INTEREST RATES ON SAVINGS in local commercial banks are set to hit an all-time low.
SUNDAY SUN investigations reveal that within the next three months at least two of Barbados’ six banks will be slashing interest rates from 0.25 per cent to as low as 0.05 per cent on some accounts.
However, the move is being criticised as nothing more than profiteering.
In ten days, on February 1, CIBC FirstCaribbean will reduce interest paid on saving accounts to between 0.15 to 0.05 per cent, while an official at another bank expects that entity to follow suit within three months. This has been the usual pattern since the Central Bank of Barbados allowed banks to adjust their interest rates back in April 2015, when the minimum rate was 2.5 per cent. (SP)
Please read the full story in today’s Sunday Sun, or in the eNATION edition.