Over recent months you may have seen that most banks have been reducing interest rates due to volatile economic conditions.

Given this and our rising value of cash holdings we have reviewed our deposit products and will be reducing interest rates to ensure we can adapt to evolving market conditions. These changes are often a difficult decision to make, where we need to balance the interests of borrowers, depositors and the financial security of the Bank.

Effective from Thursday the 22nd October we’ll be reducing the interest rate on transaction accounts with balances over $250,000 to 0.05%.

We’ll also be reducing Qsaver by 0.15%, to 0.60%p.a. for balances below $500,000, and 0.85%p.a. for balances of $500,000 and over.

The Bonus Saver bonus rate by 0.10% to 0.95%p.a. and the DIY Super Saver base rate by 0.10% to 0.35%p.a.

On the loans side we’ll be reducing all new Fixed Rate Mortgages by 0.10%.

It’s also important to remember that your money is protected with us, as it’s guaranteed by the government guarantee up to $250,000 per customer. So you can count on us to make sure your hard earned savings are in good hands.

For more information please visit qudosbank.com.au or if you have any questions, please contact us on 1300 747 747.

Published Thursday, 22 October 2020