Fukuoka Bank, Nishi-Nippon City Bank, and Chikuhou Bank announced plans to raise ordinary deposit rates following the Bank of Japan’s decision to increase its policy rate to around 1%, the highest level since 1995. Beginning August 3, all three banks will raise ordinary deposit rates by 0.1 percentage point to 0.4% annually. Based on government household survey data, the increase could add about JPY6,840 in annual interest earnings for an average two-or-more-person household in Fukuoka City. The new rate will be the highest on record for Fukuoka Bank since comparable data began in 1994, while Nishi-Nippon City Bank and Chikuhou Bank said it will be their highest level since 1992. The banks will also raise their short-term prime lending rates, which could lead to higher mortgage and business loan costs. Source: NHK News / Nikkei
Photo: Fukuoka Now
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