Once again, People’s Choice has significantly lifted the interest payable on a range of term investments – moving well above the Reserve Bank’s latest increase.
A 1-year term investment will now return a healthy 4.10% p.a. with 2-, 3-, 4- and 5-year terms all earning a secure 4.00% p.a.
For people looking for shorter-term options, a 7-month investment will deliver 3.60% p.a., while the 8-month offer has been increased by a significant 1.05% to 2.85% p.a. All increases are effective from 11 November 2022.
“We’ve taken this opportunity to increase the large majority of our term investments by between 0.40% and 1.05%, which is well above the Reserve Bank’s latest move of 0.25%, and which provides some attractive options for our existing and new members” said Maria-Ann Camilleri, Chief Member Officer.
Interest increase for Savings Accounts
These increases follow the decision to pay an additional 0.60% p.a. interest from 1 November 2022 on the three most popular People’s Choice savings accounts:
- Dream Fund
- Bonus Saver
- Young Saver
Again, this increase was far more than the Reserve Bank’s move.
“At People’s Choice, we’re determined that after such a long run of low interest rates, that savers will see the full benefit of the country’s new interest rate environment,” Ms Camilleri said.
Due to the Reserve Bank’s latest decision to lift the cash rate, People’s Choice existing variable rate home loans will increase by 0.25% p.a., as will variable business loans. The changes will be effective from 15 November 2022.
For any member feeling financial pressure, please note we do have a range of support materials available through our financial wellbeing hub, the home loan FAQs page on our website and via our extensive network of lending specialists.