On Tuesday 7 June, the Reserve Bank of Australia (RBA) increased the cash rate by 0.50% p.a. In response to this decision, P&N Bank will be making changes to interest rates across several deposit and lending products.
As a customer-owned bank, we strive to remain competitive for our members. In setting interest rates, we carefully balance the needs of both our borrowers and depositors, with the aim to keep our rates competitive for as many members as possible.
Term deposit products will benefit from increases of up to 1.00% p.a. from 17 June and savings products up to 0.30% p.a. from 28 June 22.
Our variable-rate home loans and our secured personal loan products will increase by 0.50%, effective from 28 June. All members will be contacted directly in the coming weeks in relation to any changes to their accounts.
P&N Bank is committed to supporting your personal banking with competitive rates and features that best meet your needs. 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.
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