DOWN AGAIN.

Waikato Times, Volume 116, Issue 19461, 28 December 1934, Page 7

DOWN AGAIN.

BANK INTEREST RATES. BHORT-TERM DEPOSITS. (From a Correspondent.) SYDNEY, Deo. 16. Further reduction in the rate of interest allowed on moneys deposited with the Commonwealth Bank or the Commonwealth Savings Bank, were announced by Sir Claude Reading, Chairman of directors. The rate of interest allowed upon a savings bank deposit up to £SOO will be reduced by } per cent., but the rate allowed on balances in excess of £SOO and up to £I3OO will remain unchanged. The reduction will apply as from January 1, 1935, when the rates will be 2 per cent, on balanoes up to £SOO, and 1| per cent, on excess of £SOO to £I3OO. With regard to fixed deposits, the reduction of i per cent, will be made in the interest rate for three and six months, but rates on deposits for 12 and 24 months will remain unchanged. Alterations will apply to new deposits and renewals of existing deposits on and after December 17, from which date rates quoted by the Commonwealth Bank will be: three months, 1 per cent.; six months, 1J per cent.; twelve months, 2% per cent.; twentyfour months, 2* per cent.