As the inflation rate in Malta stabilises below 2%, now is an opportune time to consider boosting your savings. With the annual inflation rate in Malta easing to 1.8% in late 2024, the value of your savings can now grow more effectively. MeDirect Bank offers a range of fixed term deposit accounts as well as the instant access MeMax account, all of which offer interest rates which are higher than the current inflation rate and therefore able to help you achieve real growth on your savings.
Why Lower Inflation Benefits Savers
When inflation is high, the purchasing power of your money decreases, meaning you can buy less with the same amount of money over time. Conversely, when inflation rates are low, the value of your savings is preserved, and the interest earned on your deposits can lead to real growth. With Malta’s inflation rate now below 2%, your savings have a better chance to outpace inflation and increase in value.
MeDirect Bank’s Fixed Term Deposit Accounts
Our fixed term deposit accounts offer competitive interest rates, providing a secure and predictable way to grow your savings. You can choose from various terms to suit your financial goals, whether you are saving for a short-term need or a long-term objective. Currently, our euro denominated fixed term deposits from six months to five years all offer an interest rate in excess of 2%. The fixed interest rates ensure that your returns are not affected by market fluctuations, giving you peace of mind.
The MeMax Account: Flexibility and Growth
The MeMax account combines the benefits of a savings account with the flexibility of easy access to your funds. With an attractive interest rate of 2% per annum which is paid monthly and compounded and no minimum balance requirements, the MeMax account is an excellent choice for those who want to maximise their savings while maintaining liquidity.
Start Growing Your Savings Today
With inflation in Malta at its lowest in years, there is no better time to take advantage of MeDirect Bank’s savings products. Whether you opt for a fixed term deposit account or the versatile MeMax account, you can be confident that your savings will grow in a stable and secure environment.
For more information on our savings products and to start your journey towards financial growth, visit our Fixed Term Deposit Accounts and MeMax Account pages.
MeDirect Bank (Malta) plc, company registration number C34125, is regulated by the Malta Financial Services Authority and is licensed to undertake the business of banking in terms of the Banking Act (Cap. 371). The Bank is a participant in the Depositor Compensation Scheme established under the laws of Malta.
The MeMax Savings Account is available in Euro and the rate quoted is gross of tax, paid on a monthly basis and is compounded. Account holders can deposit up to €2,000 per month up to a maximum account balance of €50,000.
Rates quoted on fixed term deposit accounts are gross of tax on a per annum basis. Interest is paid into a savings account. Accounts can be opened with a minimum of €100 and deposit must be kept in the account for the duration of the term and therefore you will not have access to your money.
If a withdrawal is made, the rate will not be achieved. Terms and Conditions apply and are available upon request.
MeDirect Bank (Malta) plc, The Centre, Tigné Point, Sliema, TPO 0001, Malta.
