RATES OF INTEREST
REDUCED BY BANKS. TO PREVAIL FROM TO-DAY. (By Telegraph.—Press Association.) WELLINGTON, Thursday. The associated banks have agreed to reduce as from to-morrow, interest rates on fixed deposits to the following: Three months and 'under six months, 2A per cent per annum; six months and under 12 months, 2} per cent; 12 months and under 21 months, 3 per cent; 24 months, 31 per cent. The new rates will apply only to new deposits and renewals. Substantial amounts of fixed deposits for 24 months at 5 per cent will not mature till July 31, 1933. Other deposits at 41 per cent will run till May 31, 1934, and oilier deposits at 4 per cent, till December 1, 1934.
The new rates are lower by £ per cent for periods from three months upwards, that for 24 months being J per cent, lower. In comparison with the rates ruling in 1930, the latest scale represents a reduction of i£ per cent, for periods of three months upward and of If per cent, in the case of 24 months’ deposits. The fall from 5 to 3£ per cent, is equivalent to a "cut” of 35 per cent.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/WT19321202.2.98
Bibliographic details
Waikato Times, Volume 112, Issue 18808, 2 December 1932, Page 8
Word Count
196RATES OF INTEREST Waikato Times, Volume 112, Issue 18808, 2 December 1932, Page 8
Using This Item
Stuff Ltd is the copyright owner for the Waikato Times. 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.
Log in