Compare Fixed Deposits in Greece

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What is a fixed deposit in Greece?

A fixed-term deposit (προθεσμιακή κατάθεση) is a bank account where you lock a sum for an agreed period — from one month to several years — in return for a guaranteed interest rate that is usually higher than an easy-access savings account. In exchange for the better rate, you commit not to withdraw before maturity, or you accept a penalty if you do. It suits money you will not need in the short term.

How the Greek market works

Fixed deposits are a traditional Greek savings staple. As euro interest rates rose, banks began offering more attractive term rates to lock in deposits, with headline offers often tied to longer terms or larger balances. All four systemic banks — National Bank of Greece, Alpha Bank, Piraeus Bank and Eurobank — plus Optima Bank and Attica Bank compete on rate, term length and the flexibility of early withdrawal. Rates and conditions vary widely, so shopping around materially affects returns.

Benefits

Guaranteed return — the interest rate is fixed at the outset, so you know exactly what you will earn.

Higher rates than easy access — locking money in typically pays more than an instant-access account.

Discipline — the term commitment discourages dipping into savings earmarked for a goal.

Deposit protection — balances are guaranteed up to €100,000 by the Greek scheme.

Rate laddering — splitting money across several maturities balances higher long-term rates with periodic access.

How to choose

Match the term to when you will need the money, since early withdrawal usually forfeits interest. Compare the annual rate across banks and terms, and check whether the rate is fixed for the whole period. Note any minimum deposit, whether interest is paid at maturity or periodically, and the early-exit penalty. Remember interest is subject to Greek withholding tax. Laddering deposits across several maturities keeps some money accessible while capturing longer-term rates.

Leading providers in Greece

National Bank of Greece, Alpha Bank, Piraeus Bank and Eurobank offer the reassurance of the four systemic banks with a range of terms. Optima Bank and Attica Bank frequently post competitive rates as they compete for deposits. The best choice depends on the rate for your chosen term and your preferred bank relationship.

What it costs

Opening a fixed deposit is free; you commit capital rather than pay a fee. The figure that matters is the interest rate earned, less Greek withholding tax on the interest. The main cost risk is an early-withdrawal penalty if you break the term before maturity, which can wipe out much of the interest. Longer terms and larger balances tend to unlock the best advertised rates, but always weigh the early-withdrawal penalty against the chance you may need the money before maturity.

Protections and regulation

Deposit-taking banks are supervised by the Bank of Greece and the ECB. Fixed deposits are covered by the Hellenic Deposit and Investment Guarantee Fund (TEKE) up to €100,000 per depositor, per bank — so keeping large sums within the limit per institution preserves full protection. Interest is taxed under Greek rules.

Common questions

Can I withdraw early? Usually yes, but you typically lose some or all of the accrued interest as a penalty. Is the rate fixed? For a standard προθεσμιακή the rate is fixed for the term you choose. Are deposits protected? Yes, up to €100,000 per bank under TEKE. Which term is best? Longer terms often pay more but reduce flexibility; laddering balances both. Is interest paid monthly or at maturity? It depends on the product — some pay periodically, others only at the end of the term.

Fixed-Rate Deposits in Greece — FAQ