WILLEMSTAD - There are major price differences in bank rates. This is the conclusion of a research conducted by the Fair-Trade Authority (FTA), the Consumer Association and research agency Re-Quest.
In Curaçao, private consumers have nine banks to choose from when it comes to personal banking. For each banking product, banks charge several fees and rates depending on the specific needs of the customer. Consumers may not always be aware that banks apply certain fees or rates or have difficulty understanding them. This can make the decision-making process more difficult for consumers.
The interest rates of a personal loan in particular vary enormously: with RBC clients pay for a loan of 15,000 guilders 19 percent interest in three years. 7.3 percent at Orco. MCB, the largest bank on the island, offers such a loan at an interest rate of 15.6 percent.
The research indicates that for each personal banking product the differences in fees and rates between banks are relatively large. “This means that consumers can save money by comparing the rates and fees of banks when buying a new product (or switching to another bank for the same product).
Click here to download the research