News

We’d like to inform you that the procedure for calculating interest in the terms and conditions of Coop Pank’s term deposit agreement will be changing on 1 May 2025, from which date we will be calculating interest on the basis of 365 days per calendar year and the actual number of days per calendar month.

This will apply to all term deposit agreements entered into and automatically renewed from 1 May 2025.

For term deposit agreements entered into until 30 April 2025, the existing procedure for the calculation of interest (360 days per calendar year and 30 days per calendar month) will remain in force until the expiry of the agreement or, in the case of automatic renewal, until the renewal takes place. The new terms and conditions will apply to the automatic renewal of agreements from 1 May 2025, with interest being calculated on the basis of 365 days per calendar year and the actual number of days per calendar month.

Other changes will also be coming into effect, which will apply to all term deposit agreements as of 30 April 2025:

• Any depositor wishing to do so may instruct the Bank to automatically renew their agreement or to cancel its automatic renewal up to one settlement day prior to the expiry of the relevant period.
• In the case of automatic renewal, the terms and conditions effective on the start date of the new deposit period will apply.
• Depositors have the right to cancel their agreement early by notifying the bank of their wish to do so at any bank branch or via the Internet bank. If a depositor has notified the bank of this, the bank has the right to make a payment to the depositor within 30 days of receiving their notification of intent to cancel the agreement. If the bank agrees to the depositor’s request to make the payment sooner, the bank has the right to demand that the depositor pay a service fee for the early cancellation of the agreement and the making of the payment in accordance with the price list, unless agreed otherwise.
• The two-month period of advance notification will not apply if the terms and conditions of the agreement are made more favourable for the client or where the need for the changes arises from legislation or the guidelines of a supervisory body.
• In addition, the wording of the terms and conditions has been updated and the use of definitions therein harmonised for the sake of clarity.

The following changes will be introduced to the bank’s price list on 30 April 2025:

• In the price list of banking services for private clients, there will no longer be any differences in service fees for the early cancellation of term deposits: private clients will be able to have their money paid to them free of charge when cancelling their deposit early.

If a depositor doesn’t agree to these amendments, they have the right to terminate their agreement prior to 30 April 2025. If they haven’t informed us of their wish to do so by that date, this will be considered by the bank as them having agreed to the amendments.

The new terms & conditions and price list can be found here.

Don’t hesitate to contact us if you have any questions.

Yours,

Coop Pank