Alexander Gromov, CEO of PickTheBank, is revolutionizing the European savings landscape by making high-yield deposits accessible across borders. With the recent launch of USD and GBP deposits offering rates up to 3.8% and 3.35% respectively, alongside existing euro options, PickTheBank is addressing the growing demand from EU savers seeking better returns and currency diversification. Founded in 2022 in Cyprus, the platform has evolved from a simple comparison service into a comprehensive deposit marketplace that bridges the gap between European banks and retail savers. In this exclusive interview, we explore how Gromov is transforming cross-border banking and making international savings simple, secure, and transparent for millions of European customers.
Q. PickTheBank has evolved significantly from its original 2022 launch as a comparison engine to now offering direct deposit services. What drove this transformation, and how did you identify the specific pain points that European savers were facing with traditional banking?
Alexander Gromov:
You’re right, PickTheBank was launched about three years ago. I was working in a bank at the time and was watching the ECB raise interest rates, and I tried to figure out what other banks were offering and where it would be best to keep my own money. I couldn’t find clear answers. That’s when we started building PickTheBank.
We launched three years ago with a rate comparison for bank products, assembling a large statistical database of interest rates across banks. Today, we also let clients submit deposit applications and manage deposits at partner banks through our savings platform.
Under the hood, PickTheBank is two things:
- A savings comparison engine that lets you check interest rates across the European Union and access unique insights into the savings and interest-rate market.
- A savings platform that enables onboarding with partner banks, opening deposits, and managing them in a single PickTheBank app
Q. What does the European savings market look like today?
Alexander Gromov: Very dynamic. The EU savings market is vibrant and totals about €10 trillion. Average bank savings per person (not counting investments) are around €30,000—higher in Western Europe, lower in Eastern Europe.
Roughly half of Europeans already place money at interest; the other half do not—though interest in rate-based decisions has grown sharply. After rate hikes, monthly flows into term deposits rose from €22 billion to over €170 billion, a more than 7× increase (ECB statistics).
At present, by our estimate, about 50% of European savings earn market rates. The other 50%—roughly €15,000 per person—sit in accounts that pay no interest. These balances are effectively “asleep,” with decisions driven more by inertia than by price. Recently, we’ve seen migration out of non-interest accounts toward rate-aware choices; by our estimate, about €2 trillion has shifted into interest-bearing accounts and term deposits. People are becoming more financially literate, comparing offers, and choosing better rates.
Q. You mentioned seeing “a surge in demand from savers looking for better saving products.” What specific market trends and customer feedback led to the decision to expand beyond euro deposits into these international currencies?
Alexander Gromov: Euro-nominated savings naturally dominate in the EU —and that’s where we began. But to our surprise, we found strong demand for savings in USD and GBP. We recently launched savings in dollars and pounds and discovered substantial demand, alongside a shortage of bank product supply in those currencies.
Many clients want currency diversification. Some are simply attracted by higher rates in USD. On our platform today, we can offer up to 3.8% in USD and 3.35% in GBP, while euro rates have been trending down and are currently up to ~2%. That naturally encourages savers to explore other currencies. Demand is particularly strong in countries outside the eurozone. Our clients value having access to multiple currencies and banks in one place.
Q. How integrated is the European financial market?
Alexander Gromov: Formally, the EU is a single market, but in practice, there are many barriers—language, local bank requirements, documentation. Many banks aren’t ready to work with clients from other EU countries (even though they can legally do so): you need localized support, websites, onboarding flows, apps, and a deep understanding of documents issued in other countries.
We remove these barriers. On our platform, a person in one EU country can open a deposit in a bank in another EU country in just a few clicks. Enabling that competition and convenience is our mission.
. The partnership with Malta-based Lidion Bank is central to your offering, with deposits protected under the Maltese Depositor Compensation Scheme up to €100,000. How do you ensure customers understand the security framework, and what criteria do you use when selecting banking partners?
Q. Let’s get back to your savings platform. How does the process work?
Alexander Gromov: Everything happens on our website or in the PickTheBank app. PickTheBank platform enables you to open and manage deposits in partner banks without leaving the platform.
- You can create a profile on PickTheBank, completing the KYC questionnaire and passing verification: you’ll have to make a selfie, capture your passport or ID card;
- When the profile creation is completed, you can apply for deposits directly on the PickTheBank platform;
- Following that, we’ll pass your application to the bank and wait for their approval;
- When the deposit is approved, PickTheBank will notify you and provide the pay-in details;
- Funds are transferred directly to the partner bank; PickTheBank never holds client money;
- Following that, you can check the deposit balance directly in PickTheBank app.
Q. Who is your typical client?
Alexander Gromov: First, I have to say it’s an honor to work with our clients. Many are experienced, financially competent people who have earned their capital. Broadly, we see two categories: experienced savers and newcomers.
- Experienced savers are financially sophisticated and make effective decisions. They understand banks, rates, risks, returns, and their rights.
- Newcomers often recently accumulated savings and are making their first deposits. They are changing their financial behavior—moving from 0% accounts to interest-bearing products. In some countries, available rates were so low that people had little to choose from; we’re proud that we can offer best-in-class products to these “unbanked” savers and help change their savings mechanics.
Statistically, peak savings in Europe occur in the 50–60 age range. Under 35, balances are relatively small; peak wealth is reached in the 50s and 60s.
Q: What about safety and risk?
Alexander Gromov: This is crucial. We do not encourage clients to take additional risk. Clients always place their money in a bank, and deposits are protected by EU deposit guarantee schemes up to €100,000 per bank per customer. This protection is embedded in EU law and implemented by each member state.
PickTheBank never holds client funds—we’re a service partner to banks, an IT platform that helps clients place deposits. Clients send money directly to the bank; we never touch clients funds. We’re responsible for convenience, transparency, and digital security (encryption, two-factor authentication). Our clients understand, that we help reduce risk by enabling diversification across multiple banks.
Q: How are taxes handled?
Alexander Gromov: Interest is paid by our partner banks in full, without withholding. For example, with our Maltese partner bank there is no withholding tax on deposit interest. It’s transparent: if the rate is 3.8%, you receive exactly that (rate × term × principal). The client then declares the income in their country of tax residence according to applicable regulations. We don’t change that process; just assist by providing the necessary year-end documentation.
Q. Where do you see PickTheBank in the next few years, and how do you plan to expand your pan-European presence while maintaining these attractive returns for savers?
Alexander Gromov: Our plans are ambitious. We will expand the list of partner banks and currencies, and add new products—bond ETFs, for example—so clients can choose between conservative and higher-yield options. We expect to connect additional banks soon, increasing competition and potentially improving euro rates, while giving diversifying clients more insured banks within a single platform.
Under the PickTheBank “hood,” we aim to offer a transparent toolkit: from the safest, lower-yield bank deposits, to money-market ETFs (limited credit risk, returns similar to deposits), to investment-grade bond ETFs (higher returns with some interest and credit risk), and high-yield bond ETFs (higher returns with higher risk). Each client can choose according to their risk appetite and return goals—managed conveniently in one application. Our goal is to become Europe’s universal, reliable, and easy-to-use savings platform.
As European savers increasingly seek alternatives to traditional low-interest banking, Alexander Gromov’s PickTheBank represents a fundamental shift in how cross-border financial services can operate. By combining transparent comparison tools with secure, EU-regulated banking partnerships and a seamless digital experience, the platform is democratizing access to high-yield savings across currencies and borders. With aggregated offers from various banks, PickTheBank’s vision of making international savings “simple, secure, and accessible” is reshaping the European financial landscape. As demand for currency diversification and higher returns continues to grow, PickTheBank’s innovative approach may well define the future of cross-border banking in Europe.
For more information about PickTheBank’s deposit services, visit: https://pickthebank.eu
