LLL interest rate change.
The LLL advises that effective 1 November 2019, the interest rate on Savings Accounts has changed from 1.75% to 1.50% per annum.
The reduction in interest rate is in response to historically low-interest rates in Australia. The LLL Savings Account is an at-call facility. Our research shows that 1.50% remains a great interest rate when compared to other at-call account types.
LLL Savings Accounts carry no fees or charges and generate vital income to support Lutheran Church organisations. Similarly, LLL loans to Lutheran schools, aged care facilities, congregations and other projects continue to be provided with a standard term of 15 years, giving our borrowers access to long term funding.
The LLL Board is acutely aware of the impact this rate change has on our depositors, as well as the need for review of the LLL loan rate. Interest rate reviews are a high priority for the Board and are routinely undertaken at each Board meeting.
As a charitable Authorised Deposit-taking Institution (ADI) the LLL serves as a great alternative to mainstream banks. A key reason for the LLL becoming an ADI is to be able to continue to provide at-call savings accounts to our depositors, as we have done for nearly 100 years.
The LLL thanks depositors for your understanding of this rate adjustment, which will help ensure that long-term financial support to the Lutheran Church can be maintained.
We also thank depositors for your ongoing support of the LLL through your LLL Savings Accounts, and thank God for the partnership this provides ‘together in mission’.
Graeme Huf Allen Kupke
Chairman Chief Executive Officer