Market-leading term investments introduced, following Reserve Bank’s latest increase

To reward savers, People’s Choice has significantly lifted the interest payable on a range of term investments – moving well above the Reserve Bank’s latest increase of 0.25%.

Setting the market lead, a 7-month term investment will return 3.25% p.a. – an increase of 1.65% p.a. – to more than double the previous rate.

A 1-year term investment will earn 4.00% p.a., an increase of 0.70% p.a, while a number of other terms will lift by between 0.30% p.a. and 0.60% p.a.
   
These changes will apply from 14 October, 2022.

“After having record low interest rates for so long, it’s very satisfying to be able to significantly increase returns for savers,” said Maria-Ann Camilleri, Chief Member Officer.

Despite the rise in the official cash rate, People’s Choice will continue to offer a four-year fixed rate home loan at just 4.99% p.a. (comparison rate* 4.87% p.a.) for Owner Occupiers paying Principal and Interest with a Home Loan Package.

Existing variable rate home loans will increase by 0.25% p.a., as will variable business loans. The changes will be effective from 18 October, 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.