Bank increases account interests

Business

THE Bank of South Pacific has increased the interest rates paid to the Kids Account, according to general manager retail Paul Thornton.
He said they increased the interest from 1.5 per cent to 2 per cent per annum.
Thornton (pictured) said the bank encouraged the development of a savings habit through the bank’s financial literacy programme. It is backing this up with attractive interest rates which reward deposits for their savings.
“We have increased the interest paid on our Kids Account to a range from 1.5 per cent to 2 per cent per annum.  Previously the range was 0.2 per cent to 0.4 per cent per annum,” he said.
“We have also increased the interest rates on our Plus-Saver account to a maximum of 3.5 per cent per annum and have introduced the payment of interest on our Sumatin account where we now pay interest of 1.6 per cent per annum.
“These three savings products are also fee-free and this together with the increased deposit interest rates are designed to encourage genuine savings by our customers.
“The interest rate on our Kundu Standard account, a transaction account designed for customer with infrequent transaction volumes, has been increased to 0.25 per cent per annum.
“The Kundu Standard account is a pay-as-you-use account and if a customer doesn’t use the account during the month, no fees are charged.”
He also announced the reduction of the interest rate on BSP’s unsecured personal loan.
“The new interest rate is 29.9 per cent per annum.
“The BSP personal loan is a 100 per cent unsecured loan product with a maximum loan amount of K50,000.
“This product is available to customers with regular income.”
Meanwhile, Thornton said in relation to financial literacy training, BSP had trained more than 32,000 Papua New Guineans last year with 46 per cent being women.
“BSP has over 120 trained trainers who deliver banking education across the country.
“Our intention is to continue this vital service to encourage the presently unbanked to move from the cash economy into the formal financial system.”