Changes to Savings Account interest rates

On 3 July 2019, the Reserve Bank of Australia reduced the official cash rate by 0.25%p.a. The new rate of 1.00%p.a. is the lowest official cash rate in Australia’s history. Following the reduction, Queensland Country Credit Union has reviewed the interest rates on our entire range of savings, investment and lending products.

We appreciate the current low interest rate environment presents challenges for Members with savings and investments. In reviewing our interest rates, we have made adjustments aimed at satisfying the needs of both our depositing and borrowing Members. With this in mind, Queensland Country will reduce the interest rates on the following savings accounts from 19 August 2019

Bonus Saver, Student Money Saver and Future Start*

Balance Range

Base Rate (unchanged)

Previous Bonus Rate

New Bonus Rate

$1 and over

0.01%

2.24%

1.99%

 

Cash Management and Business Plus*

Balance Range

Previous Interest Rate

New Interest Rate

$1 to less than $5,000

0.00%

0.00%

$5,000 to less than $10,000

0.00%

0.00%

$10,000 to less than $20,000

0.15%

0.15%

$20,000 to less than $100,000

0.40%

0.15%

$100,000 to less than $500,000

1.15%

0.90%

$500,000 and over

1.40%

1.15%

 

Star Saver*

Balance Range

Previous Interest Rate

New Interest Rate

$1 to less than $5,000

2.50%

2.25%

$5,000 and over

1.50%

1.25%

 

Christmas Club*

Balance Range

Previous Interest Rate

New Interest Rate

$1 and over

1.00%

0.75%

 

Pension Plus*

Balance Range

Previous Interest Rate

New Interest Rate

$1 to less than $50,000

1.00%

0.75%

$50,000 and over

2.25%

2.00%

 

Online Saver*

Balance Range

Previous Interest Rate

New Interest Rate

$1 and over

1.25%

1.00%

 

Go Saver (no new accounts from 1st April 2018)*

Balance Range

Previous Interest Rate

New Interest Rate

$1 and over

1.85%

1.60%

 

Business Online Saver*

Balance Range

Previous Interest Rate

New Interest Rate

$1 and over

1.25%

1.00%

 

Retirement Saver Account*

Balance Range

Previous Interest Rate

New Interest Rate

$1 to less than $10,000

0.65%

0.40%

$10,000 to less than $50,000

1.15%

0.90%

$50,000 to less than $100,000

1.55%

1.30%

$100,000 to less than $200,000

1.55%

1.30%

$200,000 and over

1.55%

1.30%

As always, we encourage any Member wishing to discuss their personal situation to call us on 1800 753 377.

* Please refer to our transaction accounts page for information regarding interest calculation methods and payment frequency.