HSBC reduces its base rate in line with the ECB
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As a result of the recent European Central Bank interest rate reduction and to reflect current market conditions, HSBC Bank Malta has announced that it 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 variable mortgage lending, is being reduced to 3.35 per cent, the bank said.
Term deposit rates have also been reduced in line with the ECB rate cut, but savings accounts have been reduced by less than the ECB rate cut.
The bank has also retained its higher rate on the HSBC Online Savings Account, which includes a 3% per annum rate for balances over €5,000.
The revised base rates are effective as from tomorrow, Wednesday the 12th of November 2008.
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