Scotia’s rate cut
COME JUNE 1, Scotiabank will cut its interest rate to 1.5 per cent on savings accounts, where the minimum savings rate previously applied.
The Canadian bank announced the move on its website and in its seven branches on April 30 to give customers a month’s notice of the change.
In the notice, the bank also stated that holders of ScotiaCombo accounts with savings between $300 and $4 999 would receive 0.5 per cent, while those with similar accounts with balances of $5 000 and more will earn one per cent interest.
Scotiabank is now the second of Barbados’ five commercial banks to announce an adjustment in their interest rates after the Central Bank of Barbados stated on April 7 that from April 21, deposit-taking entities here would be able to set their own interest rates for savings accounts. The present interest rate is 2.5 per cent. (SP)
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