Bank of South Pacific Tonga Limited (BSP) will reduce interest rates across a number of lending and deposit products, effective 6th September 2021. New rates will apply for Unsecured Personal Loans - now 13% (reduction of 5.50%), Secured Personal Loan – now 12.3% (reduction of 1.70%). Rate changes will also apply across some Demand Deposit and Term Deposit accounts – noted below.
In announcing the change, BSP Tonga Country Head Marcellina Wolfgramm Haapai indicated, “BSP Tonga had reviewed all its lending and deposit interest rates in line with the current economic environment taking into account the current levels of liquidity, product and account performance including current market.
“The reduction across Personal Loan products will only apply to new borrowers or ‘top ups’ (for existing personal loans) from 6th September, 2021. There will be no changes to existing Personal
Loan accounts,” she added.
“These changes will make BSP Tonga products and services more affordable whilst ensuring that the bank maintains a competitive position in market servicing the needs of its customers and broader community.
A full listing of interest rate changes are attached below - across Term Deposits as well as Pacific Package Account, Personal Cheque Account with Interest, Business Cheque Account with Interest and Plus Saver Account.
The new rates can also be accessed via the BSP Tonga website www.bsp.to from 6 September 2021.