The term deposit linked to agricultural raw materials price indices has expired
Three years ago, taking into account the customers' need for alternative methods of saving and the prevailing low interest rates, Šiaulių Bankas offered its clients a term deposit with additional interest. This type of deposit is offered to clients who keep their savings in traditional deposit products but would like to try to participate in financial markets without risking their savings. The deposit was linked to financial assets - agricultural raw material price indices.
The additional interest on this deposit was linked to three indices - wheat price index S&P GSCI Wheat Index ER (SPGCWHP), corn price index S&P GSCI Corn Index ER (SPGCCNP), livestock price index S&P GSCI Livestock Index ER (SPGCLVP).
At the end of the term deposit, the depositors will be paid a fixed interest rate (annual interest rate of 0.5%), if the index values have reached the increase specified in the terms, the depositors would be paid additional interest.
This time deposit with additional interest is the second of three offers of this type. The first was linked to changes in the shares of oil companies Neste, Statoil and Shell and allowed depositors to earn 5 times higher interest.
The last term deposit linked to the change in the gold price will end in September this year.
In 2019, the deposit portfolio of Šiaulių Bankas Group increased by 11 per cent and exceeded EUR 2 billion at the end of the year.