The Consumer Affairs Commission, CAC, has completed a survey of three local commercial banks which shows very little is earned on savings deposited in the institutions.The banks surveyed were NCB, BNS and First Caribbean. The CAC found that the basic savings product provided by First Caribbean offers the best value for consumers as savers can earn interest on amounts below $5,000.To earn interest on savings at BNS, more than $5,000 would have to be saved. At NCB, consumers get no interest on their savings unless it is over $50,000. The survey shows First Caribbean has the lowest fees relating to minimum balance violation, withdrawals and dormant fees. BNS during the period of the survey had no dormant fees.
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Consumers earn very little on savings accounts: CAC
