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Date Published : Thursday, March 27, 2008
One of Australia's largest banks has passed on the benefits of the Reserve Bank's interest rate rises to those saving for retirement.
St George Bank has announced that it has increased the deposit rates on its Retirement Access Plus savings account as a result of the recent interest rate rises by the Reserve Bank of Australia.
The first of the major banks to increase its rates on retirement schemes, St George will offer 1.25 per cent interest on all balances under $2,000, a four per cent rate on savings balances in between $2,000 and $39,399 and a six per cent interest rate is available for people who have more than $39,400 in their savings account.
According to the bank's website: "The Retirement Access Plus Account is designed to help pensioners and self funded retirees make their money go further."
Earlier this month, the Reserve Bank increased interest rates for the second month in a row - and the fourth time in six months - to a 12-year high of 7.25 per cent.
As a result, St George Bank was among many of Australia's top financial institutions when it increased the interest rates changed on its variable rate home loans shortly after the Reserve Bank's announcement.
It increased rates by 0.35 per cent to 9.37 per cent on variable rate mortgage products, with several of the other banks, including National Australia Bank, following suit.
However, St George did also increase interest on a number of savings accounts - including the directsaver - by 0.25 per cent to seven per cent.
Compare savings accounts.
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