Colonial puts up interest rates

Colonial National Bank yesterday announced an increase in interest rates for its savings and lending products. The decision followed an increase in official interest rates by the Reserve Bank of Fiji.

Colonial's fixed rate housing loans, floating rate housing loans and business banking base rate would all rise from between 0.5% to 1%. The bank's 12-month term deposit will earn up to 3.2%, 24 month term deposit up to 3.5% and the 36-month term deposit up to 4% per annum.

The bank said that it was aware of the need to maintain a competitive position and would continually review their products and services.

The increase in rates will be effective from Saturday, 1 April.

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