Customers anticipate all major banks will follow the trend of months prior, passing on the increase in full to mortgage rates. 

For savers, three of the four major banks passed on October’s cash rate increase of 0.25%, with NAB the only big-four bank to keep savings rates stagnant. 

AMP Chief Economist Shane Oliver said cash and bank deposit returns remain low, but are improving as RBA cash rate increases flow through.

“Another cash rate hike will be bad news for homeowners, yet might be okay for savers if more banks pass through the increase to savings deposit rates,” Dr Oliver told The Savings Tip Jar podcast. 

This page will detail reactions across the big-four banks following the RBA's latest cash rate hike - check back here regularly for the latest information.


NAB

In similar fashion to last month, NAB was once again the first of the big-four to respond to the RBA's 25 basis point (0.25%) increase to the cash rate on Tuesday. 

NAB signalled its intent to pass on the full 0.25% increase to variable mortgage holders from 11 November 2022. 

NAB Group Executive for Personal Banking Rachel Slade said banks have a critical role to provide support to those who are finding the increasing interest rates a challenge.

“At NAB, we have dedicated financial counsellors who listen to each customer’s individual situation and are able to offer tailored solutions – whether that be a reduced payment arrangement, payment break or restructuring their loan," Ms Slade said.

Continuing the trend from October, NAB will not be increasing savings account rates in line with November's RBA increase, instead highlighting the fact that savings rates are constantly under review. 

CommBank

CommBank is the second of the big-four banks to pass on the full 25 basis point (0.25%) increase to variable mortgage holders from 11 November 2022.

CBA Group Executive Retail Banking Angus Sullivan said the bank is committed to helping customers mitigate cost of living pressures.

“We’ve recently launched a new Cost of Living Support Hub to provide our customers with easy access to a one-stop-shop of tools, tips and guidance to help them manage cost of living pressures,” Mr Sullivan said.

“We understand the rapidly changing rate environment may raise questions for some of our customers and we are here to help them.

"We encourage our customers to message us in the CommBank app to explore different support options or to connect with a specialist.”

CommBank will also lift interest rates across a number of its savings products.

Westpac

Following the lead of NAB and CommBank, Westpac has responded on Wednesday flagging an increase to rates for new and existing variable mortgage holders by 0.25% from 15 November 2022.

“With interest rates continuing to rise, we understand some people will be feeling more financial pressure," said Chris de Bruin, Westpac Chief Executive Consumer & Business Banking.

"While we have not seen an increase in calls for assistance, and the majority of our customers continue to be ahead on repayments, we are ready to support customers who may need extra help."

Westpac will also increase rates for savers.

The Westpac Life total variable rate with bonus interest will increase by 0.90% p.a. to 3.50% p.a., effective 9 November.

Westpac eSaver total variable rate will increase by 0.95% p.a. to 3.50% p.a. for new customers for the first five months, effective 9 November.

ANZ

The final big-four bank to announce its changes following Tuesday's RBA decision was ANZ, following in the footsteps of its counterparts by detailing its intent to lift variable rates for mortgage holders by 0.25% from 11 November 2022. 

ANZ Group Executive Australia Retail Maile Carnegie said the cost of living and rate changes have impacted our customers over a period of some months now.

“If customers are facing difficulties, we encourage them to reach out to our experienced teams as early as they can to discuss tailored options to support them,” Ms Carnegie said.

Savers will benefit from ANZ's announcement with ANZ Plus Save accounts to increase 0.25% to a rate of 3.50% p.a. from 10 November 2022. 

The new 3.50% p.a. rate is available for ANZ Plus Save accounts up to balances of $250,000. 


Advertisement

Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money

Saver Account (<$250k)

  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of April 20, 2024. View disclaimer.

Images by CBA, ANZ, NAB & Westpac