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Questions and Answers
What is Easisave?
Easisave is an online savings account developed by FIMBank p.l.c. There are no restrictions on withdrawals and there are no fees or charges to open and operate this account. The Easisave Savings Accounts are available as individual or joint accounts for natural persons and can be opened and maintained entirely on the internet.
To open an Easisave Savings Account you need to have an account with another Eligible Institution, which we refer to as the Reference Account. The Easisave Savings Account will be linked to the Reference Account. You may hold up to ten Easisave Savings Accounts at any time, each being associated with your personal or joint Easisave profile.
Easisave also offers Fixed Term Deposits. To open an Easisave Fixed Term Deposit you must already have an Easisave Savings Account.
We advise you to read the Terms and Conditions carefully prior to opening an Easisave Savings Account or an Easisave Fixed Term Deposit.
Who is FIMBank p.l.c.?
FIMBank p.l.c. (Registered Address: Mercury Tower, The Exchange Financial and Business Centre, Elia Zammit Street, St. Julian’s STJ 3155, Malta) is a licensed credit institution in Malta, regulated by the MFSA and listed on the Malta Stock Exchange. Easisave has been developed by FIMBank p.l.c.
Who can open an Easisave Savings Account?
Individuals (Maltese nationals and non-Maltese nationals) who are 18 years and over, holding an account with a credit institution within the European Economic Area (EEA), which currently includes Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark (excluding the Faroe Islands and Greenland), Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and UK (excluding Channel Islands and Isle of Man) or an account with Burgan Bank in Kuwait, Turkey or Jordan.
In what currencies may I open an Easisave Savings Account?
You may open an Easisave Savings Account in either euro currency (EUR) or US Dollar currency (USD). The Easisave Savings Account must be linked to a Reference Account in the same currency held with an Eligible Institution.
How do I open an Easisave account?
Please follow our step by step video instruction located here (link to youtube video):
Should you have any queries please do not hesitate to contact our Easisave Helpdesk using the website contact form, our email email@example.com or telephone number [+356] 21322102.
Who can open an Easisave Fixed Term Deposit?
Whoever is eligible to open an Easisave Savings Account can open an Easisave Fixed Term Deposit. To open an Easisave Fixed Term Deposit, you must already have at least one activated Easisave Savings Account.
Can I open a corporate account?
Presently Easisave Savings Accounts can only be opened as individual or joint account. Easisave is not the ideal account for business. If you wish to open an account for your business needs please contact our Helpdesk.
What is the Online Application?
This is the online form, which you need to follow in order to submit your details to open an Easisave Savings Account. It is the first step in the account opening process. While completing the wizard, read all notes, marked as [i], carefully.
What is an Account Opening Form?
This is the agreement that defines the contractual obligations of our relationship. Once you complete the Online Application we will provide you with two copies of your Account Opening Form. You will need to sign the Account Opening Form marked 'Easisave Copy' and return it back to us.
What is the Secure Area?
This is the area within our website, which gives you access to your Easisave Profile where you may view your Easisave Savings Accounts and Easisave Fixed Term Deposits. The secure area must be accessed using your User ID and chosen Password.
How do I identify my Easisave Savings Account?
Each Easisave Savings Account is identified by its respective IBAN. Each Easisave Savings Account holder will have his or her own individual Easisave profile and a unique Customer number. Each account holder will also have a User ID, which together with a chosen password may be used to access his or her online account. In case of a Joint Easisave Savings Account, individuals will also hold a separate joint profile and Customer number identical for both parties.
How do I identify my Easisave Fixed Term Deposit?
Each Easisave Fixed Term Deposit is identified by its respective reference number which is generated upon opening of the Fixed Term Deposit.
What is IBAN?
IBAN stands for International Bank Account Number and is a number attached to all accounts in the EU countries plus Norway, Switzerland, Liechtenstein and Iceland. The number comprises a maximum of 34 alphanumerical characters. All accounts in EU countries would have an IBAN and this is usually displayed on your paper bank statement. Easisave will also provide you with an IBAN for your Easisave Savings Account. The IBAN facilitates automatic processing of payments.
What is a Reference Account?
In case of one person holding an Individual Easisave Savings Account, the Reference Account is an individual account in his/her name (not a joint account and/or business account) with another Eligible Institution, which we link to the Individual Easisave Savings Account. On the other hand, in case of a Joint Easisave Savings Account, the Reference Account is a joint account held in the name of the same two natural persons (not a single account and/or business account) with an Eligible Institution, which we link to the Joint Easisave Savings Account. This means that each Easisave Savings Account is linked to exactly one Reference Account. When you withdraw funds from your Easisave Savings Account, your money will always be returned to your Reference Account.
Why does a Fixed Term Deposit not require a Reference Account?
A Fixed Term Deposit can only be opened by existing Easisave customers. In order to open an Easisave Fixed Term Deposit, the client must log into his online account and select which of his Easisave Savings Accounts he will transfer money out of and into a fixed term deposit. The Easisave Savings Account selected will be the same account where the principal amount (on maturity) and interest (on a quarterly, annual or maturity basis per client's selection) will be transferred to.
What is a Customer number?
This is the unique number we give you when you apply to open your first Individual or Joint Easisave Savings Account, which identifies your Easisave customer profile. This is different from your User ID.
What is a User ID?
This is the unique eight digit number, which we give you when you apply to open your first Individual or Joint Easisave Savings Account with us. You require this in order to gain access to your Online Account. This is different from your Customer number.
What is a password?
The secret word or expression you choose that must be used together with your User ID in order to gain access to your Online Account. When you receive the temporary access code, you will be required to change it to gain first time access. Follow the onscreen instruction to set the password. We enforce the use of strong password and it is your responsibility to ensure that security details relating to your online account are kept safe. The Easisave Helpdesk will never e-mail passwords and will never ask for your security details including password.
Are Easisave accounts covered by the Depositor Compensation Scheme?
Easisave is an online savings platform developed by FIMBank p.l.c. which is a participant of the Malta Depositor Compensation Scheme established under the Depositor Compensation Scheme Regulations, 2015 (‘the Regulations’). In case a bank participating in the Scheme is unable to meet its obligations towards depositors or has otherwise suspended payment, the Scheme pays compensation to depositors up to a maximum amount established by law (currently set at a maximum of EUR100,000 or equivalent).For further information please download the Depositor Compensation Scheme or visit www.compensationschemes.org.mt.
How can Easisave pay such competitive interest rates on savings?
Easisave adopts a branchless banking strategy which allows the delivery of a secure online savings facility available 24/7 without relying on bank branches. Easisave is a no frills online savings solution with one helpdesk located at the Bank’s headquarters in Malta. The benefit of operating with such low overheads allows the Bank to pass the benefit of a superior interest rate to its account holders.
When is the interest paid?
Interest on an Easisave Savings Account is calculated daily and paid on a yearly basis every 31st December. When an Easisave Savings Account is closed, the interest paid is the accrued amount up to the day of the closure of the account.
Interest on an Easisave Fixed Term Deposit is paid quarterly, annually or on maturity as may be applicable.
Is the interest rate fixed or variable?
The interest rate on the Easisave Savings Account is variable and may be increased or decreased at our discretion.
The interest rate on the Easisave Fixed Term Deposit will be fixed for the term which you have placed your deposit for but rates may be changed at our discretion. Interest will be automatically transferred into your Easisave Savings Account quarterly, annually or on maturity depending on the option chosen during the fixed term deposit account opening.
Are there any charges, fees or account management fees to open or hold an Easisave Savings Account?
Easisave is completely free of charge. There are no hidden fees or charges. The reference bank usually applies a tariff for remittance of funds to your Easisave Savings Account. It may also charge a fee when funds are withdrawn and returned to your Reference Account. Please refer to the tariff of charges of your reference bank.
Are there any charges, fees or account management fees to open or hold an Easisave Fixed Term Deposit?
Opening and holding a Fixed Term Deposit until maturity is completely free from any charges or fees.
How can I deposit money into my Easisave Savings Account?
You may transfer funds from your reference bank via their internet banking solutions. Alternatively you may call at any branch of your reference bank and request them to affect a transfer to your Easisave Savings Account. In order to minimise transfer cost we suggest you request a SEPA transfer via SWIFT. Easisave is not able to accept cash deposits.
Important: To transfer funds you require FIMBank p.l.c’s BIC Code which is FIMBMTM3 and your Easisave IBAN account number which is displayed on the 'Instructions letter' and screen during the account opening process.
How can I place money into my Easisave Fixed Term Deposit?
Once logged onto your online account, you must click on the ‘Open Fixed Term Deposit’ option and proceed with the online instructions which comprise (i) selecting an existing Easisave Savings Account from where funds will be transferred, (ii) keying-in the EUR/USD amount to deposit, (iii) selecting the term you want to fix your deposit for and (iv) agreeing to the Easisave Terms & Conditions and FIMBank's General Terms & Conditions.
Is there a minimum amount of money to be placed with Easisave?
To open an Easisave Savings Account, the initial deposit must be at least of €50/$50. To open an Easisave Fixed Term Deposit, the amount deposited must be at least €1000/1000.
How do I reduce costs when depositing into my Easisave Savings Account?
Easisave recommends the use of eurozone inter-bank transfers according to Single Euro Payments Area (SEPA) and the Payment Services Directive. Your reference bank may apply a charge based on their tariff for remittance of funds or when funds are being returned to your Reference Accounts. Please refer to the relative tariff of charges of your reference bank.
How do I reduce costs when depositing into my Easisave Euro Savings Account?
For the Euro currency, Easisave recommends the use of eurozone inter-bank transfers according the Single Euro Payments Area (SEPA) and the Payments Services Directive. Your reference bank may apply a charge based on their tariff for remittance of funds or when funds are being returned to your Reference Account. Please refer to the relative tariff of charges of your reference bank.
What is the Payment Services Directive?
Payment Services Directive provides a simplified and fully harmonised set of rules with regard to the information requirements and the rights and obligations linked to the provision and use of payment services. Payment providers in a payment system must respect these standard rules including execution time.
How can I withdraw money from my Easisave Savings Account?
You may withdraw money online at any time from your Easisave Savings Account. Simply log on using your User ID and password and submit your instructions.
Can I withdraw money from my Easisave Fixed Term Deposit?
No, once your money is placed in an Easisave Fixed Term Deposit, the principal amount deposited will only be made available to you upon maturity.
Will I receive any periodical statements?
You will receive one statement per Easisave Savings Account every year during the month of January. Account holders may always view their Easisave Savings Account balances, transactions and Easisave Fixed Term Deposits online at any time.
What is the Easisave Helpdesk?
The Easisave Helpdesk is a team of bankers dedicated to assist potential and existing customers with Easisave information and technical support over the phone or via e-mail. The Easisave Helpdesk team is based in Malta and is available between 8.30am and 5.00pm CET on any Business Day. Should you have any queries please do not hesitate to contact us using the website contact form, our email firstname.lastname@example.org or telephone number [+356] 21322102.
What are our opening hours?
The opening hours are Monday to Friday between 8:30am and 5:00pm CET excluding public holidays and bank holidays for Malta. Our opening hours may change from time to time so please check our website regularly for any updates.
How long will it take to receive funds back to my reference account?
Payments out of the Easisave Savings Account will be effected via SEPA Credit Transfers (SCT) for the Euro Currency and via SWIFT for the USD currency. You will typically need to allow at least three Business Days from the date we receive your payment instruction to reach the Reference Account for both currencies.
Instructions for withdrawals after 3pm CET or on a day that is not a Business Day, will be deemed to have been received on the next Business Day.
What is the purpose of the TIN (Tax Identification Number)?
The request for a tax identification number (TIN) is a regulatory requirement of the European Union (EU). Under the EU Savings Directive, banks are required by law to report the TIN, as well as other relevant information on an annual basis to the appropriate national tax authority. Usually, EU countries use TINs to identify taxpayers in order to facilitate the administration of their national tax affairs. FIMBank recommends that you seek tax advice from a professional tax advisor if you have any questions about tax treatment.
How is my tax residence defined?
To determine where you should pay your taxes it is important to establish in which country you are tax resident. Usually a country will tax a resident of that country on his income from all sources, domestic or foreign. FIMBank recommends that you seek tax advice from a professional tax advisor if you have any questions about tax treatment.
Can FIMBank support me in paying my taxed due on the interest I earn?
FIMBank does not act as a tax agent and save in the case of Maltese tax residents who specifically request so, interest earned on any of our accounts is paid in gross. It is therefore the client’s responsibility to seek tax advice as to the declaration of interest earned and any other tax implications with the authorities according to his or her tax domicile and the applicable laws therein. FIMBank recommends that you seek tax advice from a professional tax advisor if you have any questions about tax treatment.