People’s Choice has further increased returns for its most popular term deposit.
In great news for savers, 12-month term deposits will earn 4.50% p.a. under the latest changes. This is an increase of 0.30% p.a., and is ahead of the Reserve Bank’s recent decision to lift Australia’s cash rate by 0.25% p.a.
The increase for 6-month deposits is even more impressive, rising from 2.85% p.a. to 3.90% p.a.
People’s Choice has also lifted returns for 2-, 3-, 4- and 5-year term deposits, with all changes effective from 21 March 2023. Due to the Reserve Bank’s decision, 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 22 March 2023.
Rates on all savings accounts remain under review.
For any member feeling financial pressure, we 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.