In response to the Reserve Bank of Australia’s (RBA) recent announcement to reduce the cash rate by 0.50%, we are making some changes to the Freedom Retirement (S50) account.
At Regional Australia Bank, our focus is on providing a balance for all members so that our rates remain competitive for not only our borrowers, but also our valued depositors.
In order to maintain an attractive interest rate on the Freedom Retirement (S50) account, we have introduced a new tier for balances over $250,000.
As of 31/08/2019 the following interest rates and balance tiers will apply to the Freedom Retirement Account:
|Funds up to $2,000||0.10%|
|Funds between $2,000 to $50,000||0.60%|
|Funds between $50,000 to $250,000||1.40%|
|Funds over $250,000||1.70%|
As part of our ongoing review into the range of products and services we offer, we will also be increasing the frequency in which we credit interest. Alongside the balance tier update, we will now be crediting interest to accounts monthly rather than quarterly.