TBI Bank With a 1% Market-Leading Deposit

The economic and social shock waves that Covid-19 and the recent developments in Ukraine sent through the world exacerbated the need for reliability and flexibility when it comes to personal finances. As a result, we are seeing an attempt for optimization of financing sources and diversification of savings instruments. The alternatives, however, don’t offer the security and the predictable return typical for traditional deposits with fixed rates. Despite the context of unfavorable deposit conditions, TBI Bank is expanding its portfolio with a new reliable savings solution for customers who are looking for a balance between return and duration.

As of the beginning of 2022, the bank’s Bulgarian clients can take advantage of a new 15-month deposit with a 1% market-leading interest and no additional fees or commissions. This is one of the best value propositions in the country secured up to EUR 100,000 by the Bulgarian Deposit Guarantee Fund. The offering, available to both new and current clients, was designed for people who want to avoid long-term commitments but still take advantage of good returns. There are no fees for opening, administration or depositing and no penalty if depositors need their savings before maturity and opt for an early termination. In addition to the new tenor, customers can take advantage of other market-leading proposals by TBI, including the 36-month offering with an interest of 1.3% designed to provide a more long-term option to take care of one’s savings. Starting April, tax on interest income for local individuals was officially brought down to 0% thus what customers see as offered interest on deposits is what they actually get.

The new deposit tenor comes against the backdrop of speculation about ‘the death of the deposit’ in public discourse. Many financial institutions took a step back and started increasing fees, introduced commissions and zero interests and some dropped opening of new deposits altogether. To counter this negative trend, TBI Bank’s strategy is to continue offering secure financial solutions that best serve Bulgarian customers’ evolving needs.

“As the most profitable bank in Bulgaria for several years in a row, TBI has consistently offered one of the best deposit rates and 2022 will be no exception, despite the complicated political , economic and social situation in Europe. Our goal is to become the preferred place for Bulgarian depositors’ savings through offering good returns, simple and flexible products combined with excellent customer service. Furthermore, our 2022 ambitious expansion, both local and on new European markets, will be supported mainly from deposits and capital market instruments.”

Georgi Buchevinov, Head of Deposits Management at TBI

In 2021, the bank’s retail deposits base increased by approximately 28% compared to 9% yearly growth of the total Bulgarian retail deposits market, according to data published by BNB. The past year also marks outstanding financial results in all major business lines for TBI, which traditionally is one of the most effective financial institutions in the country.