Interest rate update - December 2023.

Recently the RBA announced an increase to the cash rate.

Interest rate update - December 2023.

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.

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 the rate changes that we will be making to our deposit products.

Current Savings Accounts

From Wednesday, 6 December 2023:

Purple Bonus Saver

 

Tier

Current Rate (% p.a.)

- with Bonus

New Rate (% p.a.)

- with Bonus

Change (% p.a.)

$0 - $200,000

4.45

4.65

0.20

> $200,000

0.01

0.01

No Change

 

Retirement  Account

 

Tier

Current Rate (% p.a.)

New Rate (% p.a.)

Change (% p.a.)

$0 - $4,999

1.15

1.25

0.10

$5,000 - $48,599

1.35

1.45

0.10

$48,600 +

1.80

1.90

0.10

 

Community Reward Account

 

Tier

Current Rate (% p.a.)

New Rate (% p.a.)

Change (% p.a.)

$0 - $4,999

2.00

2.10

0.10

$5,000 - $199,999

2.30

2.40

0.10

$200,000 +

2.55

2.65

0.10

monEsaver

 

Tier

Current Rate (% p.a.)

New Rate (% p.a.)

Change (% p.a.)

$0 - $4,999

2.20

2.30

0.10

$5,000 - $199,999

2.50

2.60

0.10

$200,000 +

2.75

2.85

0.10

Grandfathered Savings Accounts

From Wednesday, 6 December 2023:

Everyday 55 Account

     

Tier

Current Rate (% p.a.)

New Rate (% p.a.)

Change (% p.a.)

$0 - $4,999

1.15

1.25

0.10

$5,000 - $48,599

1.35

1.45

0.10

$48,600 +

1.80

1.90

0.10

 

Bonus Saver and Bonus Saver Youth Account

 

Tier

Current Rate (% p.a.)

- with Bonus

New Rate (% p.a.)

- with Bonus

Change (% p.a.)

$0 - $4,999

2.10

2.20

0.10

$5,000 +

2.30

2.40

0.10

Double Interest Saver Account

 

Tier

Current Rate (% p.a.) - with Bonus

New Rate (% p.a.) - with Bonus

Change (% p.a.)

$0 - $4,999

2.10

2.20

0.10

$5,000 +

2.30

2.40

0.10

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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