Term deposit returns increased further following Reserve Bank’s latest move

17 Mar 2023

People’s Choice has further increased returns for its most popular term deposit.

In great news for savers, 12-month term deposits will earn 4.50% p.a. under the latest changes. This is an increase of 0.30% p.a., and is ahead of the Reserve Bank’s recent decision to lift Australia’s cash rate by 0.25% p.a.

The increase for 6-month deposits is even more impressive, rising from 2.85% p.a. to 3.90% p.a.

People’s Choice has also lifted returns for 2-, 3-, 4- and 5-year term deposits, with all changes effective from 21 March 2023. Due to the Reserve Bank’s decision, People’s Choice existing variable rate home loans will increase by 0.25% p.a., as will variable business loans. The changes will be effective from 22 March 2023.

Rates on all savings accounts remain under review.

For any member feeling financial pressure, we have a range of support materials available through our financial care hub, the home loan FAQs page on our website and via our extensive network of lending specialists.