March 2023 - RBA Rate Rise Response
On 8 March 2023, the Reserve Bank of Australia (RBA) made the decision to increase the official cash rate further, from 3.35% to 3.60% - an increase of 0.25%.
From 1 April 2023, BankVic will increase the bonus interest rate on our Bonus Saver accounts by a further 0.25%. We'll also be increasing the interest rate on our EasyInvest, Pension Plus and Term Deposits by 0.25%.
BankVic will pass on the full 0.25% increase to all variable rate home loan accounts, with the changes effective from 21 March 2023, seen in repayments from 11 April 2023. We will be communicating to all our home loan members soon to let them know what their new loan details and repayments will be.
For more information on the rates for all loan and deposit products, head to BankVic
As a member-owned bank, BankVic doesn’t distribute profits to shareholders. Profits generated are re-invested back into the business to benefit our members and their communities.
For more information on the RBA decision, view the full statement by RBA Governor Philip Lowe.