MyState Bank has completed a review of its current interest rates following the Reserve Bank of Australia’s (RBA) July meeting, where it lifted the official cash interest rate from 0.85% to 1.35%.
The rise is good news for holders of MyState’s flagship, award winning Bonus Saver account, as they will receive the full 0.50% increase, effective Monday 18 July 2022. This increase is to be applied on accounts for new and existing customers, taking the maximum monthly interest paid to 2.1%* (once eligibility requirements have been met).
This follows MyState increasing term deposit rates twice last month (June 2022). Following these boosts, MyState now has a headline rate of 3.35% for a 24 month term, and now offers some of the top term deposit rates for savers in Australia with flexible terms available.
For MyState Bank home loan customers, variable home loan interest rates will increase by 50 basis points (0.50%), effective Monday 18 July 2022 for new and existing customers.
MyState Bank Managing Director and CEO Brett Morgan said this is a challenging time for many Australians, with the bank taking into account the needs of both deposit and lending customers.
“Today we are announcing an increase of 50 basis points to our multi-award winning Bonus Saver account for the second month in a row, which is good news for customers. And beyond the competitive rates, these accounts also give customers personalised insights, which helps them keep track of their spending and identify places to save,” said Mr Morgan.
Mr Morgan said they’ve also had great feedback from existing and new customers over the past few weeks, who’ve taken advantage of MyState Bank’s competitive term deposit rates.
“We’ve been able to offer two increases to term deposit rates in June, and have attracted new customers as a result. We’re delivering larger returns for our customers who want that stability in managing and growing their savings over time.”
Mr Morgan said while this latest increase in the cash rate was widely anticipated, home loan customers will understandably be concerned about the impact on household budgets. MyState Bank will always advise customers when interest rates change and let them know what the minimum monthly repayments will be.
“Over the past month our customer care team has been taking calls around how much new mortgage repayments will be as customers look to prepare for the months ahead. To help them, we’ve got some handy tools on our MyState Bank website. For example our home loan repayment calculator, calculates the repayment amount depending upon the repayment frequency and any interest rate,” said Mr Morgan.
Some helpful tips for MyState home loan customers
*For eligibility criteria and full product T&C’s visit www.mystatebank.com.au
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