ME Bank passes on full rate cut

Cassidy KnowltonDecember 8, 2020

ME Bank has joined Bank of Queensland in vowing to pass the RBA’s full 25-basis-point rate cut onto customers.

“As part of our commitment to looking after customers over the long term and offering a fairer banking alternative, ME Bank has decided to pass on the full 0.25% p.a. reduction to our customers,” says Jamie McPhee, ME Bank’s chief executive officer.

The cut will mean the bank’s standard variable rate will drop to 6.74% from 6.99% per year.

“ME Bank remains committed to passing on the full benefits of the RBA’s rate cut to our customers – just as we did in November, because we believe everyone deserves a fairer deal.

"It’s high time the Big Four return their focus to the stakeholders that matter most – customers – and help relieve their financial burden wherever possible,” McPhee adds.

Customers with a $300,000 home loan will save $50 per month thanks to the cut.

 

 

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