Frequently Asked Questions

FAQs

1What is PostaPay&Save?

PostaPay&Save is a basic payment account that facilitates payments by means of a MasterCard International Debit Card (PostaPay Card) or passbook, and allows you to safely and easily budget your finances. You can have your salary/allowance credited directly into your account. You can also deposit cheques or cash into the account, pay bills or withdraw money as necessary, while earning interest on the balance.

Funds may be received from or transferred to another PostaPay&Save Payment Account free of any charges. With PostaPay&Save you may also buy stamps, merchandise and services from your local Post Office without the need for cash.

The PostaPay Card can be used worldwide for cash withdrawals on any ATM displaying the MasterCard logo and at retail outlets displaying the MasterCard logo. It can also be used for purchases over the internet.

PostaPay&Save is a product of Lombard Bank Malta plc. and is being offered through MaltaPost outlets and Lombard Bank Branches. The purchase of additional services is not required in order to open a PostaPay&Save Payment Account.

2What is the PostaPay Card?
The PostaPay Card is a MasterCard International Debit Card that is issued on opening of a PostaPay&Save account. The card can be used at retail outlets displaying the MasterCard logo both locally and overseas, as well as from online merchants. Cash withdrawals can be made worldwide from any ATM displaying the MasterCard logo. The card is issued by Lombard Bank Malta plc.
3What is the passbook?
Upon request a passbook may be issued on opening of a PostaPay&Save account. This will be used to record transactions effected through the account, allowing you to immediately track and monitor the flow of funds. It is important that if a passbook is held this is always presented when visiting MaltaPost outlets for effecting transactions on the account.
4Who is eligible to open a PostaPay&Save Payment Account?

Any individual, who is over 16 years of age, resident in the EU and does not hold a similar account with any other bank in Malta, may open a PostaPay&Save Payment Account in single or joint name. The account can also be opened in the name of an association, club etc. but cannot be used for commercial or business purpose.

You may only hold one PostaPay&Save Payment Account, irrespective of whether the account is held in single or joint name.

5Can a PostaPay&Save Payment Account be held by an association or club?
This service is ideal for associations and clubs. The payment account may be used to deposit fees and to pay bills and other expenses that the association / club will need to settle.
6How can I apply for the service?
Visit any MaltaPost Post Office or Lombard Bank Branch and complete the application form. Valid identification and other documents will be required.
7What documents do I need to open a PostaPay&Save Payment Account?

At time of application you will need to present the following documentation:-

  • Maltese nationals would need to present a valid Maltese ID card, Driving Licence or Passport.
  • Non Maltese Nationals would need a valid Maltese residence document OR any other valid identification document recognised under Maltese law which confirms legal residency in the European Union.
  • If the above Identity Document does not have your correct residence address, than a government- issued document or copy of a recent utility bill or rental agreement or similar, in your name containing the permanent residential address must be presented. In cases of no fixed address other documents will be requested as required.
  • Documentation to verify your expected deposits e.g. documents relating to your income and/or employment details

If you are opening an account on behalf of an Association, Club or Society you should present the following documents:-

  • The Tax Identification Number (TIN);
  • A letter listing the persons appointed to run the entity showing the names, designations, signatures and ID cards of each individual;
  • A letter stating that the entity has agreed to open a PostaPay&Save Payment Account, and signed by all persons mentioned above;
  • A list with the names and corresponding valid ID card numbers of the individuals appointed to operate the account;
  • A copy of the entity's Statute, Rules & Regulations or similar.
8Are there any charges for this account?
The account is free of any charges, but some PostaPay&Save Payment Account related charges apply. Details can be found in the Fee Information Document.
9May I transfer funds to other PostaPay&Save Payment Accounts?
You may transfer funds to and receive funds from another payment account - all with immediate effect and without any charges.
10Can I use the account to pay bills at the Post Office?
Yes you may pay bills, such as those relating to water and electricity, fixed telephone lines, internet and TV and also purchase postal items from MaltaPost Post Offices.
11Do I receive interest on the balance in my account?
Interest on the balance held on the account is paid every end of March, June, September, and December. The rate currently payable is 0.1% per annum.
12May I use this account to deposit cheques issued by the Central Bank of Malta?
Yes you may use this account to deposit Central Bank of Malta cheques and any other local cheques.
13What should I do if my PostaPay Card or passbook is lost or stolen?
In the case of the PostaPay Card Lombard Bank must be notified immediately on the 24 hour Lost and Stolen card helpline: +356 2558 1789. In the case of a lost or stolen passbook, notice in writing must be given to MaltaPost at any one of its Post Offices or to Lombard Bank at 82, St. Sebastian Street, Qormi.

In case of difficulty MaltaPost or Lombard Bank staff are available to offer assistance.