Asked by Lina
What would be considered as a competitive interest rate and was is a compeititve interest rate?
Answers
Answered by
drwls
It depends upon whether you are talking about the savings, bond or money market interest rate (paid to investors) or the loan interest rate charged to borrowers. If it is at least equal to the average offered by other banks and institutions, the rate is "competitive".
Competitive interest rates also depend upon the credit rating of the borrower.
Competitive interest rates lately are about 4% on savings accounts and 6% on prime mortgage loans.
Competitive interest rates also depend upon the credit rating of the borrower.
Competitive interest rates lately are about 4% on savings accounts and 6% on prime mortgage loans.
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