Interest rate change
Rural Bank has announced an increase of 0.25% to its variable term lending and overdraft products, effective 27 May 2022. Interest rate increases will also be applied to a range of Rural Bank at call deposit products, effective 25 May 2022.
Chief Customer Officer for Rural Bank, Richard Fennell said the Bank considered a range of factors when making this decision.
“We have been careful to balance the interests of borrowers and depositors in making these changes. We understand 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.”
“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.”
As a specialist agricultural lender, Rural Bank assesses individual cases of hardship on a case-by-case basis. Any customer with questions regarding their circumstances is encouraged to contact their relationship manager directly. They can also call Rural Bank’s Customer Service Team on 1300 660 115 or visit their nearest branch.