MyState Bank has completed a review of its current interest rates following the Reserve Bank of Australia’s (RBA) August meeting, where it lifted the official cash interest rate from 1.35% to 1.85%.
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 17 August 2022.
It is the third consecutive month MyState Bank has passed on the RBA’s increase in full to Bonus Saver customers. This increase is to be applied on accounts for new and existing customers, taking the maximum monthly interest paid to 2.60%* (once eligibility requirements have been met).
MyState Bank is also announcing further increases to it term deposit rates. It’s the fifth increase in term deposits for MyState customer since April. Following these boosts, MyState now has headline rates of 3.25% for a 12 month term, and 3.35% for two and three year terms. MyState now offers some of the top term deposit and savings account rates for savers in Australia.
MyState Bank Managing Director and CEO Brett Morgan said when making any decision on interest rates, the bank takes 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 third 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.
“The current environment is challenging for both our mortgage customers and savers. The decision to increase interest rates for depositors recognises the higher cost of living faced by our customers.”
Mr Morgan said they’ve also had great feedback from existing and new customers over the past few months, who’ve taken advantage of MyState Bank’s competitive term deposit rates.
“We have customers who are happy to lock their money away, and others who want it at call. We’ve been able to offer multiple increases to term deposit rates this year, 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.”
For MyState Bank home loan customers, variable home loan interest rates will increase by 50 basis points (0.50%), effective Monday 15 August 2022 for new and existing customers.
*For eligibility criteria and full product T&C’s visit www.mystatebank.com.au
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