Republic’s deposit rates go up

Sixteen days after Republic Bank Ltd (RBL) increased its prime lending rate from 9.5 per cent to 9.75 per cent, the bank also increased its deposit rates.

Effective August 1, RBL increased deposit rates on select accounts by between ten and 35 basis points, while its prime lending rate went up from July 16.

Asked on which accounts deposit rates had increased, RBL told Newsday, “Certificates of deposit – commonly known as fixed deposits – and our youth and young adult products – Career Builder, RightStart and the Personal Interest Chequing account. The rates are fully detailed by product on our website www.republictt.com.”

For example, if you have between $100,000 and $250,000 in a Career Builder account, the deposit rate increased from 0.20 per cent to 0.30 per cent. (
See table)

The rate increases come after the June 29 announcement by the Central Bank that the repurchase rate (repo rate) had increased by 25 basis points, from 4.75 per cent to 5.0 per cent. Before that, the repo rate had held constant at 4.75 per cent since December 2015.

Another major commercial bank, RBC Royal Bank TT (RBC), increased its prime lending rate from 9.0 per cent to 9.25 per cent from August 13.

Current deposit

interest rates

Career Builder:

(For all young adults)

Balances $500 to $99,999.99 – 0.25 per cent

Balances $100,000 to $250,000 – 0.30 per cent

Balances $250,000.01 and over – 0.45 per cent

RightStart

Current interest rate: 0.25 per cent paid on the last day of the month on minimum monthly balances of $0.00 and over.

Personal Interest Chequing Account

Current interest rate: 0.25 per cent paid on minimum monthly balances of $0.00 and over. (Source: RBL)