Promotional Interest Rate Changes
Q1: When will the FRANK Account rates be changed?
A: The new FRANK Account interest rate will take effect from 1 October 2013 onwards.
Q2: What is the interest rate change for my FRANK Account?
A: The FRANK Account rate tiers are:
| New interest rates with effect from 1Oct13 | Existing interest rates | |
| 1st $10,000 | 0.20% p.a. | 0.30% p.a. |
| $10,001 - $100,000 | 0.30% p.a. | 0.50% p.a. |
| $100,001 - $500,000 | 0.40% p.a. | 0.60% p.a. |
| From $500,001 | 0% p.a. |
Q3: Are these revised interest rates permanent?
A: These revised interest rates are still promotional and are not permanent.
Q4: How much interest will I get if my account balance is above $500,000?
A: Unfortunately, there is no interest paid for balances above $500,000. Balances of $500,000 and below will still enjoy interest rates.
Q5: If my FRANK Account balance exceeds $500,000, will the first $500,000 still enjoy interest?
A: Yes, any balances of up to $500,000 in your FRANK Account will still earn interest according to the interest rate tiers.
Q6: Does this new interest rate apply for all existing FRANK Account customers and new ones?
A: Yes, it applies to all existing FRANK Account customers and new ones.
Q7: Why are you reducing the interest rates?
A: Thank you for supporting FRANK.
We have been doing all we can to hold the FRANK Account interest rates high for over 2 years now, in the midst of a very low interest rate environment.
The interest rate environment has not improved and the cost to hold interest rates at those levels is not sustainable.
However, we know that these things matter to our FRANK customers and kept the new interest rates very competitive.
We have been doing all we can to hold the FRANK Account interest rates high for over 2 years now, in the midst of a very low interest rate environment.
The interest rate environment has not improved and the cost to hold interest rates at those levels is not sustainable.
However, we know that these things matter to our FRANK customers and kept the new interest rates very competitive.
Q8. Will interest rates be revised again in future?
A: As part of our standard and regular review of our fees and rates, any future rates revision will be done in alignment with current market conditions. However, we will always keep our customers informed before that.