the time I nearly lost out on!This is the only big bank crash I can remember and your right it still got protected. Just a bit hurt since that time and would rather earn a few less pence and put with a UK bank.



Oh no that is bad about it being the deposit for your home. A really stressful time buying property let alone having that issue on top to deal with. Lucky you didn't miss out on the purchase.

It is rather a hassle to get the money back but seems quite rare to occur. More of a wait than having to make numerous calls. Same thing could happen to a UK bank.

Bank of Cyprus is UK registered so protection will be in place. Just a hassle if the worst happens, in having to wait for the protection system to give out the money.

A little unsure regarding the negativity here for this deal. Unless there are better interest rates about as:

Bank of Cyprus UK Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Eligible deposits with Bank of Cyprus UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Any deposits you hold above the protected limit are unlikely to be covered.

Protection is in place unless investing more than £85K. So the same as using any other UK based bank protected by the same scheme. Probably the same claims process.

Birmingham Midshires has a savings account offering 1.3%, they are part of lloyds and as Martin Lewis points out this represents a difference of only 50 p per £1,000 per year of invested money. Hardly worth the risk of putting your money in Bank of Cyprus.
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