RACQ Bank boosts interest rates on savings accounts
RACQ Bank has strengthened its support for members, after the Bank announced it would increase interest rates on some savings accounts by up to 0.70% per annum (p.a.).
Following the Reserve Bank of Australia’s (RBA) decision to increase the cash rate by 0.50%, the interest rate on Bonus Saver Accounts with a balance of less than $100,000 and meets the bonus criteria^ would increase by 0.70%* p.a.
Term deposit interest rates will increase by up to 0.50%* p.a., effective from 16 August 2022.
RACQ Group Bank Executive Michelle Winzer said these changes would take the eligible Bonus Saver rate to 2.60% p.a., making it a competitive option for our savers.
“For our members who worked hard to put away savings during the pandemic, these new rates for saving accounts and term deposits, combined with the increases from the past three months, will mean they see a better return on their investment,” Ms Winzer said.
Ms Winzer said the home loan variable interest rate would also increase by up to 0.50% p.a.* for new and existing members effective from 16 August 2022, however there would be no change to the Green Home Loan rate of 0.79% p.a. comparison rate* #.
“While interest rates are on the rise, RACQ remains committed to offering members competitive solutions,” she said.
“We encourage anyone who believes they may experience financial hardship as a result of increased repayments to give us a call and we can talk through 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. 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. Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.
Rates effective as at 16 August 2022 and are subject to change at any time.
#RACQ Bank Green Home Loan available with existing, refinanced and new RACQ Bank home loans. Conditions apply.
Comparison rate calculated on a secured loan amount of $30,000 over 5 years based on monthly repayments. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
^Bonus rate interest is paid when you deposit $100 and make no withdrawals per calendar month. Interest is paid monthly. Bonus Rate quoted includes Base Rate.
Related topics
-
The information in this article has been prepared for general information purposes only and is not intended as legal advice or specific advice to any particular person. Any advice contained in the document is general advice, not intended as legal advice or professional advice and does not take into account any person’s particular circumstances. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives and needs.
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.
Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.
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.