Bank Australia lifts interest rates on term deposits and savings products

Term deposit rates will increase by between 0.25% to 1.60%,with rates on a 12 month term deposit increased by 1.10% to 2.00%.

Bank Australia Managing Director, Damien Walsh, said these changes will provide a boost to savers following a period of record low interest rates.

“These changes make Bank Australia’s term deposits among the most competitive in the market and we will continue to work hard to make sure that this remains the case. As interest rates increase from their historic lows, these changes will assist many of our customers to increase their savings over the coming months.”

Customers will receive more information on these changes over the coming weeks.

For any help and further queries, customers can contact us on 132 888 or visit their nearest branch.

Term deposit rates

•                3 month rate increased by 0.25% to 0.50%

•                6 month rate increased by 0.25% to 0.75%

•                12 month rate increased by 1.10% to 2.00%

•                24 month rate increased by 1.50% to 2.70%

•                36 month rate increased by 1.60% to 3.00%

Savings account rates

Interest rates on Bonus Saver, mySaver and Online Saver accounts will also increase by 0.10% from 1 June 2022.