APS reduces base rate

C. Delia

Dec 18th 2008, 21:06

APS first promises customers the best interest rates in turn for inferior service compared to the main two banks and after some time the directors play with figurs and maniplulate the bas rate when and how they want.
I switched to APS because they promised me the best of both worlds but have to say it was a mistake.

P Borg

Dec 16th 2008, 20:02

R Abela

You are right. I must have misread the news.

Since the news is correct, it is therefore indeed sad for those who have loans with APS to have ECB rates down by .75% and the bank's base rate down by .60%!

Indeed the APS base rate is a whole 0.35% above the ECB rate (which is 2.5%). Shame on APS!

R. Abela

Dec 16th 2008, 16:49

@ P.Borg

The news does not say that say that 'base rate has been reduced by 75 basis points'

It says that :
APS Bank is adjusting its base rate to 2.85 percent following the recent ECB decision to reduce its refinancing rate by 75 basis points.

They simply did not follow the ecb move in full, as has already happened in the past. And yes, it is sad for those who have loans with APS!

P Borg

Dec 16th 2008, 16:12

Further to my previous comment, should the rate be 2.85%, this is indeed sad news for this bank. APS bank was once the king of home loans. However, their rates are now the worst amongst the top three banks. They must remember that their bank does not have the backing that BOV and HSBC have and that they simply cannot afford to lose its edge on home loans.

P Borg

Dec 16th 2008, 16:09

The base rate prior to this reduction was 3.45% - vide http://www.apsbank.com.mt/page.asp?n=newsdetails&i=10143

If the base rate has been reduced by 75 basis points, it should now be 2.7%.