As a mutual bank, we’re committed to giving all members a fair deal, while carefully balancing the interests of our borrowers and depositors.
Due to the continuing pressure on the margin between the interest earned on our loans and paid on our deposits, we've made the difficult decision to reduce the interest rate on two of our term deposit products effective 28 April 2020.
We’ve held our term deposit rates steady through two RBA rate reductions, however, the record low interest rate environment has made this reduction necessary.
|
Product |
Current rate |
New rate – Effective 28 April 2020 |
|
1.75% p.a. |
1.50% p.a. |
|
|
1.65% p.a. |
1.40% p.a. |
Despite the reduction, our deposit products continue to be recognised amongst the best in Australia, with our online savings accounts recently receiving two Rate City Gold Awards and a 5-Star Canstar rating.
If you have any questions about these changes, please email us at info@movebank.com.au or call us on 1300 362 216.
Interest rates subject to change. All rates quoted are per annum (p.a.) Fees and charges apply.
