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While the large universal banks in Bulgaria offer almost zero interest rates on savings, the average interest rate on deposits at digital bank Vigbank exceeds 2.30%. The Estonia-based financial institution has been operating in Bulgaria for five years without a single physical branch. The lowest interest rate offered by it is 1.8% for a one-month period, with rates reaching up to 2.5%. As a result, the bank uses these funds to finance all its lending activities, in order to generate income. The bank operates through cross-border licenses in highly competitive markets such as Germany and the Netherlands, where it competes with dozens of local and foreign banks. Its deposit portfolio in euros amounts to over 3 billion, two-thirds of which is distributed almost equally between these two Western European countries.

 

 

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