BOE PRIVATE Bank is lowering its private banking facility rate to 15,25% per annum from 16% with effect from Monday August 2. The BoE Private Bank facility rate is the base rate on which loans to private clients is made including home loan business. The bank’s senior general manager Eric Monson said the rates applied generally to loans from a level of about R400000. BoE Private Bank claims its rate is the most competitive in the country. Said managing director Brian Bechet: “The BoE Private Bank has consistently sought to offer the finest rates and with interest rates on the downward trend we would like our clients to benefit sooner rather than later.” The major retail banks recently cut their prime overdraft and homeloan interest rates by half a percentage point to 17,5%.