HIGHER INTEREST ON BANK SHORT TERM DEPOSITS.
Investors —and possibly the Government Savings Bank—will be interested in a departure that the banks are making in the way of paying more liberal interest on money placed on deposit for short terms. At present the rates are 3% per cent, for three months, and 3% per cent, for six months, but in neither case is interest paid for days in excess of a complete month. As from 15th December the banks will raise the three months rate to 3% per cent, and any days in exces of a complete month will be paid for at the rate of 3% per cent.
Under the new arrangement, a man who leaves his money with the bank for (say) three months or five months will receive 3% per cent., and if for (say) three or four days extra, he will be similarly paid for that broken time too. So he can leave tho money in the bank (without loss) to within a d»y of drawing It to meet a. commitment on due date.
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Evening Post, Volume CXII, Issue 140, 10 December 1926, Page 9
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178HIGHER INTEREST ON BANK SHORT TERM DEPOSITS. Evening Post, Volume CXII, Issue 140, 10 December 1926, Page 9
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