Auswide Bank : 04/08/22 Auswide Bank increases interest rates in response to August cash rate increase
August 04, 2022 at 01:07 am EDT
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4 August 2022
Auswide Bank increases loan and deposit interest
rates after August cash rate increase
Auswide Bank will increase interest rates on existing variable loans and a range of deposit accounts following the Reserve Bank of Australia's (RBA) decision to increase the cash rate by 50 basis points on Tuesday.
From 17 August 2022, Auswide Bank will increase interest rates on variable rate home, business and personal loans by 0.50%p.a. There will be no change to Auswide Bank's Low Rate Visa Credit Card.
Depending on the product type and interest rate tier, increases of up to 0.50%p.a. will also be applied to on-call deposit interest rates from 16 August 2022. This includes savings, cash management, pension and children's accounts. Interest rates on selected term deposits were increased on 29 July 2022 in anticipation of the RBA decision.
Martin Barrett, Managing Director, said this RBA cash rate decision was again widely expected and follows consecutive increases in May, June and July. He said further increases are likely this year.
"Our customer service teams were standing by to assist our customers with their loans and savings needs as they review their finances in response to the rapidly evolving interest rate environment."
He said where a customer has a new loan repayment, they will be advised by letter in advance of their next repayment due date. A customer's applicable interest rate will also appear on their next loan statement. Revised deposit interest rates can be viewed on the bank's website www.auswidebank.com.aufrom 16 August 2022.
About Auswide Bank Ltd
Auswide Bank helps Australians with an extensive range of banking products and services issued directly or in partnership with leading service providersvia branches, strategic relationships and online & digital channels.
Even though we are a smaller bank, we believe that it's the small things that make us different and can make a big difference for our customers and communities.
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M: 0414 011 695
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Auswide Bank Ltd. published this content on 04 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2022 05:06:02 UTC.
Auswide Bank Ltd is an Australia-based deposit-taking institution, and credit and financial services provider. The Company provides deposit, credit, insurance and banking services to personal and business customers across Australia, principally in regional and metropolitan Queensland, Sydney and Melbourne. The Company operates through a single segment, Retail Banking. The principal activities of the Company are confined to the raising of funds and the provision of finance for housing, consumer lending and business banking. The Company offers home loans, personal loans, credit cards, everyday banking, savings accounts and insurance. Its personal banking services include accounts, home loans, car and personal loans, credit cards, term deposits, superannuation, insurance, international banking, and financial advice. Its business banking services include business accounts, term deposits, international banking and business support services.