IBW explains interest rate increase

26 Jun 2014 09:00

Bank Windhoek, Managing Director, Christo de Vries, has said the

decision to adjust the lending rates in line with the recent move

by the central bank increasing the repo rate by 0.25 basis points is

meant to give clients value for their money.

“Bank Windhoek supports the principle of transparency when

it comes to the charging of fees for products and services and

therefore we remain committed to disclose our fees and charges in a

transparent way and in accordance with the Code of Banking Practice

to which Bank Windhoek subscribes to. Furthermore, we aim to

give our clients the best advice on using their bank accounts as cost

effectively as possible, thereby assisting them to pay the lowest

possible fees for their day-to-day banking. As the financial partner

of our clients, we want our clients to make informed decisions

when managing their bank accounts and using our products and

services, as ultimately we aim to make banking easy, affordable

and accessible. We would therefore like to encourage our clients to

contact their Bank Windhoek branch, should they have an enquiry

related to the adjustment of their fees as a result of our annual

increase in fees”, said Christo de Vries.

Bank Windhoek applied a differentiated approach to the increase

of its fees effective from 1 July 2014. An inflation-linked increase

was applied to some of its fees, especially where staff and branch

infrastructure are involved, which comes at a significant cost to the

bank. As part of the Bank’s differentiated approach to fee increases

however, many services and transactions that have been offered free

of charge to our clients up to now, remain free of charge.

Bank Windhoek aims to offer convenient and accessible banking

services to our clients through our extensive national network of

branches, agencies, ATMs and other channels such as Cellophane

Banking, Internet Banking (EPaC) and its Point-of-Sale devices.

Despite the adjustments, Bank Windhoek’s clients with individual

savings and investment accounts continues to pay zero cash handling

fees for the first N$2000 deposited per month and offers businesses

with an annual turnover of N$1 million or less, free cash deposits for

the first N$10 000 that is deposited.

Bank Windhoek’s basic bank account (Easy Save) offers a range of

benefits making it the Bank’s most affordable transaction account for

low-income earners. Easy Save clients pay no monthly service fee,

no cash deposit fee and very low withdrawal fees. In addition they

receive Life Cover of N$5000.