Last Updated on Wednesday, 3 August, 2022 at 3:37 pm by Andre Camilleri
At the livestreamed presentation of the Financial Results for the Half-Year Ended 30 June 2022, APS Bank plc announced that it is removing the high-balance fee on significant deposits held by financial corporates. Following the recently announced increases in interest rates by a number of central banks, the Bank decided to reduce the high-balance fee from 0.5% to 0% with effect from 1 August 2022.
Marvin Farrugia, Head of Asset Liability Management stated, “With this action we are effectively passing a benefit to those clients, namely corporate, financial and institutional, that hold high liquid balances from time to time. While we were always very selective in the application of a maintenance fee, this is now being removed altogether.”