Arab Bank launches new account
With the decline in interest rates over the last couple of years, those looking for somewhere to place their money have tended to be disappointed by the rates offered by the major financial institutions. However, a new cash management account being launched by Arab Bank may just be the answer.
With an interest rate of 4.20 per cent for $5000, and more for higher amounts, and the interest paid on the whole balance, the Arab Bank Cash Management Account is one of the most attractive at-call deposit accounts around. It comes with a optional overdraft facility, ATM, EFTPOS and cheque access, and, until April 2000, no transaction or account keeping fees.
Arab Bank, who are well known for having some of the best term deposit rates, have said that they would be aggressively pricing their at-call deposit rates in an attempt to gain market share. Consumers may be the ones who reap the benefits.