INTEREST RISE
Investment Accounts (Parliamentary Reporter) WELLINGTON, June 16. From tomorrow, interest paid on Post Office, trustee and private savings bank investment accounts will rise from 4 to 4} per cent. “The increased rate will apply in respect of existing investment accounts as they fall due for renewal,” said the Minister of Finance (Mr Lake), in the Budget. “As a consequence of the adjustment, trading banks are being authorised to pay up to a maximum of 4} per cent on fixed deposits up to three years.” Mr Lake also announced improved terms for a new Government cash loan, to be opened tomorrow. The terms are 4 7/8 per cent stock for three years at par, 5 1/8 per cent stock for six years at par, and 5} per cent for 16 years issued at 98) to yield £5 7s lOd per cent to maturity. The same terms, said Mr Lake, would apply to a conversion offer for three loans amounted to £lB.Sm which matured in July, August and September of this year. It was not proposed, he said, to alter local body borrowing rates, as these were increased recently.
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Press, Volume CVI, Issue 31088, 17 June 1966, Page 1
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189INTEREST RISE Press, Volume CVI, Issue 31088, 17 June 1966, Page 1
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