In the volatile economy generated by the pandemic, many Romanians have been looking for safe and profitable options to save money. Thus, the accelerated growth of TBI Bank’s savings solutions is no surprise. The 15-month Lei deposit, a well-established product popular with online clients and agencies, has become a flagship choice in the first six months of 2021.
Offered by TBI Bank, one of the fastest growing and most profitable banks in the South East European region, it enjoys an interest rate of 4% among the best in the market and currently represents more 50% of TBI Bank’s depository base. There’s a reason for this: more and more clients are looking for protected medium- and long-term savings options that generate a return good enough to cover inflation, and that’s exactly what TBI is offering – the one of the best value propositions on the market secured by the deposit guarantee system up to 100,000 EUR or their equivalent in lei. In addition, instead of offering this product only to new customers and after it expires to re-rate at lower rates, practiced by many banks in the market, TBI’s 15-month deposit is automatically extended for the same period at the rate. interest rate applicable at maturity – for new and existing customers.
This exclusive savings instrument was launched last year and is available both online and at the Bank’s branches. “The 15-month deposit has dramatically increased its popularity this year, continuing the trend seen in 2020, and is now the preferred choice of many TBI Bank customers. This development can be explained mainly by two facts: we listen to our customers on what they need and we offer an advantageous price. The latter is due to our efficient and lean operations that our phygital business model brings – this allows us to share our cost savings with our customers. Our market test with the 15 month deposit was a great success and that is why we decided to present it to a wide audience through a ready-to-go TV campaign aimed at raising awareness about saving – how people usually save and how they get adequate returns on their savings, ”says Lukas Tursa, SVP Financing.
TBI Bank saw more than 20% growth in its retail deposit portfolio for 2020, while the number of customers increased by 40%, reflecting the savings appetite of Romanian consumers during the pandemic year. In 2020, online filings were the most popular product for TBI’s clients, doubling in volume, mainly due to the great value provided to them by the purely digital environment.