CREDIT UNIONS have a chance to stand in the breach as commercial banks in Barbados slash the interest rates on the savings accounts of Barbadians to just a fraction of one per cent.
That’s the word from several credit unionists following news that commercial banks were lowering their interest rates on savings accounts to as low as 0.05 per cent in some cases.
Slamming the adjustment as ridiculous, Small Business Association (SBA) chief executive officer (CEO) Lynette Holder was one of those who said the near zero interest rates could be good for credit unions, which offered better rates.
“It augurs well for the credit union sector and I think more and more persons need to consider the credit union as their financial partner going forward,” she said.
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