Rate Changes
Following the Reserve Bank of Australia’s (RBA) official cash rate announcement in May, we have reviewed our interest rates and have made a number of changes.
We have made the difficult decision to increase interest rates on our variable home and investment loans. This decision was not made lightly, as it is important that we maintain a competitive offering for our members.
Balancing the interests of our borrowers and depositors is a priority, and our aim is to make decisions that are as fair as possible for all our members. From 1 June, we also increased interest rates across a range of our deposit products, including Bonus Saver, Online Saver and Express Saver.
We are also pleased to share that we have launched our new Growth Saver, which offers a highly competitive interest rate.
MOVE Bank remains committed to offering members great value across our lending, investment and deposit product ranges.
Supporting Our Community
GIVIT is working with Aboriginal and Torres Strait Islander peoples across Australia who are experiencing hardship. Their Indigenous Support Fund raises money and items that aid in changing the health and wellbeing outcomes of individuals in these communities.
For every loan settled in April, MOVE Bank donated $50 to GIVIT’s Indigenous Support Fund. This donation will be used to coordinate the distribution of goods and funds to support First Nations Australians doing it tough.
National Recognition
Over the past few months, we have been independently recognised with several awards across our product suite.
I am pleased to announce that MOVE has received four Rate City Gold Awards, recognising the outstanding value we offer to members across our home loans, car loans and savings accounts:
› Rate City Best Small Deposit Home Loan
› Rate City Best New Car Loan
› Rate City Best Savings Account Regular Savers
› Rate City Best Standard Savings Account
We have also been awarded Money Magazine’s Customer Owned Personal Lender of the Year. This is the third year running that we have received this accolade and and reflects our continued commitment to offer our members high value products year on year.
Vale Don Collins
The MOVE Bank community was saddened to learn of the recent passing of Don Collins one of our founding Directors and long-term supporters. Don served as a Director from 1968 to 1972 and again from 1977 to 1989 and was instrumental in the establishment of the QRI Credit Union which evolved to become MOVE Bank today. At our 2018 AGM when we celebrated 50 years of operation, Don spoke about the credit union in the early days and his observations of MOVE today. Don was a true pioneer and strong advocate for the benefits that mutual banks provide.
Therese Turner, CEO
Changes to our Fees and Charges
We've made some changes to our Fees and Charges, effective 1 July 2022.
› Our Mortgage Discharge fee is now $350.
› The $25 Staff Assisted Redraw fee has been removed.
Updates Fees and Charges are available at movebank.com.au/fees.
