Chinabank lowers its interest rates again (Jan. 20, 2009)
Just a few days ago, I posted that Chinabank lowered the interest rates for its time deposit accounts, effective Jan. 13, 2009 (see related story). In just a week, Chinabank again lowered the interest rates. This is the third time since the start of the year and the move is a disappointment for many of its time deposit account holders, including me.
Effective Jan. 20, 2009, the interest rates for the Diamond Time Deposit is posted below. Chinabank lowered its interest rates by 0.25%.
And here is the interest rate for the regular time deposit:
As it is, I’m already thinking of pulling out my money from Chinabank and place it in First Country Bank (see related story). At least, my money in FCB earns 5.75%. If Chinabank continues to lower the interest rates, I may just pull out everything.