We're providing relief again for depositing customers following the Reserve Bank of Australia’s (RBA) decision in February to increase the official cash rate by 0.25% to 3.35% pa.
We're set to increase the rate on our:
- Bonus Saver product, up 0.30% to 2.60%p.a.
- Life Saver product by 0.40% to 3.00%p.a.
- Term deposit rates, with a 12-month Term Deposit up to 4.10%p.a., while the two-to-five-year products will increase to 4.25%p.a.
This is the fifth increase in rates on our depositing products in the past six months.
We've also confirmed that the variable rate on our Housing and Investor loans, Business loans and all line of credits will increase by 0.25%p.a. in line with changes handed down by the RBA.
These latest rate changes will come into effect on Wednesday, 15 February 2023.
Our Chief Executive Officer, Scott Morgan, said the latest changes continue to demonstrate a commitment to balancing the needs of all customers.
“The RBA’s rate changes has again afforded us the opportunity to increase the interest rate on our savings products, which will be welcome news for our depositing customers, many of whom rely on the interest as a primary source of income,”
Scott Morgan, Greater Bank CEO.
Interest rates
“While many of our customers are well positioned to meet their financial obligations, it’s important for those who are experiencing financial difficulty and are struggling to meet their home loan commitments, to know there are options available."
"Please can contact Greater Bank on 13 13 86 so we can work with this matter with you.”
