Frequently Asked Questions

How can I open a One Year Term Deposit?

All you need is your ID card or passport and a recent original utility bill, such as a telephone, water, or electricity bill, together with a bank cheque for the amount you would like to deposit. Alternatively, you can transfer the funds directly from your bank account, and we will provide you with the relevant bank account details when we meet.

Why do you need to produce a utility bill?

We need this to verify your address.

Can I make a cash deposit?

No - deposits in cash are not accepted.

What is the minimum balance for a Term Deposit account?

The minimum balance is €10,000.00

When is the start date of my deposit?

The deposit will commence as soon as your cheque is cleared or the funds transfer is received from your bank.

Will I receive a confirmation receipt?

You will be given an initial receipt if the amount is deposited by cheque. Once your cheque has cleared, or your funds transfer is received from your bank, we will send a confirmation receipt showing all relevant details of your new deposit by post.

Can I view my Term Deposit Account online?

Yes you can. Once your account has been opened and activated you will be provided with a user name (your unique customer number) and a one-time password (which you should change on first login), so that you can login and view your Term Deposit account online, checking the amount, start and end dates of your deposit as well as the interest amount you will earn on maturity.

When is interest paid?

Interest is paid on the maturity of the term deposit. So in the case of the one year Term Deposit it would be paid exactly one year from the opening date of the Term Deposit.

Can I opt to have the 15% final withholding tax deduction at source?

Yes.

Is my capital guaranteed?

Izola Bank is a participant in the Depositor Compensation Scheme. Customer deposits are guaranteed by the scheme up to a maximum of € 100,000 per person. Please click here for more information on this scheme.

Can I break my Term Deposit before it matures?

Yes. The Bank, at its sole discretion, may accept to break a Term Deposit. However, any interest earned up to the date of closure may have to be forfeited.

What are your Opening Hours and should I make an appointment?

Izola Bank is open Monday to Friday from 08:00 to 17:00. We encourage you to call on +356 21 241258 and make an appointment before visiting so that we will not keep you waiting.

If we open a joint account will both of us be covered by the Depositor Compensation Scheme if the total invested does not exceed € 200,000?

Yes when two people open a joint account the amount invested will be covered up to a maximum of €100,000 per person.