PostBank drops accounts rate
PA Wellington Postßank will drop the interest rate of its Key Accounts from 11.5 per cent to 10 per cent, but says they still remain one of the highest-yielding passbook accounts on the market. The bank’s chief executive, Mr Lindsay Pyne, said that with interest rates on Key Accounts being paid monthly, customers received a better yield because they earned
“interest on interest.” Mr Pyne said the commonly held view that Postßank offered only old-fashioned savings products was a myth. The reduction in the Key Account interest rate was a flow-on from the major 3 per cent drop to 17.5 per cent in mortgage rates which Postßank announced last week. The new Key Account rates would apply from February 22.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19880220.2.23
Bibliographic details
Press, 20 February 1988, Page 3
Word Count
124PostBank drops accounts rate Press, 20 February 1988, Page 3
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.