Interest rate boost on multi-award winning Bonus Saver account

MyState Bank has completed a review of its current interest rates following the Reserve Bank of Australia’s (RBA) June meeting, where it lifted the official cash interest rate from 0.35% to 0.85%.

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 Wednesday 15 June 2022. This increase is to be applied on accounts for new and existing customers, taking the maximum monthly interest paid to 1.6%* (once eligibility requirements have been met).

MyState is also increasing interest paid on term deposit accounts by up to 1.85%. Following the increases, MyState now has a headline rate of 3.00% for a 24 month term.

For MyState Bank variable home loan customers, interest rates will increase by 50 basis points (0.50%), effective Monday 20 June 2022 for new and existing customers.

MyState Bank’s General Manager of Banking, Huw Bough, said MyState Bank is always focused on keeping interest rates competitive for both deposit and lending customers.

“Today we are announcing an increase of 50 basis points to our multi-award winning Bonus Saver account, which will be good news for customers. This is in addition to increasing a number of term deposit rates for the second month in a row. As a challenger bank we can be more nimble and competitive in our decisions, and we’re keen to get this interest rate boost applied to our customers’ accounts as soon as we can to help their savings work harder,” said Mr Bough.

“Our home loan customers are also facing the second interest rate rise this year, after 11 years without one. Over the past month our customer care teams have been assisting customers with their questions and concerns. We will always advise our customers when interest rates change and let them know what the minimum monthly repayments will be, so they can work that into their budgets.”

“We’re encouraging our customers to prepare for more interest rate rises in the months to come. Looking at household budgets now will help you manage any future changes.”

“As a responsible lender MyState strictly assesses customers’ repayment capacity as part of their application, which includes a serviceability buffer above current interest rates,” added Mr Bough.

Some helpful tips for MyState home loan customers

• All customers who have a variable rate owner occupied or investment loan will be advised directly by MyState Bank of any changes to their rate and repayments.
• If you pay your loan by electronic transfer you’ll need to update your repayment amount via Online Banking.
• If you have a direct debit set up from a nominated bank account you should check the amount to make sure it’s still meeting your new minimum repayment amount. If you’ve chosen to let us update the direct debit so it always equals the minimum repayment amount, you don’t have to do anything more.
• If you’ve asked your employer to credit your loan account directly, check the details and get in touch with your employer directly if you need to update the repayment amount.
• If you’re experiencing financial difficulty, please call us as soon as possible. Our specialist Customer Care Teams can work with you.
• If you have any questions, you can send us a message via Internet Banking or contact our friendly Customer Care Team on 138 001.

*For eligibility criteria and full product T&C’s visit www.mystatebank.com.au