Smaller banks attack top five on the savings segment

The highest raise in interest rates on savings was made by smaller banks, who are aggressively attacking the five top players. Piraeus Bank, Volksbank, BCR, and UniCredit Tiriac Bank were fastest to react, while other financial institutions are still analyzing how much to raise interest, with each day of delay costing a percentage of market share.

Fourth-largest player, Banca Transilvania, effected the most recent increase to 7 percent in lei deposits with one-month maturity, and to 7.5 percent in lei deposits with a three, six, nine and twelve-month maturity, according to a press release sent to Business Standard. In this way Banca Transilvania is attempting to respond to rises in interest rates by its competitors, the most aggressive being Libra Bank, a second-tier player, offering the best interest for lei deposits with one-month maturity, at 7.25 percent.

ING Bank Romania raised interest for ING Card Cont’ROL by a yearly 6.3 percent. This is one of the highest current account interest rates on the Romanian banking market, calculated daily and transferred to the account at the end of each month, according to a press release sent to Business Standard.

Banca Comerciala Romana (BCR) raised interest on lei and euro time deposits by 0.8 percent. The bank maintained the same interest for loans in euro with fixed interest.

Bancpost is leader for interest on deposits with three-month maturity, although the 9 percent is promotional, and the bank is likely to revert to its initial interest rate of 7.4 percent.

Libra Bank and Alpha Bank have the highest interest at an annual 7.5 percent. With 8 percent, Alpha Bank is top on lei deposits with six-month maturity, while Libra Bank offers 7.75 percent interest for such deposits and Banca Romaneasca 7.70 percent.

Alpha Bank is leader in terms of lei deposits with one-year maturity, with 14 percent interest, while Libra Bank, Romanian International Bank (RIB), and Credit Europe Bank offer 8 percent for lei deposits with one-year maturity.