Evocabank has introduced a savings account that allows customers to earn income on funds kept in the account while retaining access to their money. According to the bank, the product offers annual yields of up to 5.09%.
The savings account can be opened in ՀՀ դրամ, U.S. dollars or euros. The bank says account opening and maintenance are free of charge, while there is no minimum amount for opening or funding the account and no mandatory saving term.
Evocabank says interest is calculated daily on the positive account balance. If the end-of-day balance meets the minimum threshold set for the selected currency, interest is accrued for that day. Accumulated interest is credited to the account after the end of each quarter, on the 1st day of the following month.
If the funds are needed, the customer can transfer them to another account held with Evocabank and use them. The bank also says there is no minimum transaction amount, and the account can be funded at any time from another account at Evocabank.
Evocabank notes that under the RA law on guaranteeing compensation of bank deposits of individuals, funds held in a savings account are treated as a bank deposit. In cases предусмотренных законом, guaranteed deposits are compensated by the Deposit Guarantee Fund within the applicable limits.
