Interest rates on some of our savings accounts products have been reduced

Changes to Savings Accounts Interest Rates

In order to be able to manage the business sustainably while balancing the needs of both borrowers and depositors, Sydney Mutual Bank has reduced the interest rate on some of our savings accounts products effective 1st September 2020.

• The Savings Accelerator account has had the interest rate reduced by 0.05% from 0.30% to 0.25%p.a..

For products with varied balance tiers, the following changes apply:

• Pensioner Aware Account - Interest Rate for balance tier above $49,200 to be reduced by 0.10% from 0.70% to 0.60%
• Joint Pensioner Aware Account - Interest Rate for balance tier above $81,600 to be reduced by 0.10% from 0.70% to 0.60%
• Money Market Account - Interest Rate for balance tier $500,000 and above to be reduced by 0.05% from 0.30% to 0.25%
• iNet Saver Account - Interest Rate for balance tier $2,000 and above to be reduced by 0.05% from 0.30% to 0.25%
• iNet Business Saver Account - Interest Rate for balance tier $2,000 and above to be reduced by 0.05% from 0.30% to 0.25%
• Direct Saver Account - Interest Rate for balance tier $3,000 and above to be reduced by 0.05% from 0.30% to 0.25%
• Young Saver Account - Interest Rate for balance tier $5,000 and below to be reduced by 0.25% from 1.75% to 1.50%
• Kick Start Saver Account - Interest Rate for balance tier $5,000 and below to be reduced by 0.50% from 2% to 1.50%
• Retirement Savings Account - Interest Rate for balance tier between $49,200 to $250,000 to be reduced by 0.10% from 0.50% to 0.40% and Interest Rate for balance tier above $250,000 to be reduced by 0.10% from 0.70% to 0.60%

For all enquiries about your accounts, please don’t hesitate to contact us on 13 61 91 or email info@sydneymutual.bank.