On 28 April this year, client deposits at INDEXO Bank exceeded €100 million for the first time, while the bank’s client base grew to nearly 60,000. Since launching its operations, INDEXO Bank has paid out €2 million to clients in deposit interest.
“Reaching the €100 million milestone and the growing peace of deposit inflows at INDEXO Bank show that Latvian residents are no longer willing to let banks hold their money for years without receiving a fair return. An increasing number of people in Latvia are discovering that banking can be done differently – with generous monthly interest payments paid directly into their INDEXO Bank accounts,” says Jānis Mūrnieks, Member of the Management Board of INDEXO Bank and Head of Private Banking Services.
“Moreover, INDEXO Bank purposefully puts deposits to work through lending – at least 80% of the deposits raised by the bank return to the Latvian economy in the form of loans. This is particularly important because Latvia still has a significant gap between client deposits and lending volumes. At the end of last year, Latvian bank accounts held approximately €26 billion in deposits, while banks had issued only €18.6 billion in loans,” J. Mūrnieks continues.
INDEXO Bank clients actively use a variety of saving options, including savings accounts and term deposits, with maturities now ranging from 3 months to 5 years. Deposit growth has also been supported by the introduction of the free plan Zelts for clients with regular income in INDEXO Bank, as well as the expansion of the free plan Sudrabs with a payment card, making everyday banking services even more accessible.
INDEXO Bank continues to develop its mobile application, allowing clients to conveniently manage their daily finances – make payments, track earned interest, review lending offers, view their second pillar pension savings and manage their INDEXO third pillar pension plans. The bank is also continuing to expand its range of services with the aim of offering Latvian residents a simple, transparent and long-term beneficial alternative to traditional banks.
