Home Business NewsBusinessBanking News European depositors choose Lithuanian bank: 3.85% for one year

European depositors choose Lithuanian bank: 3.85% for one year

25th Mar 24 12:45 pm

Many German, Spanish, and other European depositors seek opportunities to invest their funds in banks that are reliable, align with their values, and offer competitive interest rates.

Mano Bank, Lithuania’s first specialized bank, pays a competitive interest rate of up to 3.85% for a 12-month period.

This, combined with its license from the Bank of Lithuania and the convenience of access to Mano Bank’s deposits through the Raisin platform, makes it an attractive choice for European depositors.

They opt for Mano Bank due to its appealing interest rates and security assurances. These assurances stem from the specialized bank license issued by the Bank of Lithuania and the deposit and investment insurance valid in Lithuania.

“Lithuania, known for its highly-rated regulatory environment and deposit insurance coverage up to 100,000 EUR, presents an attractive option for German and Spanish customers seeking secure banking solutions. Additionally, Mano Bank offers customers a variety of deposit terms and consistently ranks within the top 5 for interest rates offered on the platform,” said Giedrė Blazgienė, CEO of Mano Bank.

Moreover, the Bank of Lithuania has reported that Lithuanian banks are well-equipped to address various challenges, boasting strong capitalization and ample liquidity reserves, nearly four times the required amount.

As a result, Mano Bank has witnessed consistent growth in the customer base among German and Spanish depositors who access its services through Raisin, Europe’s number one savings and investments marketplace. Using the Raisin platform enables individuals to compare deposit terms and deposit funds across banks in various countries.

The collaboration with the Raisin platform began in September 2021 with just 4 deposits totaling 320,000 EUR. However, in just over 2 years, this modest start evolved into a significant expansion, with deposits reaching 54 million EUR.

The momentum continues, with both the number and value of German deposits consistently increasing month by month. Currently, more than 800 Germans have chosen to place their time deposits with the bank, with the total amount exceeding 45 million EUR. Additionally, there are 192 Spanish depositors with a 9.3 million EUR Spanish portfolio.

The deposits are used to credit Lithuanian small and medium-sized businesses (SMEs) which contribute to the development of the country’s economy.

Blazgienė highlighted the bank’s collaboration with The European Investment Fund (EIF), a key partner in implementing the InvestEU Fund, to offer vital support to SMEs, finance the Green Deal, and enhance SME competitiveness.

This enables depositors to contribute directly to the economic development of another European nation while potentially earning attractive returns on their investments.

To commence accepting deposits, Mano Bank had to demonstrate compliance with a series of rigorous requirements set forth by the Raisin platform.

“We are pleased to see the addition of Mano Bank to other key markets for Raisin. This collaboration further strengthens our mission of a single European market for savings products. Our partnership brings further choices to German, Spanish, and European depositors seeking to maximize their savings. We look forward to a partnership that will benefit all parties – Raisin, Mano Bank, and, most importantly, our customers,” said Tamaz Georgadze, CEO of Raisin.

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