Setting up a personal account in Malta with a reputable local bank is a good choice for those who want to place their savings with a reliable European financial institution.
Malta’s banking system is one of the most resilient in Europe. The quality of services here meets the highest European standards. Besides, banks in Malta attract foreign clients with relatively low tariffs and a high level of data protection, which is ensured by the continuous implementation of the latest cryptographic data protection systems. If you need a personal account with a reliable European bank, we can recommend such an institution, explain all the requirements and nuances, and offer you our fee-based service of opening the account remotely.
The bank which we recommend
The history of the bank which we recommend started with the foundation of the Mediterranean Bank in 2004. Within a year, the bank was licensed as a fully-fledged Maltese credit institution, regulated by the Financial Services Authority of Malta.
In July 2009, the bank was acquired by new shareholders, a UK private equity firm. Thereafter, the bank was recapitalized. In 2014, it was purchased by a subsidiary of an Austrian company rendering banking services to the retail and corporate sectors in Malta. The bank soon became part of a fast-growing international holding. In this way, it enhanced its presence in the local market and extended its scope of services.
Nowadays, the bank enjoys popularity and success with private and corporate clients both in the local market of Malta and internationally.
Advantages of the recommended bank in Malta
On top of the onlite services of the bank’s 5 offices in Malta (and the holding’s presence in Belgium), the bank has developed an online platform for savings, investment, and wealth management services. Internet-based customer-oriented solutions have turned out to be very convenient particularly in 2020, when the bank’s customers, like millions of people around the world, had to stay home, self-isolate themselves because of the COVID-19 pandemic. The bank’s clients have sincerely appreciated the vital importance and reliability of online banking: wherever they needed to access personal accounts, they were able to do so anywhere and anytime.
The recommended bank has other significant advantages that make it attractive not only for local but also for foreign clients:
– a focus on specialized products and services in the field of savings and investment
– the impressive scope of the staff knowledge and experience at the international level
– the extensive presence – five branches conveniently located throughout Malta
– the full compliance with local regulatory requirements, as the bank is a licensed Malta credit institution regulated by the Malta Financial Services Authority (MFSA)
– stability – the holding’s performance indicators exceed the minimum regulatory requirements
– outstanding client services
– low tariffs and attractive interest rates.
Excellent services for private clients
The bank which we recommend can be your right choice also because it offers its private clients a wide range of different banking services, including current account opening in different currencies, time deposit account, several types of savings accounts, investment account, as well as the possibility to manage the account in 24/7 mode through the online banking platform.
Disclaimer: the rates and fees are subject to periodical revision. For updates on tariffs and other details, please refer to our experts at info@offshore-pro.info!
Savings account
You can use your savings account to accumulate savings within a fixed period of time, at a fixed interest rate guaranteed.
The account features:
- is available in 4 currencies: EUR, GBP, USD, and AUD
- account interest rate from 0.02% to 0.25% per year
- no minimum deposit required
- open-ended
- the interest is paid twice a year, in June and December.
Fixed-term deposit account
It is possible to have a fixed-term deposit account to build savings within a fixed period of time, at a fixed interest rate guaranteed for a fixed term of up to five years.
The account features:
- is available in 7 currencies: EUR, GBP, USD, CAD, NOK, AUD and JPY
- account interest rate – from 0.10% to 1.50 % per year
- minimum deposit – 5,000 in the account currency
- fixed term – from 1 to 5 years
- interest is paid monthly, quarterly, half-yearly, or annually.
Me Savings Account
It is possible to increase your savings within 1-3-6 months if you open a Me Savings Account.
The account features:
- is available in 2 currencies: EUR and GBP
- account interest rate – from 0.20% to 0.80% per year
- 1-3-6 months
- no minimum deposit requirement
- interest is paid twice a year, in June and December.
Please note: The bank has recently decided not to accepts applications for some other interesting types of accounts that are still available at its online sister-bank in Belgium (a similar subsidiary of the same banking holding, which acts as a digital and mobile banking platform). Given below are examples of such online services.
Me3 savings account
This is a non-regulated savings account with the higher base rate, interest paid every 3 months.
The account features:
- only available online
- is available in EUR
- account interest rate – at 0.30%, is subject to change
- open-ended with a notice period of 3 months
- no minimum deposit requirement
- interest is paid in 3 months
- 30% withholding tax applicable, the net interest rate is net after deduction
Me6 savings account
A savings account where you can withdraw money with a 6 month notice period.
The account features:
- only available online
- is available in EUR
- account interest rate – at 0.30%, is subject to change
- open-ended with a notice period of 6 months
- no minimum deposit requirement
- interest is paid quarterly.
Monthly savings Max account
This is a regulated savings account. As a rule, no withholding tax on income up to and including 990 EUR per person or another type of tax is due on the interest gained
The account features:
- available online only
- is available in EUR
- account interest at 0.05% base rate and 0.50% fidelity premium per year
- no minimum deposit required, maximum 5,000 EUR per month
- open-ended, save at your own pace.
Fidelity savings account
This is a regulated savings account. As a rule, no withholding tax on income or another type of tax is due on the interest gained
The account features:
- available online only
- is available in EUR
- account interest at 0.05% base rate and 0.35% fidelity premium per year
- no minimum or maximum deposit required
- the fidelity premium paid for each amount that remains on the account for 12 months.
Dynamic savings account
This is a regulated savings account. Yields from the start. Ideal for 1 year or less.
The account features:
- available online only
- is available in EUR
- account interest at 0.30% base rate and 0.10% fidelity premium per year
- no minimum deposit required, maximum 30,000 EUR
- open-ended
- the fidelity premium paid for each amount that remains on the account for 12 months.
The above-mentioned examples of the online services used to be available in the recommended private bank in Malta until 2019. Chances are that they will be revived some time in future. Customers holding personal accounts with this bank will be informed of new developments in a timely and appropriate manner via online channels of communication.
Investment opportunities
The bank in Malta offers its clients many investment opportunities:
- to choose from a wide range of bonds, stocks, funds, and ETFs
- trade anytime and anywhere with extremely low transaction fees
- gain access to expert research data and state-of-the-art investment tools
- to keep your assets in a safe place
- receive dividends in your investment cash account at no cost
- view all your savings and investments together in one online account.
Equity
The bank offers its clients the opportunity to buy and sell shares to generate long-term profits:
- trading starting at 10 EUR per trade
- wide offer on European and US stock markets
- various investment instruments and research results to support your investment decisions
- safe custody of your shares
- regular corporate action notices
- receive dividends in your investment cash account at no cost
Bonds
Clients have the opportunity to create a regular income inflow by investing in bonds:
- purchase bonds at 10 EUR per trade
- a wide range of corporate and government bonds
- various investment instruments and research results to support your investment decisions
- safe custody of your bonds
- receive coupons in your investment cash account at no cost.
Exchange traded funds (ETF)
Please note: These were the most bought ETFs by the bank clients between May and July 2020.
Customers can keep track of the market, industry, or trading strategy:
- trade starting at 10 EUR per trade
- over 300 ETFs tracking various indices
- various investment instruments and research results to support your investment decisions
- easy trading while maintaining the benefits of diversification
- secure storage of ETFs
- receive dividends in your investment cash account at no cost.
Mutual funds
Clients can diversify their investments with mutual funds:
- buy funds for only 0.5% (minimum 25 EUR) and sell at zero cost
- over 500 funds with different levels of risk and return
- various investment instruments and research results to support your investment decisions
- risks sharing
- safe storage
Model portfolios
Customers of the bank can choose one of the most preferred model portfolios:
- determine your desired risk level and the appropriate investment portfolio
- the bank’s expert team will create the lowest risk portfolio for each level of performance
- select funds based on the rating of Morningstar, the market leader in fund research
- buy a portfolio of investment funds to achieve a high level of diversification of investments
- monitor your investment portfolio online.
Online banking
As soon as your account is opened, you can register as a user of the online banking platform. The service is available 24 hours a day, 7 days a week, and is free of charge. To register, you will need an activation code and a customer number.
How to open a personal account with the private bank in Malta
In order to open a personal account with the recommended private bank in Malta, you need to do the following:
- Send your personal account opening application by e-mail to info@offshore-pro.info.
- Pay for professional assistance in opening a personal account with the bank in Malta in a remote format. The cost of services will be 2999 EUR. Payment can be made by bank transaction, card, PayPal, WebMoney, or Western Union.
- Prepare the necessary documents.
Documents required to open a personal account with the Bank
- Certified copy of passport or ID-card
- Certified copy of the public utility bill (issued not earlier than 6 months before the submission).
Note: A utility bill is required if the passport was provided as an identity document or if the ID-card contains an address that does not match the one on the account opening form.
- A recent bank letter (ideally addressed to MeDirect) confirming that the person is known to the bank for at least one year
- Supporting documents regarding the source of funds (a CV is sufficient).
For foreigners, certification requirements may vary depending on the jurisdiction. In some cases, the MeDirect bank may require documents to be apostilled. If an apostille is required but not available in the relevant jurisdiction, the alternative is to certify by the relevant embassy/consulate.
Start opening a personal account in Malta today by contacting us via email: info@offshore-pro.info
