Interest rate update - August 2022

Recently the RBA announced an increase to the cash rate.

Interest rate update - August 2022

As a customer-owned bank, we carefully consider the needs of all our customers to ensure we make a balanced decision for both our loan and deposit customers.

The tables below show some of the rate changes that we will be making to our savings, deposit and loan products.

Rates will change on Tuesday 16 August for all saving and deposit accounts*, and loan products.

Customers with a home loan will be notified either electronically or in writing with any adjustments required for repayments. Any changes to new repayments will be effective from Monday 19 September 2022.

Term deposit holders will be notified of the new rates when they receive their renewal notice.

 

Home loans

From Tuesday 16 August, Beyond Bank’s advertised Standard Variable Interest Rates will be as follows:

  Current Advertised Rate (% p.a.) Change (% p.a.) New Advertised Rate as at 16th August 2022 (% p.a.)
Owner Occupied P&I 5.70 0.50 6.20
Investment P&I 5.99 0.50 6.49
Investment IO 6.29 0.50 6.79


From Tuesday 16 August, Beyond Bank’s advertised Standard Total Home Loan Package Variable Interest Rates will be as follows:

  Current Advertised Rate (% p.a.) Change (% p.a.) New Advertised Rate as at 16th August 2022 (% p.a.)
Owner Occupied P&I 4.80 0.50 5.30
Investment P&I 5.00 0.50 5.50
Investment IO 5.25 0.50 5.75

 

 

Current savings accounts

From Tuesday 16 August, Beyond Bank’s advertised Savings Accounts Interest Rates will be as below.

Purple Bonus Saver Account

Tier

Current Bonus Rate (% p.a.)

New Bonus Rate (% p.a.)

Change (%p.a.)

$0 - $200,000

1.50

2.00 0.50

$200,000 +

0.00

0.00

No Change

 

MonEsaver

Tier

Current Rate (% p.a.)

New Rate (% p.a.)

Change (% p.a.)

$0 - $4,999

0.50

0.90 0.40

$5,000 - $199,999

0.80 1.20 0.40

$200,000 +

1.00 1.40 0.40

 

Community Reward Account

Tier

Current Rate (% p.a.)

New Rate (% p.a.)

Change (% p.a.)

$0 - $4,999

0.40 0.80 0.40

$5,000 - $199,999

0.70 1.10 0.40

$200,000 +

0.90 1.30 0.40

 

Retirement Account / Everyday 55 Account (Grandfathered) 

Tier

Current Rate (% p.a.)

New Rate (% p.a.)

Change (% p.a.)

$0 - $4,999

0.25

0.25

No Change

$5,000 - $48,599

0.50 0.75 0.25

$48,600 +

0.85 1.10 0.25


BU Account

Tier

Current Rate (% p.a.)

New Rate (% p.a.)

Change (% p.a.)

$0.00 + 

1.25

1.50 0.25

Community Account

Tier Current Rate (% p.a.) New Rate (% p.a.) Change (% p.a.)
$0 - $4,999 0.01 0.01 No Change
$5000 - $49,999 0.05 0.05 No Change
$50,000 - $99,999 0.10 0.25 0.15
$100,000 0.10 0.50 0.40

 

Grandfathered savings accounts

These grandfathered accounts rates apply to existing accounts. These accounts are no longer available as a new product. 

From Tuesday 16 August, Beyond Bank’s advertised Grandfathered Savings Accounts Interest Rates will be as follows:

Bonus Saver Account / Bonus Saver Youth

Tier

Current Base Rate (% p.a.)

Current Bonus Rate (% p.a.)

Total Rate (% p.a.)

New Base Rate (% p.a.)

New Bonus Rate (% p.a.)

New Total Rate (% p.a.)

Change (%p.a.)

$0 - $4,999

0.01

0.49

0.50

0.01

0.79 0.80 0.30

$5,000 +

0.01

0.69

0.70

0.01

0.99 1.00 0.30

 

Double Interest Saver

Tier

Current Base Rate (% p.a.)

Current Bonus Rate (% p.a.)

Total Rate (% p.a.)

New Base Rate (% p.a.)

New Bonus Rate (% p.a.)

New Total Rate (% p.a.)

Change (%p.a.)

$0 - $4,999

0.25

0.25

0.50

0.40

0.40

0.80

0.30

$5,000 +

0.35

0.35 0.70 0.50 0.50 1.00 0.30


Christmas Club

Tier

Current Rate (% p.a.)

New Rate (% p.a.)

Change (% p.a.)

$0 +

0.75

1.00

0.25

 

Junior Saver Account

Tier

Current Rate (% p.a.)

New Rate (% p.a.)

Change (% p.a.)

$0 +

1.25

1.50 0.25

Money Market Account

Tier Current rate (% p.a.) New Rate (% p.a.) Change (% p.a.)
$0 - 49,999 0.00 0.00 No Change
$50,000+ 0.50 0.80 0.30

Junior Saver Bonus Account

Tier Current Rate - Base (% p.a.) Current Rate - With Bonus (% p.a.) New Rate - Base (% p.a.) New Rate - With Bonus (% p.a.) Change (% p.a.)
$0 - 4,999 0.65 1.40 0.75 1.50 0.10
$5,000+ 0.00 0.75 0.75 1.50 0.75

Home Saver

Tier Current Rate - Base (% p.a.) Current Rate - With Bonus (% p.a.) New Rate - Base (% p.a.) New Rate - With Bonus (% p.a.) Change (% p.a.)
All balances 0.05 1.15 0.05 1.50 0.35

 

Term Deposits

From Tuesday 16 August 2022 Beyond Bank’s advertised Term Deposit Interest Rates will be as follows:

Term Deposit - Standard Rates
Term Interest Paid Tier Current (% p.a.) New (% p.a.) Change (% p.a.)
3 Months Maturity $2,000-$49,999 1.20 1.20 No Change
$50,000-$199,999 1.25 1.25 No Change
$200,000 plus 1.25 1.25 No Change
6 Months Maturity $2,000-$49,999 1.70 1.95 0.25
$50,000-$199,999 1.75 2.00 0.25
$200,000 plus 1.75 2.00 0.25
9 Months Maturity $2,000-$49,999 2.20 2.45 0.25
$50,000-$199,999 2.25 2.50 0.25
$200,000 plus 2.25 2.50 0.25
12 Months Maturity $2,000-$49,999 2.70 2.95 0.25
$50,000-$199,999 2.75 3.00 0.25
$200,000 plus 2.75 3.00 0.25
12 Months Monthly $2,000-$49,999 2.60 2.85 0.25
$50,000-$199,999 2.65 2.90 0.25
$200,000 plus 2.65 2.90 0.25
24 Months Annually $2,000-$49,999 2.90 3.15 0.25
$50,000-$199,999 3.00 3.25 0.25
$200,000 plus 3.00 3.25 0.25
24 Months Monthly $2,000-$49,999 2.80 3.05 0.25
$50,000-$199,999 2.90 3.15 0.25
$200,000 plus 2.90 3.15 0.25
36 Months Annually $2,000-$49,999 2.90 3.15 0.25
$50,000-$199,999 3.00 3.25 0.25
$200,000 plus 3.00 3.25 0.25
36 Months Monthly $2,000-$49,999 2.80 3.05 0.25
$50,000-$199,999 2.90 3.15 0.25
$200,000 plus 2.90 3.15 0.25
48-60 Months Annually $2,000-$49,999 2.90 3.15 0.25
$50,000-$199,999 3.00 3.25 0.25
$200,000 plus 3.00 3.25 0.25



We’re here to help

Beyond Bank has more than 275,000 customer-owners. 21,000 have loan accounts and 16,000 hold term deposits. Because our customers own the bank, all monies generated by the organisation are reinvested into the business to provide products and services and maintain the bank’s strong capital position.

We are very mindful of cost-of-living pressures and their impact on people today, and that interest rates can have a significant influence on this. We will always take an approach based on working with our owner-customers in a caring and supportive way.

If you need assistance with your loans, please call 13 25 85, option 2 to speak to our specialist team.

For general tips and resources for your financial wellbeing, please visit beyondbank.com.au/financial-wellbeing.html

 

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