Changes are coming to a range of our deposit and lending products, following the Reserve Bank of Australia’s (RBA) decision in October to increase the official cash rate by 25 basis points to 2.60%.
Headlining the changes are:
- A rate increase on term deposit accounts of three months by 0.50% to 2.10%,
- Rate increases on term deposit accounts of 12 and 24 months by 0.25% to 3.50%,
- Rate increases on term deposit accounts of six- and seven-months by 1.00% to 2.75%.
Greater Bank’s Bonus Saver, Life Saver and the top two tiers for Retirement Plus deposit accounts will also see an increase in interest rates by 0.25%.
Greater Bank
Understanding RBA cash rate and its impact on home ownership
Greater Bank’s Chief Executive Officer, Scott Morgan, said these interest rate changes continue to demonstrate a commitment to balancing the needs of all customers.
“This is welcome news for our depositing customers, many of whom rely on interest as a primary source of income. They have endured record low rates on their investments over the last few years, so it’s particularly pleasing to be able to pass on this increase,” Mr Morgan said.
“While we haven’t passed on to our customers the full rate increases as handed down by the RBA over the past six months, we acknowledge that this continues to be a challenging period. We don’t take the decision lightly to lift rates on lending products.
“Despite the increases, our rates and remain very competitive across the market, and generally, our customers are well placed to manage through this period of change, with around 75% more than one month in advance on repayments.”
Mr Morgan said that any customers experiencing financial difficulty at this time and are struggling to meet their home loan commitments are encouraged to contact Greater Bank on 13 13 86 to discuss their options.
