P.O. lifts interest rates
PA Auckland The Post Office Savings Bank has raised interest rates bn popular term deposits to help its return to the loans market. Interest rates have been increased for nine-month term deposits over $20,000 (13.5 per cent), all levels of deposits in two-year investment accounts (13.75 per cent), and all two-year term
deposits (14 per cent). The Chief Postmaster in Auckland, Mr John Palmer, says that the new rates are within the financial services regulations brought down last November and extended in conjunction with the wage and price freeze. Mr Palmer said the boost in deposit rates would help to revive the P.Q.S.B.’s reserves for housing finance which virtually dried up last
year. The Post Office was offering the cheapest second mortgages in the market and could not meet the demand, he said. Until Monday, it •_ had ceased lending to anyone other than its home-owner-ship account holders. • Mr Palmer said the bank’s total holdings now exceeded $2OOO million for the first time.
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Press, 19 August 1982, Page 4
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166P.O. lifts interest rates Press, 19 August 1982, Page 4
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