Reserve Bank of Australia, Interest Rates
The RBA met today and decided to reduce the Official Cash Rate (OCR) by 0.25% to 3.50%.
bankmecu will now review how the market responds to the RBA decision. The review will ensure bankmecu customers continue to enjoy interest rates that are competitively priced.
In determining its response to the RBA decision bankmecu will take the responsible position of ensuring interest rates remain competitive for both depositors and borrowers. In 2011 our customers were collectively $31 million1 better off than they would have been banking with the big four banks.
bankmecu targets a responsible level of profit to enable it to remain strong and invest in the growth of the bank for the benefit of all customers. In setting interest rates it does not seek to penalise customers in order to reward external shareholders. bankmecu is 100% customer owned and retail funded.
bankmecu is committed to helping its customers make more informed decisions about how they bank. Helping customers understand how interest rates are set is an important part of this process. We have posted details on understanding the business of banking on our website.
We shall advise all customers about updates to our interest rates shortly.
Thank you for your ongoing support of bankmecu.
Yours sincerely,
Damien Walsh
Managing Director
1Source: bankmecu’s Cannex Valuation report 2011. Canstar Cannex provides fact-based data and ratings to Australian consumers and financial institutions.