Tuesday, April 23, 2024

Mascoll: Savers getting very little on bank deposits

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ONE YEAR AFTER the Central Bank ceased setting a minimum interest rate on savings, an economist is speaking out about the drastic drop in interest payments from commercial banks.

“Can you imagine moving from 2.5 per cent interest on deposit to only 0.5 per cent? It’s an 80 per cent reduction. And can you imagine what you can make in terms of buying at that price and selling at something slightly higher?” asked Dr Clyde Mascoll.

He told attendees at a lecture and panel discussion hosted by the UWI (Cave Hill) Cooperative Credit Union Limited Wednesday night, that he was not in favour of total deregulation.

At the same time, he suggested that this environment presented an opportunity for credit unions to become more competitive by offering “something even better” than what commercial banks were offering since they were not motivated by profit. (Willcomm)

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

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