HSBC and Bank of Valletta announced they were reducing their interest rates as a result of the decision by the European Central Bank to cut interest rates by 0.50, the second cut in a month in a bid to allay recession fears.
HSBC is reducing its base rate for all lending rates except home loans to 3.55% (from 3.95%). The Home Loan Base Rate, which is the base for the bank’s variable mortgage lending, is being reduced to 3.35% (from 3.75%).
The revised base rates are effective as from today.
HSBC term deposit rates have been reduced but interest on savings accounts has been reduced by less than the ECB rate cut. The bank retained its higher rate on the HSBC On Line Savings Account, which includes a 3% p.a. rate for balances over €5,000. The bank said this was line with bank policy to encourage use of electronic banking and its automated channels.
BOV will be changing its interest rates from Friday. The mortgages base rate will be reduced by 0.50% p.a to 3.25% while the base rate for commercial loans, overdrafts, personal loans and credit card accounts is being reduced to 3.45%.
The savings accounts rate will be reduced by 0.25% to 1% per annum. Interest rates on all other deposit accounts denominated in euro will also be revised downwards.
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