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FirstRate interest rates

Increases to FirstRate interest rates on FirstChoice

In light of increases to the RBA official cash rate, we have increased interest rates on: 

  • FirstRate Cash (effective 14 June 2022)
  • select FirstRate Term Deposits (effective 6 June 2022), and
  • FirstRate Saver (effective 14 June 2022)
     

We’ve also negotiated with our term deposit provider (Commonwealth Bank of Australia) a special rate of 2.25% p.a. on two year term deposits (effective 6 June 2022).
 

FIRSTRATE INTEREST RATES OVERVIEW

FirstRate investment choices
Previous rate (p.a) Current rate1 (p.a.) Change
Saver 0.45% 1.00% +0.55%
Cash (Non-Auto-rebalancing)2 0.45% 1.00% +0.55%
3 month Term Deposit 0.01% 0.15% +0.14%
6 month Term Deposit 0.14% 0.30% +0.16%
9 month Term Deposit 0.29% 0.45% +0.16%
12 month Term Deposit 0.49% 0.65% +0.16%
2 year3 Term Deposit 0.83% 2.25% +1.42%
3 year3 Term Deposit 1.33% 1.50% 0.17%
5 year3 Term Deposit 1.83% 2.00% 0.17%
7 year3 Term Deposit 1.83% 1.83% No change
10 year3 Term Deposit 1.83% 1.83% No change
15 year3 Term Deposit 1.83% 1.83% No change

1This interest rate does not include a deduction for the tax payable by the super fund on earnings, currently up to 15%. For example, if the interest rate quoted above is 1.00%, your investment should earn at least 0.85%. There is no tax payable on earnings in the pension phase.
2Investment option available in FirstChoice Wholesale Pension only.
3Rate for both annual and monthly payment options.Interest rates are usually updated weekly on a Monday, and are subject to change without notice. The rate received on a new term deposit at maturity may vary from current interest rates.

SPEAK TO A FINANCIAL ADVISER

If you’re concerned about the impact of rising interest rates on your super, or if your investment strategy isn’t appropriate for your stage of life, the best thing to do is speak to a financial adviser. They can help you determine whether your super is still on track to reach your financial goals.

When it comes to super, keep in mind that it’s a long-term investment that will inevitably go through all sorts of market conditions over the years – high interest rates, low interest rates, market downturns, and market booms. It’s part of the lifecycle of investing. 

WE’RE HERE TO HELP

If you would like to talk to someone about your financial goals, you can use our online tool to connect with a financial adviser near you.At Colonial First State, we are working hard to make sure you have the support you need. We will continue to monitor markets, share regular market updates, and communicate closely with our network of experienced investment managers.

As you keep your long-term goals top of mind, remember our team is here to help – with news, insights and helpful resources available on our website to help keep you up-to-date.

Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL) is the trustee of the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557 and issuer of FirstChoice range of super and pension products. Commonwealth Bank of Australia ABN 48 123 123 124, AFSL 234945 (CBA) is the issuer, and Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) is the administrator, of the FirstRate Saver and FirstRate Term Deposits products. The investment performance and the repayment of capital of CFSIL products are not guaranteed. This document may include general advice but does not consider your individual objectives, financial situation, needs or tax circumstances. You can find the Target Market Determinations (TMD) for our financial products at www.cfs.com.au/tmd, which include a description of who a financial product might suit. You should read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at www.cfs.com.au or by calling us on 13 13 36.