Which companies can open an account?

The Business Current Account is available to all companies registered in Cyprus, including private companies, public companies and cooperatives, provided they are subscribers of the 1bank service.

What role must I have in the company to apply online?

If you are a corporate user connected to the company, you can request the account opening on its behalf, regardless of your access level.

Do all company directors need to be registered in 1bank?

Yes. All directors must be registered as corporate users so they can approve the online account opening request.

How are directors notified when an application is pending?

Each director receives a secure message and a notification informing them that their approval is required. They must then log in to 1bank and approve the request.

In which currencies can I open the account?

You can open the account in Euro, US Dollar, or Sterling. The company must already hold a business account in the same currency so that funds can be transferred into the Business Fixed Deposit Account.

What type of account must I use to fund the term deposit?

The funding account, from which money will be transferred to the Business Fixed-Term Deposit Account, must be a current account, sight account or savings account. Joint accounts or accounts belonging to third parties are not allowed.

How is the interest rate determined?

The fixed interest rate is set at the beginning of the deposit term (on the account opening date or renewal date) and remains unchanged until the maturity date.

How is interest credited on renewal or closure?

Interest is added to the balance of the funding account when the Business Fixed Deposit Account is renewed or closed.

Can the interest be transferred to another account?

Yes. At maturity, the interest can be transferred to another business account linked to the company. You can set this option digitally during account opening, or by contacting your Relationship Officer at least three days before maturity or renewal.

Who should I speak to regarding the management of my deposit?

Contact your Relationship Officer at least three days before the maturity or renewal date of your Business Fixed-Term Deposit Account.

Can I close the account before the maturity date?

Yes. Early closure is allowed, but an early repayment charge will apply.

Where can I find the current interest rates?

You can view all applicable interest rates on the Bank’s website .

Will the new account appear automatically in 1bank?

Yes. Once all directors approve the account electronically, it appears automatically in 1bank under the company profile.

How is the company informed when the account is opened?

A secure message and notification are sent to all directors as soon as the account is successfully opened.

Why might an account opening application be rejected?

An application may be rejected if: The company is not registered in Cyprus or does not have the legal form of a private company, public company or cooperative. The directors’ details do not match the information recorded in the Companies Registry.

Deposit Guarantee Scheme

Deposits with Bank of Cyprus Public Company Ltd are protected by the Deposit Guarantee and Resolution of Credit and Other Institutions Scheme. The protection limit is 100.000 euro per depositor per credit institution. More information is available here .

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Business Fixed-Term Deposit Account

No surprises. Choose the Business Fixed Deposit Account that provides stability and a guaranteed return

If your business values security and wants to avoid market fluctuations, the online Business Fixed-Term Deposit Account is the right choice. With a fixed interest rate and guaranteed return on your protected fixedterm business deposit, you place your funds for a specific deposit term and receive your initial capital plus the agreed interest at maturity. If your business does not require immediate liquidity, this is a safe and predictable option.

Account with one click
Set up a Business Fixed Deposit Account online quickly and easily through the 1bank service
Fully digital process
A fully online journey with no branch visit needed. Company directors review and approve the application digitally
Flexible transactions in 3 currencies
Manage your everyday business transactions in the currency that best suits your needs. Choose between Euro, US Dollar, or Sterling

More information

The Business Current Account is available to all companies registered in Cyprus, including private companies, public companies and cooperatives, provided they are subscribers of the 1bank service.
If you are a corporate user connected to the company, you can request the account opening on its behalf, regardless of your access level.
Yes. All directors must be registered as corporate users so they can approve the online account opening request.
Each director receives a secure message and a notification informing them that their approval is required. They must then log in to 1bank and approve the request.
You can open the account in Euro, US Dollar, or Sterling.
The company must already hold a business account in the same currency so that funds can be transferred into the Business Fixed Deposit Account.
The funding account, from which money will be transferred to the Business Fixed-Term Deposit Account, must be a current account, sight account or savings account. Joint accounts or accounts belonging to third parties are not allowed.
The fixed interest rate is set at the beginning of the deposit term (on the account opening date or renewal date) and remains unchanged until the maturity date.
Interest is added to the balance of the funding account when the Business Fixed Deposit Account is renewed or closed.
Yes. At maturity, the interest can be transferred to another business account linked to the company. You can set this option digitally during account opening, or by contacting your Relationship Officer at least three days before maturity or renewal.
Contact your Relationship Officer at least three days before the maturity or renewal date of your Business Fixed-Term Deposit Account.
Yes. Early closure is allowed, but an early repayment charge will apply.
You can view all applicable interest rates on the Bank’s website.
Yes. Once all directors approve the account electronically, it appears automatically in 1bank under the company profile.
A secure message and notification are sent to all directors as soon as the account is successfully opened.
An application may be rejected if:
- The company is not registered in Cyprus or does not have the legal form of a private company, public company or cooperative.
- The directors’ details do not match the information recorded in the Companies Registry.
Deposits with Bank of Cyprus Public Company Ltd are protected by the Deposit Guarantee and Resolution of Credit and Other Institutions Scheme. The protection limit is 100.000 euro per depositor per credit institution. More information is available here.
- Business Fixed-Term Deposit Account Terms & Conditions
- Payment Services (PSD2) Guidelines
- 1bank Terms & Conditions
- eFX Convert Terms & Conditions
- Fees Information Document