Reserve Bank raises interest rate another half a percent
What did my bank give me of that raise? 0.15%
Of the 1.75% raise in interest rates so far this year, my bank has passed on 1%.
If I have a balance of $50,000 the bank will pay me interest of $500 spread over the year.
As usual, I wrote to let then know my concerns and received a reply from them today.
Thank you for your online enquiry.
As a Mutual Bank, we don’t have “shareholders” and we value all our members and balance the needs of both members with deposit accounts and lending when making the decisions to change any interest rates on our products. We work hard to ensure that our products are competitive and provide value for our members and I apologise if you feel this is not the case.
We recognise that P&N have not passed on the full increase and have lodged your feedback with the relevant department.
We are happy to review your accounts and see if there is a better product for you.
Blah de blah de blah.
Of the 1.75% raise in interest rates so far this year, my bank has passed on 1%.
If I have a balance of $50,000 the bank will pay me interest of $500 spread over the year.
As usual, I wrote to let then know my concerns and received a reply from them today.
Thank you for your online enquiry.
As a Mutual Bank, we don’t have “shareholders” and we value all our members and balance the needs of both members with deposit accounts and lending when making the decisions to change any interest rates on our products. We work hard to ensure that our products are competitive and provide value for our members and I apologise if you feel this is not the case.
We recognise that P&N have not passed on the full increase and have lodged your feedback with the relevant department.
We are happy to review your accounts and see if there is a better product for you.
Blah de blah de blah.
