BOV has announced that it is changing its credit interest rates on fixed term deposits.
Savers are set to miss out, as interest rates for fixed-term deposit accounts of more than six months are set to be slashed.
The new rates indicate that for fixed-term accounts of one year and over, the interest rate will be set at 0.25 per cent, as opposed to the previous variable rates, which went from 0.3 per cent to 0.7 per cent for fixed terms of one to five years.
However, the bank makes clear that interest rates on existing fixed-term deposits will remain valid until maturity.
The revised rates will apply for term deposits opened or renewed as from 2nd March 2021.
|Fixed Deposit Account||Rates applicable up to and including 1st March 2021||New rates applicable from 2nd March 2021|
|One month||0.030 per cent||0.030 per cent|
|Three months||0.05 per cent||0.05 per cent|
|Six months||0.1 per cent||0.1 per cent|
|One year||0.3 per cent||0.25 per cent|
|Two years||0.4 per cent||0.25 per cent|
|Three years||0.5 per cent||0.25 per cent|
|Four years||0.6 per cent||0.25 per cent|
|Five years||0.7 per cent||0.25 per cent|
|BOV Term ISA||0.5 per cent||0.5 per cent|
More details of BOV’s interest rates, old and new, can be found here.
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