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Bendigo and Adelaide Bank announces interest rate changes for borrowers and savers

6 May 2022 |Announcements

Bendigo and Adelaide Bank has today announced changes to the pricing of its home loan and savings products following the RBA’s decision to lift the cash rate by 0.25% p.a. on Tuesday.

For Bendigo and Adelaide Bank home loan customers on a Variable Rate Loan the interest rate will increase by 0.25% p.a. as of 16 May. The Bank will also increase the interest rate on many of its deposit products including an increase to the rate on its Reward Saver account by 0.25% p.a.

Chief Customer Officer for Consumer Banking Richard Fennell said:

“Bendigo and Adelaide Bank has been careful to try to balance the interests of borrowers and depositors in making these changes. We understand that this increase from historically low levels may be the first many borrowers have seen but we know our customers are generally well positioned to manage changing market conditions,” Mr Fennell said.

“We are also aware that savers have been doing it tough for a long time and will be pleased to receive a stronger return on their deposits. In addition to lifting the rate for our Reward Saver account we have a selection of term deposit offers for customers seeking more attractive returns on their savings.”

Borrowers who are experiencing difficulty are encouraged to get in touch with the bank to discuss their options and how we can help. Customers can speak with their local branch manager or contact the Mortgage Help Centre on 1300 652 146 or visit www.bendigobank.com.au/help/.

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Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable Disclosure Documents before acquiring any product described on this website. Please also review our Financial Services Guide (FSG) before accessing information on this website. Information on this page can change without notice to you.

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