Bank of Queensland passes on official interest rate rises


Bank of Queensland has announced it would pass on the Reserve Bank’s 25 basis point official interest rate increase to variable home, personal and business loans, as well as increasing its rates on a range of deposit products.

 

The 0.25% increase on variable rate home loans will mean the standard rate for Bank of Queensland customers will increase from 6.82% to 7.07% as of Thursday December 18, 2003.

 

Rates on the Bank’s 1-year fixed home and business loans will rise by 0.1% as of Tuesday, December 16.

The Bank announced depositors would from Wednesday, December 17 benefit from higher interest rates on a range of deposit products, including the Bank’s market leading Cash Management Account.

 

The Account will offer a market leading interest rate of 5.05% on balances over $100,000.

 

In addition, it will also provide depositors with a range of other features including no account maintenance fees for balances over $5,000 and unlimited free access to Bank of Queensland ATM, Internet Banking, Phone Banking and over-the-counter transactions.

 

The Bank announced it would also increase its deposit rates on its:

  • Premier Investment Account (advertised rates and selected special rates), providing market topping rates on its 30-day, 60-day, 120-day, 180-day and 7 to 12-month term accounts;
  • Easy Investment Account (advertised rates only); and
  • Commercial Interest Bearing Cheque Account.