The European Central Bank has announced a decrease in its Reference Rate.

As a result of the ECB interest rate change and to reflect current market conditions, HSBC Bank Malta is reducing its Base Rate for all lending rates except Home Loans to 3.55 per cent.

The Home Loan Base Rate, which is the base for the bank’s variable mortgage lending, is being reduced to 3.35 per cent.

The revised base rates are effective as from Wednesday, 12 November.

HSBC Bank Malta has reduced term deposits rates in line with the ECB rate cut. Savings accounts have been reduced by less than the ECB rate cut, which is beneficial to customers. The bank has also retained its higher rate on the HSBC On Line Savings Account which includes an attractive three per cent pa rate for balances over €5,000. This is in line with bank policy to encourage use of electronic banking and its automated channels.