People’s Choice has further increased its 12-month term deposit rate to a highly competitive 4.20% p.a., following the Reserve Bank’s recent decision to again lift Australia’s cash rate.
Among a number of other increases to benefit savers, People’s Choice has lifted the return on a 7-month term deposit by 0.25% p.a. to 3.85% while longer term investments, from 2- to 5-years, are similarly attractive with rates sitting at 4.00% p.a.
“Throughout the current interest rate cycle, People’s Choice has been determined to offer savers the best returns we can – across both term deposits and at-call accounts,” said Maria-Ann Camilleri, Chief Member Officer.
“As a proudly member-owned organisation, we’re not chasing profits for shareholders, we’re doing our best for our members.” For depositors wanting to keep their money on hand, the People's Choice Dream Fund account is currently offering 4.05% p.a. bonus interest (conditions apply – see here ).
Rates on all savings accounts remain under review.
Due to the Reserve Bank’s decision to lift the cash rate a further 0.25%, 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 21 February 2023.
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.