The Bahamas Ministry of Finance published remarks by Prime Minister and Minister of Finance Phillip Davis at the ceremony renaming the Shirley Street Post Office to the John V. Saunders Post Office, in which he rejected calls to shut down the post office and the Post Office Savings Bank and said the government is investing in expanding and modernising services. Davis said more than 35,000 Bahamians hold accounts at the Post Office Savings Bank, with new accounts still opening in the Family Islands. He highlighted that the administration raised the deposit cap from 6,000 to 10,000 and committed to sustaining a five percent interest rate while commercial banks offer less than one percent, warning that closing the bank would destabilise Family Island communities, eliminate 98 jobs, and leave thousands of unbanked Bahamians without access to services.
Ministry of Finance (Bahamas) 2026-04-08
The Bahamas Ministry of Finance rules out closing the Post Office Savings Bank and cites a higher deposit cap and 5 percent rate
The Bahamas Ministry of Finance published remarks by Prime Minister and Minister of Finance Phillip Davis confirming the government will retain and invest in the Post Office and the Post Office Savings Bank rather than shut them down. Davis noted that more than 35,000 Bahamians hold accounts, the deposit cap has been raised from BSD 6,000 to BSD 10,000, and a five percent interest rate will be maintained, arguing closure would destabilise Family Island communities, cut 98 jobs and leave many unbanked.