BSB 806 015

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BSB 806 015

August interest rate changes

09 Aug2022

Following the Reserve Bank of Australia’s increase to the cash rate by 0.50% per annum on Tuesday 2 August 2022, P&N is making changes to interest rates across several deposit and lending products.

From as early as next week, deposit products will benefit from increases of up to 0.50% per annum. The new rates will take effect from 12 August 2022 for term deposits and 17 August 2022 for savings accounts.

Our variable rate home loans will increase by between 0.22% and 0.50% per annum, effective from 17 August 2022. Impacted members will receive communications directly in the coming weeks in relation to any changes.

We acknowledge that we are currently in a rate-rising environment that we haven’t experienced in over a decade. As a customer-owned bank, we strive to remain competitive for our members and balance the needs of both our borrowers and depositors. We understand these changes may place financial pressure on some members and we encourage you to get in touch to find out what options are available to you. 

If you’d like to get in touch, please contact us on 13 25 77, chat with us at www.pnbank.com.au or visit us in-branch.

View detailed rate changes

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