savings accounts and certificates of deposit.

Capital G, owner of Gibbons Deposit Company, said rates on regular Bermuda dollar savings accounts will increase from 4.5 percent to 4.75 percent, with an effective annual rate of 4.85 percent due to daily compounding of interest rates.

CD rates will increase by 12.5 to 25 basis points while five-year CDs will now carry a seven percent per annum interest rate. All the new rates will appear in The Gazette's savings rates table in tomorrow's Personal Finance section.

"The need for people to build their savings is very important,'' company CEO and president Sarah Farrington said. "At Capital G we are trying to help people increase their savings in an efficient and effective manner. After reviewing our compnay's performance and the success we have had with managing our book of business, we decided to share the proceeds.''