Fukuoka Bank and Nishi-Nippon City Bank announced an increase in their ordinary deposit interest rates from 0.1% to 0.2%, effective March 3. This marks the first hike to this level in 16 years, aligning with similar moves by major banks following the Bank of Japan’s recent interest rate increase.
The prime lending rate will also rise on March 3. Fukuoka Bank and Juhachi-Shinwa Bank will adjust their rates from 2.125% to 2.375%, Kumamoto Bank from 2.525% to 2.775%, and Nishi-Nippon City Bank from 2.125% to 2.375%.
This adjustment comes as financial institutions adapt to the Bank of Japan’s policy changes. Source: FFG
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