ABC announces rate change
New savings rates
- The standard NetBank Saver variable interest rate will increase from 0.25% per annum to 1.10% per annum.
- GoalSaver with bonus interest rate will increase from 0.30% per annum to 2.40% per annum, effective October 14.
- Youthsaver with bonus interest rate will increase from 0.30% per annum to 2.60% per annum, effective October 14.
To further support savers, the CBA will raise a number of interest rates on term deposits, including its 12-month term deposit from 1.35% to 3.35% per annum. The bank will also increase its special 18-month term deposit to 3.70% per annum. These term deposit rates1 will come into effect on October 10.
Group Director, Retail Banking, Angus Sullivan, said: “We are committed to helping our customers navigate the current environment, including further interest rate increases on a number of our deposit products. , such as increasing our special 18-month term deposit offer to 3.70%. Pennsylvania”
Mr. Sullivan said that while it is clear that customers are feeling the impact of the rising cost of living and the impact of rising interest rates on their home loan repayments, they are taking an approach proactive in managing their finances, using the bank’s range of budgeting tools and features. in the app, including expense tracking and financial plan.
“We are seeing more and more customers take advantage of the tools available to manage their finances in the face of the rising cost of living. This includes a 10% increase in the number of customers taking advantage of clearing accounts, which can help reduce the cost of mortgage repayments. Customers are also aligning the timing of their mortgage payments with when their salary is paid, which helps them better budget their money. »
“In addition, last month we began testing our new fuel lookup feature in the CommBank app with 250,000 New South Wales residents. This feature uses our artificial intelligence technology to advise customers on the cheapest fuel slots at a time that matches when they might need to refuel based on their previous fuel consumption habits.
CommBank has a number of tools and features to help customers navigate today’s environment. People who have questions following today’s interest rate decision or want to discuss their financial situation can message anytime within the CommBank app.
Eight tools and tips for clients
- You can use our suite of budgeting tools to help you manage your finances, including Money Plan in the CommBank app which helps you track your expenses, control your bills and set goals.
- Use the expense tracker in the CommBank app to help categorize your debit and credit card transactions, making it easier to see the impact your spending decisions have on your day-to-day finances.
- Use Category Budgets to set weekly, bi-weekly, or monthly budgets for different categories of your spending – from entertainment and transportation to dining and shopping. You can see how your spending compares to the budget you set for yourself, to help you stay on track.
- You can estimate the increase in your home loan repayments via the home loan repayment calculator.
- Get the most out of a clearing account. An offset account is a transaction account tied to a standard variable rate home loan or investment home loan that can help you pay less interest over time. For clients looking to maximize the benefits of compensation, we offer several compensation accounts.
- Eligible customers can align their home loan repayments with payment timing and frequency through the home loan repayment modification tool. New research suggests that seemingly small changes, like aligning your home loan repayment day with your payday, can make it easier to manage your finances.
- You might also consider how taking out a fixed rate home loan could give you more certainty about your regular mortgage payments.
- You can also save on your daily expenses by checking rewards in the CommBank app.
Where you can access help
- If you’re concerned about your financial situation, send us a message anytime within the CommBank app and we’ll put you in touch with our financial assistance solutions team.
- We also encourage you to discuss with us how we can help you through our extensive network of loan specialists.
What you need to know : Press releases are prepared without regard to the objectives, financial situation or needs of an individual reader. Readers should consider the relevance of their situation. Visit Important Information to access the Product Disclosure Statements or Terms and Conditions currently available electronically for Commonwealth Bank Group products, as well as the relevant Financial Services Guide. Target market determinations are available here. Loan applications are subject to credit approval. Interest rates are correct at the time of publication and are subject to change. Fees and charges may apply.
1The Term Deposit special offer is available for individual, SMSF and corporate customers. Financial institutions are excluded. It is available on balances of $5,000 to $1,999,999, with interest paid annually. CBA term deposits, rates and eligibility criteria are available here.