HSBC drops base rate
by di-ve.com - editorial@di-ve.comBusiness & Finance -- 11 November 2008 -- 15:00CEST
As a result of the ECB interest rate change and to reflect current market conditions, HSBC Bank Malta is reducing its base rate for all lending rates except home loans to 3.55 per cent.
The home loan base rate, which is the base for the bank’s variable mortgage lending, is being reduced to 3.35 per cent.
The revised base rates are effective as from Wednesday, November 12.
HSBC Bank Malta reduced term deposits rates in line with the ECB rate cut. Savings accounts have been reduced by less than the ECB rate cut. The bank also retained its higher rate on the HSBC Online Savings Account, which includes a 3 per cent per annum rate for balances over €5,000.