RACQ Bank adjust rates on savings and loans
RACQ Bank members with savings will be better off, after the Bank announced it would be increasing the interest rates on some savings accounts and term-deposits.
RACQ Group Bank Executive Michelle Winzer said following the Reserve Bank of Australia’s (RBA) decision to increase the cash rate by 0.50%, the interest rates on savings accounts would increase by up to 0.50%* effective from 23 June and term deposit interest rates would increase by up to 1.00%* effective from 16 June.
“We know many of our members took care to build up their funds through the pandemic and historic low interest rates have been difficult for them,” Ms Winzer said.
“This interest rate rise will see them get a better return on their savings.”
Ms Winzer said the home loan variable interest rate would also increase by up to 0.50%* for new and existing members, however there would be no change to the Green Home Loan rate of 0.79%.
“We always seek to balance the interests of both our borrowers and our savers,” she said.
“We know two thirds of our home loan members are ahead on their repayments putting them in a better position to manage an interest rate rise, however, we understand these interest rate rises may be challenging for some members.
“We encourage anyone who believes they may experience financial hardship as a result to give us a call and we can talk through their options.”
More information on RACQ Bank’s loan and savings products can be found here.
Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195
trading as RACQ Bank. Fees, charges, terms and conditions apply. Contact us for a copy. This is general advice only and may not
be right for you.
* Subject to the terms and conditions of the product issued by RACQ Bank
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Insurance products (excluding Travel Insurance) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQ). Conditions, limits and exclusions apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the Product Disclosure Statement (PDS) and any applicable Supplementary PDS before making a purchase decision on this product. You can also access our Target Market Determinations on this website.
Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding.
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RACQ Operations Pty Ltd (ABN 80 009 663 414 AR 000234978) and Members Travel Group Pty Ltd (ABN 45 144 538 803 AR 000432492) are acting as an Authorised Representative of the issuer of the insurance, Tokio Marine & Nichido Fire Insurance Co., Ltd. (ABN 80 000 438 291 AFSL 246 548). Any advice set out above is general in nature only, and does not take into account your objectives, financial situation or needs. Before purchasing any travel products, please consider the RACQ Travel Insurance Product Disclosure Statement (PDS) and the Target Market Determinations (TMDs) that apply to these products. Whilst the PDS outlines the Terms and Conditions of these products, the TMDs outline the intended class of customers that comprise the target market for these travel products. This will allow you to consider which products best suit your objectives, financial situation and needs and consider the products appropriateness to your personal circumstances. TMDs also outline matters involving the distribution and the review of these products. The PDS, Supplementary PDS and TMDs for each travel product can be found here.