The Mutual Bank has made changes to its deposit and lending interest rates following the Reserve Bank of Australia's decision on 7 November 2023 to increase the official cash rate by 0.25% to 4.35%.
“The Mutual Bank’s interest rates remain under continuous, regular review, to ensure we remain both competitive and sustainable,” said CEO Mark Williams.
“We seek to balance the needs of both our depositor Members and borrower Members, by delivering consistently competitive rates offering value,” he said.
On 17 November 2023, some of our deposit rates will change. Some of our Term Deposit interest rates will increase by up to 1.2% p.a. Our two- and three-year Term Deposits will increase from 4% p.a. to 5.2% p.a.
The interest rate on the Internet Saver Account and Internet Saver Business Account will increase by 0.25% p.a. taking them to 2% p.a.
On 17 November 2023 The Mutual Bank's Variable Home Loan interest rates (both Owner Occupied and Investment) will increase by 0.25% p.a. Members will be notified in writing about their new repayments.
Our Unsecured Personal Loan interest rate will decrease 0.26% p.a. down to 12.49% p.a.
Variable Business Loans will increase by 0.25% p.a. on 17 November 2023.
On 1 December 2023 in line with changes to our Retirement Account tiering structure, the interest rate will also increase, taking it up to a maximum of 3.5%.
Mark said investors can be reassured that their investments are in safe hands with The Mutual Bank.
“As an authorised deposit taking institution (ADI), deposits with The Mutual Bank are protected by the Australian Government’s Financial Claims Scheme,” he said.
“This government-backed safety net for deposits of up to $250,000 per account holder, per ADI ensures their deposits are securely protected.
Mark encourages Members affected by the rising cost of living to discuss their loan with our friendly team.
“Please reach out to your Lending Manager, visit a branch or phone our Hunter-based Contact Centre Team on 1300 688 825,” he said.
“Based on your circumstances, our team can assess your eligibility for a range of support options that may be available to you, such as loan deferrals, interest-only periods, or other appropriate relief. You can see the full list of The Mutual Bank interest rates across our product range here.