Savings account interest rates reduced

Following the recent reduction in official interest rates by the Reserve Bank of Australia (RBA), Queensland Country Credit Union has conducted a review of our savings, investment and home loan interest rates.

As Members would be aware, we are currently experiencing record low official interest rates and, as a Member-focused organisation, Queensland Country has given significant consideration to how changes in interest rates will impact both our depositing and borrowing Members.

From 22 July 2019, the interest rate on a number of our Savings Accounts will be reduced. The new interest rates for the affected products are shown below:

Bonus Saver, Student Money Saver and Future Start

Balance Range

Base Rate (unchanged)

Previous Bonus Rate

New Bonus Rate

$1 and over

0.01%

2.49%

2.24%^

^To achieve the bonus rate on:

Bonus Saver - make a deposit of at least $20 in a calendar month and no withdrawals in the same calendar month

Student Money Saver and Future Start – make a deposit of at least $5 in a calendar month and no more than (1) withdrawal in the same calendar month.

Cash Management and Business Plus

Balance Range

Previous Interest Rate

New Interest Rate

$1 to less than $5,000

0.10%

0.00%

$5,000 to less than $10,000

0.10%

0.00%

$10,000 to less than $20,000

0.40%

0.15%

$20,000 to less than $100,000

0.65%

0.40%

$100,000 to less than $500,000

1.40%

1.15%

$500,000 and over

1.65%

1.40%

 

Star Saver

Balance Range

Previous Interest Rate

New Interest Rate

$1 to less than $5,000

2.75%

2.50%

$5,000 and over

1.75%

1.50%

 

Christmas Club

Balance Range

Previous Interest Rate

New Interest Rate

$1 and over

1.25%

1.00%

 

Pension Plus

Balance Range

Previous Interest Rate

New Interest Rate

$1 to less than $50,000

1.25%

1.00%

$50,000 and over

2.50%

2.25%

 

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

Balance Range

Previous Interest Rate

New Interest Rate

$1 and over

2.10%

1.85%

 

Online Saver

Balance Range

Previous Interest Rate

New Interest Rate

$1 and over

1.50%

1.25%

 

Business Online Saver

Balance Range

Previous Interest Rate

New Interest Rate

$1 and over

1.50%

1.25%

 

Retirement Saver Account

Balance Range

Previous Interest Rate*

New Interest Rate*

$1 to less than $10,000

0.90%

0.65%

$10,000 to less than $50,000

1.40%

1.15%

$50,000 to less than $100,000

1.80%

1.55%

$100,000 to less than $200,000

1.80%

1.55%

$200,000 and over

1.80%

1.55%

*Interest rates are before any taxes, government fees or charges.

As always, we encourage any Members that have questions about this change to contact their nearest branch or call us on 1800 075 078.