People’s Choice will increase interest rates for its four key savings accounts by 0.25% p.a., passing on to members the full amount of the Reserve Bank’s recent increase in the official cash rate.
The full 0.25% p.a. rate increase will take effect from 1 June 2022 and will apply to all current savings accounts:
• Dream Fund
• Bonus Saver
• Young Saver
• Business Online
This will see interest on Young Saver accounts increase to 1.25% p.a. (base and bonus) while Bonus Saver and Dream Fund rates will lift to 0.55% p.a.
Club 55 members will also enjoy an increase of up to 0.25% p.a., for accounts with a balance of more than $10,000.
All other savings accounts will also receive increases of between 0.14% and 0.20% p.a.:
• Online Saver
• Christmas Savings
• Premium Saver
• Dream Saver
These accounts are not available to new members.
“We’re very happy to increase these interest rates for savers, given rates have been at record lows for so long,” said Maria-Ann Camilleri, Chief Member Officer.
“Australia’s interest rate environment is obviously changing, but our goal will always be to strike a fair balance on rates between our members who save and those who borrow.”
This balance was demonstrated last week, when People’s Choice announced a 0.25% p.a. increase in its variable rate home loans while also lifting interest on new term investments by up to 0.50% p.a.
For more information and support, please visit the home loan FAQs on our website.