Advertising on bank deposits

Credit institutions broadcast advertising messages on bank deposits in an audio-visual, oral or written form, through different media, such as television, radio, the internet or e-mails sent to customers.

Advertising of bank deposits must comply with general principles applicable to the advertising of financial products and services and rules specific to those products.

 

General principles applicable to the advertising of financial products and services

Advertising of financial products and services should be:

  • Transparent – the omission of information necessary for the correct evaluation of the highlighted characteristics of financial products and services is not allowed. This information may include, in particular, the conditions of access to the products and services advertised (for example, loyalty for a minimum period), or restrictions and limitations (for example, limits on the amount that customers can apply in a deposit);

  • Balanced – information on conditions of access, restrictions or other limitations, considered necessary in each case, so that bank customers can correctly evaluate the characteristics that credit institutions highlight in advertising, should have a prominence similar to that of the characteristics;

  • Identifiable – the identity of the credit institution responsible for the financial products or services advertised must be unambiguous;

  • True – the information presented by credit institutions in advertising their financial products or services should respect the truth and not misrepresent the facts.

 

Specific rules for the advertising of deposits

Advertising that announces an interest rate associated with a deposit should indicate, with similar prominence to the highlighted features of the deposit:

  • the gross annual nominal interest rate, in the case of a deposit with a single fixed interest rate;

  • the average gross annual nominal annual interest rate, when more than one fixed interest rate occurs throughout the deposit;

  • the reference rate and spread(s), in the case of variable interest rates;

  • the term of the deposit, when it is less than one year;

  • the existence of a penalty in case of early withdrawal of the deposit.

Where the maximum period of the deposit, including any renewals, is greater than one year, advertising shall refrain from highlighting or mentioning in the name of the deposit any rate of return accumulated during that period.

Advertising must refrain from referring to an effective interest rate on a deposit that does not allow the capitalisation of interest for the entire period of the deposit.

The designation of a deposit may not contain an interest rate that is not guaranteed and applies to the whole of the deposit.