Important information regarding interest rate changes

2 Jan 2019, 12:29AM
Savings accounts

Effective 11 February 2019, the interest rate offered on the following savings accounts will be reduced:

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Details

As Members would be aware, we are currently operating at record low official interest rates. This difficult economic environment means Queensland Country must consistently monitor the interest rates, fees and charges that apply to the loans, savings and investment accounts we offer Members.

A recent review of our range of savings accounts has led to a small reduction in the interest rate on a number of accounts. We have aimed to keep the impact of the changes on our Members as low as possible. Further, our market research indicates that all impacted accounts remain competitive in the market with regard to the interest rates, fees, terms and conditions offered.

During the same review, a decision was made to remove a number of transaction fees and reduce the balance required to qualify for transaction fee exemptions – meaning a significantly increased number of Members now qualify for fee-free transactional banking.

We will continue to monitor both the transaction fees we charge and the interest rates we offer in an attempt to deliver an overall product offering that benefits a majority of Members.

If you have any questions regarding this change, please feel free to contact your nearest branch or phone 1800 075 078.

Bonus Saver, Student Money Saver and Future Start

  Old rate New rate

Base interest rate

0.01% p.a.

0.01% p.a.

Bonus interest rate

2.59% p.a.

2.49% p.a.

Total interest (all conditions met)

2.60% p.a.

2.50% p.a.

Online Saver and Business Online Saver

 

Old rate New rate

Interest rate

1.70% p.a.

1.50% p.a.

Pension Plus

Old balance range Old rate New balance range New rate

Balances up to $49,200

1.35% p.a.

Balances up to $50,000

1.25% p.a.

Balances more than $49,200

2.60% p.a.

Balances more than $50,000

2.50% p.a