Bendigo and Adelaide Bank to lift interest rates

The move is in response to the Reserve Bank's decision on Tuesday to lift the cash rate by 0.5 per cent.

The increase will take effect as of Friday, August 12.

The bank will also increase the interest rate on many of its deposit products including an increase of 0.5 per cent to the rate on its Bendigo EasySaver products.

Chief customer officer for consumer banking Richard Fennell said the Bendigo and Adelaide Bank continued to carefully consider the impact rate rises had on customers.

"We understand that rising inflation and higher rates can make it tougher for borrowers," he said.

"Please remember we are here to help and have a team standing by to assist those who are having issues following this change to the interest rate cycle."

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Mr Fennell said customers who are interested in better understanding how these change affects them can use the bank's online calculators and tools where they can calculate the impact of the recent rate rise, prepare a family budget and more. Borrowers experiencing difficulty are encouraged to get in touch with the bank to discuss their options.

The Bendigo Bank rate move follows the Commonwealth Bank's call earlier this week to also lift home loan rates.

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