CUA reduces standard variable rate by 25 basis points to 6.72%

09/12/2011

CUA, Australia’s largest customer-owned financial institution, today announced it will reduce its interest rate on all retail variable products, maintaining its 0.5% price discount to the average of the Big Four banks.

Andrew Hadley, CUA’s Group General Manager, Strategy and Marketing, said, “CUA prides itself on offering highly competitive products. This week the RBA reduced the cash rate to 4.25% and CUA has chosen to pass the full benefit of that rate cut onto our customers.

“CUA is owned by its customers, not shareholders. This means that instead of paying out profits in the form of dividends to shareholders, we can reinvest back into the business with customers seeing the benefits in the form of competitive products, rates and fees. Our ability to quickly pass on this rate cut is a great example of the benefits of our business model.” concluded Mr Hadley.

CUA’s variable product details:

Apply by visiting your local CUA branch or call CUA Direct on 133 282.