Following the Reserve Bank of Australia's increase to the cash rate by 0.50% per annum on Tuesday 5 July 2022, bcu is making changes to interest rates across several deposit and lending products.
As a customer-owned bank, we strive to remain competitive for our members and balance the needs of both our borrowers and depositors when setting rates.
Interest-bearing deposit products will benefit from increases of up to 0.95% per annum and some savings products will benefit from increases of up to 0.45% per annum. The new rates will take effect from 15 July 22 for term deposits and 26 July 22 for savings accounts.
Our variable rate home and commercial loans will increase by between 0.40% and 0.50%, effective from 26 July 22. Members will receive communications with details relating to their specific loans in the coming weeks.
We understand that changes to a household budget can be difficult so we encourage you to get in touch to find out what options are available to you, should you require some assistance.
If you'd like to get in touch, please contact us via our instant messenger (click 'Chat with us' at the bottom of this webpage), on 1300 228 228, or visit us in-branch.