LLL interest rate change.
The LLL advises that effective 1 August 2019, the interest rate on at-call Savings Accounts has changed from 2.00% to 1.75% per annum.
The reduction in interest rate is in response to historically low-interest rates in Australia, which have led commercial financial institutions to lower the interest rates they now offer on investments.
The LLL generates income to support the Lutheran Church of Australia – including its congregations, schools and aged care facilities – by placing funds in these investments. The returns the LLL is able to now achieve has reduced significantly due to two recent reductions in the Reserve Bank Cash Rate.
Both the deposit and lending rates applied by the LLL are monitored closely and are regularly reviewed by the LLL Board.
The LLL thanks depositors for your understanding of this rate adjustment, which will help ensure that long-term financial support to the LCA can be maintained.
We also thank our 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