BARBADIANS WILL SOON be earning less interest on their deposits in local commercial banks.
But with no seeming significant drop in lending rates, the move is being criticised.
From June 1, CIBC FirstCaribbean International Bank’s will reduce the interest they pay on their fixed and deposit accounts. This means that customers with regular savings, savings plus and senior savings accounts, for example, will earn 0.25 per cent for deposits as opposed to the 0.50 per cent now paid.
Customers who have personal fixed deposit accounts will also see their interest earnings halved to 0.50 per cent from the current rate of 1.00 per cent.
Please read the full story in today’s Sunday Sun, or in the eNATION edition.