SAVINGS BANK INTEREST.
POST OFFICE RATE RAISED. (By Tclegrap.il.—tress Association.) CHRTSTCHURCH Sunday. The Hon. R. lleaton Rhodes (Post-master-General), who arrived in Christ-i church from Wellington to-day, informed ! a Press representative that in view of' the present state of the money market 1 the Government has, after due consider- r ation, decided to pay an increased rate of ] interest to Savings' Bank depositors, i From May Ist the rate will be increased < to 3} per cent on the 'balance held by ] any depositor not exceeding £300. while ] for sums over £300 the present rate will ( apply. j ( It is considered that those whose saw- < ings are entrusted to the Government, ( through the Post Office Savings Bank,; j and who are not able to invest their- * money in large sums with banking and j other institutions, should reap some bene-- i fit from the increased rates at present ■ ruling. It. may fairly be claimed that 33 per cent on money which is deposited sit < call is more liberal treatment than investors of small sums would receive else-!'
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Bibliographic details
Auckland Star, Volume XLIV, Issue 82, 7 April 1913, Page 9
Word Count
175SAVINGS BANK INTEREST. Auckland Star, Volume XLIV, Issue 82, 7 April 1913, Page 9
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