Bank of Sydney will raise interest rates for both savers and borrowers following the Reserve Bank’s latest cash rate increase, the third rise in the current cycle, which has already pushed major bank mortgage rates higher.
From Friday 15 May, the bank will increase rates on savings products, including the BOS Saver Account, Business Saver Account, and Controlled Money Trust Accounts, by 0.25% to help customers grow their savings.
From Friday 22 May, Bank of Sydney will increase its standard variable lending rates by 0.25% for all new and existing home and business loans.
Huw Bough, chief banking officer at Bank of Sydney, said the decision reflects the bank’s focus on customers.
“At a time when households and small businesses are under pressure, we want to support our customers,” Bough Said. “We’re pleased to deliver higher returns for savers while giving borrowers additional time to adjust as conditions change. Being a smaller bank means we stay close to our customers and work alongside them to help navigate circumstances with confidence.”
All affected lending customers will receive a direct notification outlining their new interest rate and repayment details.
Bank of Sydney said customers who would like more information about these changes, or their individual loan arrangements, can visit its website, call 13 95 00 or contact their nearest branch.
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