PickTheBank Platform Review 2026

The demand for high-yield savings in Europe has grown considerably. Traditional banks continue to offer relatively low interest rates, pushing savers to look beyond their usual institutions.

PickTheBank has positioned itself not as a bank, but as a platform that evolved from a savings comparison engine into a full-service deposit application and portfolio management provider. By partnering with Lidion Bank of Malta — an EU-licensed institution with passporting rights across the European Union — PickTheBank makes competitive deposit rates directly accessible to retail clients in multiple countries.

PickTheBank facilitates fixed-term deposits through its partner bank. These are straightforward time deposits with guaranteed returns.

Currencies: EUR, USD, GBP. Rates: up to 2.55% EUR, 3.8% USD, 3.35% GBP. Terms: 3 months to 5 years. Interest payout: at maturity or annually depending on the product. Early termination: not permitted, though a wide range of maturities is available. No withholding tax in Malta — interest paid in full. Available to EU residents under banking passport rules.

Deposits are held with Lidion Bank and covered by the Maltese Depositor Compensation Scheme up to €100,000 per depositor per bank. We verified Lidion Bank's participation in the scheme through the Malta Financial Services Authority (MFSA) register.

Lidion Bank is a fully licensed financial institution supervised by the MFSA. The partnership between PickTheBank and Lidion Bank has been publicly confirmed via a press release on Lidion Bank's website.

Importantly, funds are transferred directly to the deposit bank — not through PickTheBank — which adds an extra layer of security. According to the platform's terms, PickTheBank acts as a service partner facilitating the information exchange, while the client signs the deposit agreement directly with the bank.

Account opening is entirely online and takes roughly 5 minutes with documents at hand. The process includes a standard questionnaire, identity verification (passport or ID card plus proof of address), and confirmation via one-time SMS code.

Deposit applications are approved within several working hours, after which pay-in details are provided. Funding is via SEPA transfer (EUR) or international wire (USD, GBP) — no card payments or alternative methods are accepted.

The platform features a multilingual interface with responsive live chat and email support. Phone support is quick but only available in English.

Application validity: 30 days after approval, with the rate locked in. During the term: balance and accrued interest visible in the account. At maturity: principal and interest are paid out to your reference account. Renewal: not automatic — PickTheBank sends a renewal offer approximately one week before maturity.

Savers seeking higher returns than local banks offer. Those looking for currency diversification across EUR, USD, and GBP. Individuals wanting an additional EU bank for deposit guarantee diversification. Clients who value transparent online processes and personalised support.

PickTheBank delivers a solid proposition for European savers dissatisfied with low local rates. USD rates (up to 3.8%) and GBP rates (up to 3.35%) are among the highest offered by EU-regulated banks, while EUR rates remain competitive and above most traditional banks.

For anyone looking to optimise their savings portfolio — especially across multiple currencies — PickTheBank is a platform worth serious consideration. More options and greater competition in the savings market is always good news for depositors.