Banks in Cyprus continued to offer lower returns on deposits than the eurozone average in September 2026, while households taking out new housing loans benefited from lower borrowing costs. Figures published by the Central Bank of Cyprus (CBC) also reveal significant differences between banks, particularly in interest rates on smaller business loans.
Deposit Rates Remain Below Eurozone Average
The average interest rate on new household term deposits with a maturity of up to one year stood at 1.62% in Cyprus, compared with 2.33% across the euro area. For non-financial corporations, the average was 1.70%, against 2.46% in the eurozone.
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Among the banks listed by the CBC, Ancoria Bank offered the highest rate on household deposits of up to one year, at 1.88%, followed by National Bank of Greece (Cyprus) at 1.83% and Eurobank at 1.70%. Alpha Bank Cyprus offered 1.60%, Cyprus Development Bank 1.57%, Societe Generale Bank Cyprus 1.52% and Bank of Cyprus 1.34%. The Housing Finance Corporation recorded the lowest rate, at 0.99%.
For corporate deposits, Alpha Bank Cyprus led with 1.98%, narrowly ahead of National Bank of Greece (Cyprus) at 1.96%. Eurobank offered 1.75%, followed by Cyprus Development Bank at 1.57% and Bank of Cyprus at 1.31%. The Housing Finance Corporation recorded 0.99%, while Societe Generale Bank Cyprus offered 0.90%.
Housing Loans Cost Less Than Eurozone Average
Households taking out new housing loans in Cyprus faced an average interest rate of 3.24% in September, below the eurozone average of 3.64%.
Alpha Bank Cyprus offered the lowest rate among the listed institutions, at 2.80%, followed by Eurobank at 3.21%. Ancoria Bank recorded 3.27% and Bank of Cyprus 3.37%, while the Housing Finance Corporation had the highest rate, at 3.55%.
Business Loan Rates Vary Across Banks
Interest rates on new business loans depended on the amount borrowed. For loans of up to €1 million, the average rate in Cyprus was 4.67%.
Alpha Bank Cyprus offered 4.28%, followed by Eurobank at 4.34% and National Bank of Greece (Cyprus) at 4.40%. Bank of Cyprus recorded 4.86%, while Societe Generale Bank Cyprus charged 5.70%. The highest rates in this category were reported by Banque SBA at 7.46% and Cyprus Development Bank at 7.90%.
For loans exceeding €1 million, the average rate was lower, at 4.15%. Alpha Bank Cyprus recorded the lowest rate, at 3.81%, followed by Bank of Cyprus at 4.22%, Eurobank at 4.42%, Ancoria Bank at 4.44% and National Bank of Greece (Cyprus) at 4.59%.
The figures highlight considerable differences in borrowing costs between lenders, particularly for smaller businesses. Actual rates offered to borrowers may also depend on individual loan characteristics.
Data Cover New Deposits And Loans
The CBC figures relate to new deposit and lending business conducted in September 2026. They do not cover the outstanding stock of existing deposits and loans, which may carry different interest rates.
