We have made the difficult decision to lower interest rates on deposit accounts from 3 June 2019. We know there's never a good time to lower interest rates on savings, so we want to be transparent about why we have made this decision.
We’ve also lowered interest rates on many of our fixed interest home loan products.
Like all banks we are being affected by wider market conditions, including a slowing Australian economy, lower demand for housing finance and an ongoing low interest rate environment.
The difference between the interest charged on the loans we make to customers and the interest paid on customers’ deposits is narrowing, which increases the costs of running your bank. Ensuring that your bank remains strong and profitable is vital as the profit enables us to invest in the kinds of products and services our customers expect and create a positive impact in the community.
Despite these current market conditions, we’re confident that our savings and loan interest rates remain competitive. We will continue to work hard to provide you with the value you expect from being a customer and part-owner of Bank Australia.
Please check our interest rates page for the current rate on your accounts.
We're here to help
We know that this change will have an impact on our customers and our team is available to assist you over the phone on 132 888 (8am-8pm Mon-Fri, and 9am-2pm Sat AEDT) or at your nearest branch.
We hope that you understand the reason for our decision and I wish to personally thank you for your continued support of Bank Australia.