Personal Banking is a segment of banking that focuses on providing financial services and products to individual consumers rather than businesses. It encompasses a wide range of services that cater to individuals’ everyday financial needs and long-term goals. Personal Banking, also called Retail Banking, is very important for managing your money. It includes many financial services offered by banks in Cyprus that are meant for individuals. Personal Banking helps you manage your cash, request an overdraft, and safely grow your money. Whether you need help with daily transactions, saving for future plans, or getting loans, personal banking in Cyprus gives you the tools and support to better understand personal finance. This support helps you reach your financial goals.
What defines Personal Banking?
Personal Banking offers essential financial services to help individuals manage their finances securely and efficiently. These include traditional services like bank accounts, Savings Accounts, Current Accounts and Personal Loans, as well as digital options such as mobile and internet banking. These services aim to give you an easy and accessible way to manage your money. They ensure you have the resources to reach your primary financial needs and goals. Whether you prefer the convenience of mobile banking or the safety of a Savings Account, Personal Banking is here to support your financial needs.
How does Personal Banking work in Cyprus?
In Cyprus, Personal Banking works similar to other European countries. You will find many banks in Cyprus that offer different accounts and services to meet various needs. These banks give you a safe place to deposit money, earn interest on your savings, and get loans when necessary.
One important part of personal banking is the interest rates on savings and loans. Knowing how these rates function can help you decide where to put your money and how much you will repay when you borrow. It is also essential to understand the fees for banking services, like ATM withdrawals, international transactions, and account maintenance fees.
Having these in mind, you can compare different banking options and choose what best aligns with your financial goals. Building a good relationship with your bank can improve your banking experience and provide you with personalized support for your financial journey.
How do banks in Cyprus calculate rates for Personal Banking products and services?
Banks in Cyprus determine interest rates for personal banking products based on several economic factors. One significant factor is the European Central Bank’s base rate, which influences banks’ overall cost of borrowing. Furthermore, banks assess their risk and operating costs to determine the specific interest rate for each banking product.
It’s important to note that these interest rates can vary between banks and are subject to change based on market conditions. Staying informed about the prevailing interest rate trends will help you make informed decisions regarding your personal finances. Remember to compare the rates offered by different banks before choosing a product, to ensure you’re getting the most favourable terms.
What is a Personal Banking Statement?
A Personal Bank Statement is a document you get from your bank that shows a detailed view of what happens in your account over a set time. You can find it either printed by requesting it from your bank (fees may apply) or digitally through your bank’s banking application. The Bank Statement lists all transactions linked to your account number, including deposits, withdrawals, debits, and fees. Think of it as a diary for your money. You can use it to check your spending habits, ensure all transactions are correct and balance your records. Understanding your bank statement is important for better financial management.
What is a Personal Banker?
A Personal Banker is the person that helps you with your everyday banking needs. Their job includes assisting you in opening and managing your accounts, processing transactions, and answering any questions or concerns you may have. They are trained to help you understand different banking products and assist new customers. For example, they can explain the details of a Savings Account or help you find the loan that best suits your needs.
What types of Personal Bank Accounts can be opened in Cyprus?
In Cyprus, many Personal Bank Accounts meet different financial needs and usually they include:
- Current Account: for your every day needs.
- Savings Account: for saving for a rainy day.
- Children Savings Account: for building your children’s’ future.
- Fixed Term Deposit Account: for savings while earning interest.
What types of Personal Bank Accounts can you open at Ancoria Bank?
Ancoria Bank offers a wide range of products and services for individuals to cover their everyday needs as well as their long term goals.
1. Current Account
A Current Account gives you instant access to your money and helps you manage your everyday finances. At Ancoria Bank it comes with features such as:
- Debit Card: With your myPersonal (for individuals) and myFirst (for students) Debit Card you can make payments and withdraw money from ATMs.
- Overdraft: This type of facility is optional and lets you take out more money than you have in your account.
- Chequebook: If you are the type of person that uses a chequebook, you can request one, once you open your account.
2. Savings Account
As the name suggests, a General Savings Account encourages you to save for the future and achieve your financial goals. Whatever your savings goal is, a Savings Account might fit your needs and help you set some money aside. Usually, you can add money to your Savings Account any time you want through a banking application.
| Feature | Description |
| Minimum Deposit | The initial amount required to open the Savings Account. |
| Interest Rate | Determines how much interest you earn on your savings. |
A Children’s Savings Account is a great way to teach kids about saving and being responsible with money. Help your children to start building a stable financial future with a Savings Account.
3. Fixed Term Deposit Account
A Fixed Term Deposit Account is a good choice for people who want better returns on their savings with a fixed interest rate. Basically, you put in a certain amount of money for a set time, which can be months or years. In return for keeping your money there for that time, you will get an interest rate. Remember, if you take out your money before the end date, you usually have to pay an early withdrawal penalty fee. Fixed Term Deposit Accounts are safe investments that give you steady returns. You can open your Fixed Term Deposit Account by visiting one of Ancoria Bank’s Banking Centres in Nicosia, Limassol and Larnaca. Moreover, for a full digital experience, open your Fixed Term Deposit Account through the myAncoria app.
Deposits at Ancoria Bank are protected by the Deposit Guarantee and Resolution of Credit and Other Institutions Scheme. More information here.
How do you open a Personal Bank Account in Cyprus?
Depending on the type of Personal Bank Account you want to open, you will need to provide the bank with specific documents. These include a valid passport or ID card, proof of your address, utility bill, and proof of income. Some banks might ask for more documents based on the account type you want to open. It’s a good idea to look around and compare fees, interest rates, and services from different banks. This will help you find the best fit for your needs. After you have all the documents, you can go to the bank in person or sometimes apply online.
Have in mind that the application to open an account is subject to the approval of the Bank.
What fees apply to opening a Personal Bank account in Cyprus?
When you open a personal banking account in Cyprus, you must know the fees. Some banks may let you open an account for free. However, other banks might charge a one-time setup fee. This fee can change based on the bank and the account type, so it’s wise to ask about it before you decide. In addition to this, there could be ongoing fees for keeping the account active, such as monthly maintenance fees, which cover the regular upkeep of the account, and transaction fees for specific services like ATM withdrawals or international money transfers. Understanding how fees work for your account is important before you decide to open one.
What fees does Ancoria Bank charge to open a Personal Bank Account?
| Account Type | Amount Banking Centre | Amount myAncoria | Description |
| Current Account | €25 | €0 | Once off fee per account, payable upon account opening |
| Savings Account | €0 | Not applicable | |
| Children’s Savings Account | €0 | Not applicable | |
| Fixed Term Deposit Account | €0 | €0 |
For more information you can visit our Table of Commissions and Charges.
Is a minimum deposit required to open a Personal Account in Cyprus?
Some banks in Cyprus require a minimum deposit when you open a Personal Account. The amount can vary depending on the bank and the type of account you are interested in. Usually, you will have to make an initial deposit in order to open a Savings Account or a Fixed Term Deposit Account.
Does Ancoria Bank require a minimum deposit to open a Personal Account?
Depending of the type of Personal Account you want to open, a minimum deposit amount may be requested. In the table below, you will find Ancoria Bank’s minimum deposit amounts for specific Personal Accounts that are available:
| Account Type | Minimum Amount |
| Current Account | €0 |
| General Savings Account | €0 |
| Children Savings Account | €50 |
| Fixed Term Deposit Account | €500 |
What currencies do Personal Bank Accounts support in Cyprus?
| Currency | Symbol | Availability |
| Euro | € | Widely accepted |
| British pound | £ | Available at most banks |
| US dollar | $ | Commonly available |
| Other currencies | Varies | Check with specific banks |
While most ATMs in Cyprus dispense euros, you can usually withdraw other currencies at select ATMs, particularly in tourist areas. However, it is essential to know the potential fees associated with foreign currency transactions.
Which currencies does Ancoria Bank support for Personal Bank Accounts?
At Ancoria Bank you can open your Current Account in one of the following currencies: Euro (EUR), British Pounds (GBP), US Dollar (USD), Swedish Krona (SEK), Japanese Yen (JPY), Swiss Franc (CHF) and Polish Zloty (PLN). If you want to open your Current Account in any other currency, except Euro, you will need to provide the documentation the bank will request. Have in mind that the application to open an account in these currencies is subject to the approval of the Bank.
For more information, please contact us.
What Types of Personal Loans are available in Cyprus?
Generally, with a Personal Loan you borrow a specific amount of money from the bank and you repay it over a set time period. Personal Loans in Cyprus allow people to manage their finances. These loans help with different needs, such as education, buying a car, home improvements, and unexpected costs. There are various types of loans, each designed for particular needs and financial situations. Personal Loans can give you the flexibility you need in your finances and managing your expenses. However, responsible borrowing is important in order to maintain financial stability and creating a reasonable repayment plan.
What types of Personal Loans are available at Ancoria Bank?
1. Personal Loans
Personal Loans are suitable for covering your financial needs. It’s important to check your budget to find the Personal Loan and repayment terms that work for you. Look into different lenders to find out more about any origination fees or charges you might have when getting the loan.
Personal Loan
A Personal Loan can meet many different needs for individuals and fit different money situations. These loans are a flexible way to get money. You can use them to pay off debt, plan a vacation, or handle sudden costs. You can select between secured and unsecured personal loans, with each type having its own rules and requirements.
Student Loan
A Student Loan is a type of Personal Loan used to help students pay for their education. These loan usually have a lower interest rate than other personal loan options, making them easier for students to manage. The amount you can borrow depends on your course, school, and financial need.
Full Cash Collateral Loan
A Full Cash Collateral Loan is a specialized type of secured loan where the borrower must deposit a sum equal to the loan amount as collateral. This ensures the lender can recover the loan amount in any case, making it a safe option for lenders. These loans are often used by individuals who may not qualify for other types of loans due to credit issues or by those seeking lower interest rates.
New Car Loan
Buying a new car is exciting but can also be tricky trying to find the right way to pay for it. New Car Loans can make this easier by giving you a clear plan to repay the money.
Used Car Loan
Many people choose to buy a used car because it is usually cheaper. Used Car Loans offer special finance options for these vehicles.
With many options available, selecting the right car loan depends on your needs and lifestyle. At Ancoria Bank we can help you find a suitable solution to finance your dream car.
2. Housing Loans
Navigating home financing can be challenging. However, learning about different Housing Loan options can make it easier. Housing Loans are essential for those who are looking to buy, build or renovate a property. There are a lot of options available concerning Housing Loans and understanding their characteristics and what each one offers is important in making the right decision that suit your needs best.
First Residence Loan
A First Residence Loan is made just for people who want to buy their first home. This loan gives you the money needed to buy your primary residence. It is a big financial step and often comes with a long-term loan you will repay over many years.
Transfer your Housing Loan
Transferring your home loan to a new lender can be a wise financial decision. Refinancing can help you get better loan terms, like lower interest rates or smaller monthly payments. Ancoria Bank’s Transfer your Housing Loan offers attractive rates and our professional staff can help you with the transition.
Holiday Home Loan
There is no better place to relax and unwind than your very own holiday home whether you prefer the mountains or the seaside. A Holiday Home Loan can provide you with the necessary funding so that you can make your dream haven come true.
Investment Home Loan
An Investment Home Loan is used to buy a property, which is not your first residence. Purchasing property can be a great means of investment, especially if you’re planning on renting it out for some extra income.
3. Eco Loans
People are getting more conscious about the environment and many seek solutions that are respectful towards the natural world. This includes their money choices. Eco Loans meet this demand by offering money for eco-friendly projects and purchases. These loans usually have good interest rates and flexible terms, which makes it easier for people to live sustainably while keeping their finances healthy.
Eco Home Improvement Loan
An Eco Home Improvement Loan helps homeowners make eco-friendly updates. This type of loan lets you use energy-saving solutions to improve the sustainability of your home.
Eco Electric Car Loan
The car industry is moving toward more sustainable transport. Electric cars are becoming a better choice for the environment. Ancoria Bank’s Eco Electric Car Loan help you afford these cars.
Eco Hybrid Car Loan
Hybrid cars offer good fuel economy and lower emissions. Eco Hybrid Car Loan provides special financing options to help people buy these eco-friendly vehicles.
4. Digital Loans
In today’s modern world, digital lending makes borrowing easier and more convenient. You can manage these loans entirely online, so there’s no need to visit a bank or fill out forms by hand. Ancoria Bank’s Digital Loans are a fast and easy way to apply for an unsecured personal loan or an overdraft. Just log in to the myAncoria app and choose myLo@n (personal loan) or myOverdr@ft (overdraft) according to your needs and payment preferences.
myLo@n
For those expenses that occur out of the blue, a myLo@n from Ancoria Bank can help you navigate any unexpected financial issues. Just log in to myAncoria from your personal computer or through the mobile app and start your fully digital application. You won’t have to come to any of our Banking Centres, for any step of the process.
myOverdr@ft
If you need an overdraft to manage your everyday expenses, applying for a myOverdr@ft Digital Loan might be the best solution for you. The application is fully digital and you don’t have to visit the Bank not even for signing the contracts, if your application is approved.
Loan Calculator
Use Ancoria Bank’s Loan Calculator estimate monthly payments based on different loan amounts, interest rates, and repayment terms. You can use the loan calculator anytime and without even being a customer. Simply choose the type of loan you are interested in (Housing, Personal, Eco, Car, Student and Digital Loans), follow the easy steps and fill in the required details. You will be able to find out your indicative monthly installment and whether you fulfill the basic criteria to receive the loan. If eligible, you can book an appointment for more information with one of Ancoria Bank’s Relationship Officers, which can be scheduled as a video or phone call.
View all loan rates here.
What is Online Personal Banking?
Online Personal Banking is a service provided by banks that allows customers to manage their financial transactions via the internet. This service offers a convenient way for users to access their bank accounts, perform transactions, and monitor their finances without needing to visit a bank branch.
Key features typically include:
- Account Management: Users can view balances, recent transactions, and account statements.
- Fund Transfers: Allows for transferring money between accounts within the same bank or to external accounts.
- Payments: Enables automatic or manual payments for utilities, credit cards, and other services making online payments easy.
- Loan Applications and Management: Users can apply for loans and track loan status.
- Security Features: Robust security measures such as encryption, two-factor authentication, and fraud detection systems to protect users’ data and transactions.
Overall, online Personal Banking brings significant convenience, accessibility and efficiency to managing personal finances.
Does Ancoria Bank offer online personal banking services?
Online Banking is made simple with myAncoria, Ancoria Bank’s web/mobile banking. Through myAncoria you will find everything you need to manage your finances with ease and from the comfort of your home. From applying for a Digital Loan or opening a Fixed Term Deposit Account, to setting and monitoring your monthly or yearly budget, you will find everything you need and more, including managing your card and making money transfers in seconds with SEPA Instant. Everything can be done through myAncoria, so you don’t have to visit one of our Banking Centers in Nicosia, Limassol or Larnaca.
What is Mobile Personal Banking?
Mobile banking takes convenience a step further. With specialised banking apps, you can now perform most banking functions directly from your smart device. But it goes beyond just basic transactions. Imagine receiving instant SMS alerts for account activity, depositing checks remotely with just a photo, or even managing your debit and credit cards on the go. That’s the power of mobile banking. Generally, mobile banking is when you use your mobile device to make financial transactions through an application.
| Feature | Description |
| Account Management | View balances, transaction history, set up alerts |
| Transfers | Send money to other accounts, domestically or internationally |
| Card Management | Lock/unlock cards, report lost/stolen cards, set spending limits |
Does Ancoria Bank offer a mobile app for Personal Banking?
Ancoria Bank takes mobile banking to the next level with its award-winning app myAncoria. Through the app for smartphones and tablets, you can open your first account with Ancoria Bank without visiting the bank at any step of the process* and manage your finances with ease anywhere and anytime. On the myAncoria app you can apply for a Digital Loan (myLo@n or myOverdr@ft) and open a Fixed Term Deposit Account without visiting a Banking Centre, not even for signing contracts in case of approval. Moreover, you can set your yearly or monthly budget, transfer money using fingerprint or face recognition, manage your card and view and download your account details.
* The Bank may request additional documentation and information for “Know Your Customer” (KYC) purposes. The application to open an account is subject to the approval of the Bank.
Before downloading the app please read the Terms and Conditions, Privacy Notice for Electronic Channels and the Privacy Notice relating to the Protection of your Personal Data.
What is Business Banking?
Business Banking offers specialised services to companies of all sizes that designed to meet the financial needs of businesses. Business Banking covers important areas like current accounts, business loans, trade services, fixed term deposit accounts among others, that help companies manage their finances better, find funding, and deal with the challenges of doing business locally and internationally.
How does Personal Banking differ from Business Banking in Cyprus?
The main difference between Personal Banking and Business Banking is the purpose. Personal Banking is for individuals, covering their money needs. Namely, you can use it to get your salary, pay bills and make purchases with your debit card. On the other hand, Business Banking is exclusively for businesses and helps managing finances. Usually, Business Banking offers special features and detailed statements to track business spending.
Can you use your Personal Bank Account for business purposes?
Using your Personal Bank Account for business transactions may seem easy, but it’s usually not a good idea. This can mix up your personal and business money, which can cause problems with keeping track of your finances, reporting your taxes, and even fulfilling your legal responsibilities. Consider opening a bank account just for your business to keep your money separate and protect your personal assets.
Loans are always granted in accordance with the conditions and procedures for granting personal loans of Ancoria Bank. Transparency is one of the basic principles of Ancoria Bank and part of its philosophy, which is why it pays particular attention to informing customers, both existing and potential, of their obligations, based on the legislation and the appropriate banking practice that it always follows.
| Warning: If you fail to meet your loan repayment plan, you may lose your home or other property. Warning: There are charges for early loan repayment (Find out more at the links: Commissions and Charges & Prepayment penalty for fixed rate loans). Warning: In case of variable interest rates, the instalment amount and total cost of the facility may increase or decrease depending on variations in the base rate.Disclaimer: Ancoria Bank Ltd may at its choice, reject an application/business relationship for legal, regulatory or other reasons and withdraw or amend any plan, at any time. The granting of credit facilities is subject to the granting of security acceptable to the Bank. In certain cases, the offer which Ancoria Bank Ltd may make, may differ, following an assessment of your personal financial and other circumstances. |
