Saturday, April 20, 2024

CIBC to soon reveal new rates

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BARBADOS’ LARGEST commercial bank, CIBC FirstCaribbean, will adjust the interest it pays on savings accounts come May 20.

And though the bank did not reveal the rate it will be paying, industry analysts suggest it could move from the present 2.5 per cent minimum allowed, to around one per cent.

The move will make CIBC FirstCaribbean the first among the five commercial banks here to adjust their rates after the April 7 announcement by the Central Bank that from April 21, deposit-taking entities would be able to set their own interest rates for savings accounts.

CIBC FirstCaribbean customers who do Internet banking were the first to be alerted to the bank’s intention when they logged onto the site.

Please read the full story in today’s Daily Nation, or in the eNATION edition.

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