Best savings accounts in Cyprus

Checked on 28 September 2026. 9 savings accounts, term deposits and money market funds from 8 providers accept someone resident in Cyprus. The three highest rates:

• bunq, Easy Savings at 3.01%, instant access, no minimum, deposit guarantee: Netherlands, up to €100,000.
• Trading 212, Interest on cash (Trading 212 Markets Ltd) at 2.50%, instant access, no minimum, investor compensation: Cyprus ICF, up to €20,000, which is not a deposit guarantee.
• Revolut, Instant Access Savings at 2.50%, instant access, no minimum, deposit guarantee: Lithuania, up to €100,000.

5 of the 9 are covered by a national deposit guarantee scheme. The best rate you can withdraw at any time is 3.01% at bunq, and the best fixed term is 2.50% at BluOr Bank. Rates are variable unless the entry says the term is fixed.

What to know if you live in Cyprus

Deposits are covered up to €100,000 per depositor per credit institution, accrued interest included, by the scheme run by the Central Bank of Cyprus (Central Bank of Cyprus).

Interest is exempt from income tax altogether (art. 8(19), L.118(I)/2002). What applies instead is the Special Defence Contribution of 17% on interest, and only to someone who is both resident in Cyprus and domiciled there, with domicile deemed after seventeen of the last twenty years in the country. Where total annual income is €12,000 or less the effective rate on interest is 3% (L.117(I)/2002). A Cypriot bank withholds it; on interest from a bank abroad you pay it yourself.