Deposit rates 

To help members with a savings account, RACQ Bank will increase interest rates on its Bonus Saver account by 0.40% p.a. and term deposits by up to 0.25% p.a. effective 21 February 2023. 

Chief Executive Banking Michelle Winzer said these new rates would help Queenslanders reach their financial goals sooner. 

“RACQ Bank is committed to having some of the best rates in market and these changes, combined with our recent increases, mean our members who have worked hard to put money away will see a better return on their investment,” Ms Winzer said. 

Variable home loan and business loan rates 

RACQ Bank will increase home, business and commercial variable interest rates by 0.25% p.a. for new and existing members, effective 21 February 2023. 

RACQ remains committed to offering competitive solutions, with the Fair Dinkum Loan¹ still one of the lowest rates in market for Queenslanders with a LVR ≤60%.

At the same time, to help Queenslanders live more sustainably, the Bank’s Green Home Loan remains unchanged at a competitive 0.79% p.a. comparison rate^#. 

Ms Winzer said it was a tough environment for many households and RACQ was committed to looking at ways to reduce cost of living pressures for members. 

“We’re continuing to expand RACQ Member Benefits with new partner discounts on the items we know are placing the biggest pressure on households,” she said. 

“We also offer our home loan repayment calculator and budget planner to help our members see exactly where their money is going. 

“Member can also consider switching their monthly repayments to weekly or fortnightly, which means over a year they will make an extra repayment, potentially saving them money in the long run by paying down their mortgage faster. 

“If you do have excess cash, you could make extra repayments now to bring your loan down or consider using an offset if that option is available to you.

“We encourage any members who are experiencing financial stress to contact our banking team. They can look at your situation and find the best solution for you, whether that is fast-tracking financial hardship requests or providing flexibility with payment options.”

More information on RACQ Bank’s loan and savings products can be found here.

Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding. Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.

^Rates effective as at 21 February 2023 and are subject to change at any time.

¹Fair Dinkum Home Loan is available for new lending only. Members of RACQ with an existing home loan can switch to Fair Dinkum Home Loan with a minimum of $20,000 in additional lending.

^#RACQ Bank Green Home Loan available with existing, refinanced and new RACQ Bank home loans. Conditions apply.

Comparison rate calculated on a secured loan amount of $30,000 over 5 years based on monthly repayments. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.