These are the interest rates each bank in Cyprus offers

April 14, 2025

All credit institutions in Cyprus reduced mortgage interest rates in February, while most also cut time deposit rates to a lesser extent, according to comparative data published by the Central Bank on Thursday.

Despite the reductions, lending rates to households and businesses remain significantly higher than eurozone averages, while deposit rates are considerably lower.

The lowest mortgage interest rate for home purchases with a duration exceeding five years was offered by Societe Generale at 3.28%, down from 3.32% in January, the data showed.

The Housing Finance Corporation followed with a rate of 3.31%, reduced from 3.32%, while Ancoria Bank offered 3.57%, National Bank and Cyprus Development Bank both 3.65%, Hellenic Bank 3.90%, Alpha Bank 4.01%, Astrobank 4.10%, Eurobank 4.25% and Bank of Cyprus 4.54%.

The average mortgage rate across all institutions stands at 4.17%, compared to 2.43% in the eurozone.

For time deposits up to two years for households, Arab Jordan Investment Bank offers the highest average annual interest rate at 2.71%, followed by National Bank at 2.38%, Banque SBA at 2.25% and Jordan Kuwait Bank at 2.21%.

The average deposit rate across all institutions is 1.11%, while the eurozone average is 2.44%.

Business loans with durations exceeding five years also saw reductions, with National Bank offering the lowest rate at 4.16%, followed by Hellenic Bank at 4.25%, Eurobank at 4.61% and Alpha Bank at 4.65%.

The average business loan rate across all institutions is 4.92%, compared to 3.25% in the eurozone, according to the Central Bank data.

For business time deposits up to two years, Societe Generale offers the highest rate at 2.29%, with the average across all institutions standing at 1.60%, significantly below the eurozone average of 2.76%.

(information from CNA)