July 3, 1935 (17th Parliament, 6th Session)

UFA

Mr. SPENCER:

United Farmers of Alberta

1. What rates of interest are now being given by the commercial banks to (a) deposits of individuals; (b) deposits of corporations?
2. What rate of interest is the government allowing the banks on the amount left in the note circulation redemption fund?
3. In view of .the fact that the banks have reduced the amount of interest allowed to their customers, is it the intention of the government to reduce interest allowed to the banks on the above funds?
Mr. RHODES;
1. Announcement of changes in interest rates on deposits, effective June 1st, was made by the chartered banks in a statement which appeared in the press a short time ago. The personal savings rate continues at 2 per cent. Variations are made in the rates allowed on current accounts and on savings accounts of
firms, institutions, corporations and organizations.
2 and 3. Three per cent, fixed by the Bank Act.

Topic:   QUESTIONS
Subtopic:   BANK INTEREST
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