- The term desposit market has a new leading 12-month rate of 5.75% p.a.
- It is among the standout deposit rate increases in the wake of this week's hike to the official cash rate
- The fifth interest rate increase of 2026 will also see some savings account rates crash through the 6% mark
Suncorp Bank has added 35 basis points to its previous 12-month term deposit rate, with its 5.75% p.a. snatching the lead in a competitive market.
Suncorp is offering the rate on all balances from $5,000 to $2 million with interest paid at maturity.
The rate drops to 5.70% p.a. for those looking for more frequent interest payments (monthly, quarterly, or semi-annually) which still matches the market's next best term deposit rate, announced by AMP GO just two days previously.
See also: Compare 12-month term deposit rates
It's a bold move as Suncorp products continue their migration to ANZ which acquired the Queensland-based bank in 2024.
In comparison, ANZ offers a top term deposit rate of 5.30% p.a. for 12 months, which was in line with its big four counterparts until Commonwealth Bank upped its term deposit rates on Friday.
See also: Big four term deposit rates
CommBank lifts term deposit rates
CommBank's new 12-month special offer rate is 5.35% p.a. on deposits between $5,000 and $5 million with interest paid at maturity.
The limited-time deal is open to personal and SMSF customers opening or renewing term deposits online, via the app, or in branch.
CommBank has also lifted its 24-33-month, 34-35-month, and 36-47-month (two-year to under four-year) rates to 5.40% p.a. for deposits between $50,000 to $5 million when interest is paid annually.
It marks a significant jump of 80 basis points in longer-term rates (34-47-months) for bigger balances, suggesting CommBank's rate setters may be expecting rates to remain elevated for some time.
CommBank's big four partners are yet to adjust their term deposit offerings in the wake of this week's fifth increase to the cash rate for 2026.
See also:
While banks are notoriously quick to pass on home loan rate increases after cash rate hikes, some can be considerably slower to shift their deposit rates.
That said, of those who have made their announcements, some appealing savings account rates are about to hit the market.
Savings rates to crash through 6%
With the cash rate at its highest point in 18 years, some savings account rates are poised to hit levels as high as the mid-6s.
Introductory rates for eligible new customers to both ING's Savings Booster and Ubank's Save accounts will soon be 6.50% p.a. for the first four months, payable on amounts up to $500,000 and $1 million respectively.
See also: Which banks are lifting savings rates after the November RBA rate rise?
But both savings accounts come with conditions which must be met to earn the top interest rate.
See also: The different types of savings account interest rates
Digital currency platform Revolut is also offering a 6.25% p.a. introductory rate to new customers who open an Instant Access savings account within one month of joining.
The rate applies for three months on balances up to $50,000 before reverting to rates determined by customers' chosen subscription plans.
See also: Revolut granted banking licence by APRA
New savings rates for 'no strings' accounts
Among non-conditional accounts, AMP's digital-only AMP Bank GO Save will pay 5.75% p.a. from Monday on the first $50,000 and 5.25% p.a. on balance portions up to $250,000.
Macquarie Bank's popular no strings Savings Account will pay 5.50% p.a. on all balances up to $250,000 from 19 November.
Rabobank is also offering 6.15% p.a. as a four-month introductory rate on balances up to $250,000, dropping back to 4.15% p.a. after the honeymoon period.
Bankwest's Easy Saver also offers a four-month intro rate of 6.00% on balances up to $250,000.99, reverting to the ongoing standard rate of 5.25% p.a.
Both Rabobank and Bankwest have not announced any changes to their savings rates after the November cash rate increase.
Young savers to get a boost
Some targetted youth savings products - some catering for customers aged up to 40 - are also set to pay well over the 6% mark.
These include:
- Westpac Life account with Spend&Save bonus (available to 18-40 year olds)
- Bank of Queensland's Future Saver Account (14-35 year olds)
- Newcastle Permanent's Smart Saver account for under 25s
As of Friday, Westpac is the only one of the banks above to announce upcoming changes to its savings rates following the November cash rate increase.
It will pay a top rate of 6.20% p.a. on its Life account with additional Spend&Save bonus on balances up to $150,000 when all bonus conditions are met.
BoQ's Future Saver and Newcastle Permanent's Smart Saver already offer rates of 6.00% p.a. (when bonus conditions are met) and have not announced changes after this week's cash rate hike.
Stay up to date with latest savings account rate changes after the November cash rate increase.
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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.
| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
3.00% p.a. | 6.25% p.a. Intro rate for 3 months then 3.00% p.a. | $769 | 3 months | $0 | $49,999 | $0 | $0 | $0 |
| Promoted | Disclosure | ||||||||
0.05% p.a. Bonus rate of 5.55% Rate varies on savings amount. | 5.60% p.a. | $1,149 | – | $0 | $249,999 | $0 | $0 | $0 |
| Promoted | Disclosure | ||||||||
5.30% p.a. | 5.30% p.a. | $1,086 | – | $0 | $99,999,999 | $0 | $0 | $0 |
| Promoted | Disclosure | ||||||||
2.50% p.a. Bonus rate of 3.15% Rate varies on savings amount. | 6.25% p.a. Intro rate for 4 months then 5.65% p.a. | $1,186 | 4 months | $0 | $499,999 | $0 | $0 | $0 | Disclosure | ||||||||||
4.15% p.a. | 6.15% p.a. Intro rate for 4 months then 4.15% p.a. | $973 | 4 months | $0 | $249,999 | $0 | $1 | $0 | Disclosure |
