HIGHER INTEREST
MONEY EARNS MORE AUCKLAND SAVINGS BANK RETURN FOR DEPOSITORS / ENTS of the Auckland Savings Bank will benefit in the aggregate by about £15.000 annually as a result of an increase of one-quarter per cent in the interest rate on deposits. Announced yesterday, the raised rate, now 45 per cent, will take effect from July 1. It partly reflects the bank's desire to give still better service to its depositors, and partly the trend of current economic conditions, whereby deposits have tended to decrease. Previously the interest rate was It per cent, to which it was raised in 1922. Not for 30 years, until now, has the 45 per cent rate ruled. Rates paid by the Post Office Savings Bank are 4 per cent for the first £SOO, and 3J per cent for the next £4,500, or part thereof. Under the Savings Bank Act, the Auckland Savings Bank is not permitted to pay interest on single deposits of more than £2OO. Its mortgage rale is unaffected by the latest change.
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Bibliographic details
Sun (Auckland), Volume 1, Issue 91, 8 July 1927, Page 1
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171HIGHER INTEREST Sun (Auckland), Volume 1, Issue 91, 8 July 1927, Page 1
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