Which banks are increasing savings rates following the RBA’s February decision?

Kicking off the new year the same way it ended, the RBA has delivered its ninth consecutive cash rate increase taking the rate to 3.35%. 

• For December’s movements, see this page. 

This page will detail the latest rate change announcements for savings accounts and term deposits following the RBA's February 25 basis point rate hike - be sure to check back here regularly.

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February highlights

• Bank of Queensland will increase its Future Saver account rate to 4.90% p.a. 
• ING will increase its Savings Maximiser account rate to 4.80% p.a.
• Great Southern Bank increases Goal Saver to 4.75% p.a.; Home Saver to 4.65% p.a.; Advantage Saver to 4.50% p.a. 
• Rabobank increases its High Interest Savings account to 4.75% p.a. 
• ubank will increase its savings account rate to 4.35% p.a.
• MyState Bank will increase its Bonus savings account rate to 4.35% p.a.
• RACQ Bank will increase Bonus Saver account to 4.25% p.a.  
• ANZ Plus will increase its ANZ Plus Save savings account rate to 4.00% p.a. 

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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.

The market leaders

ING to increase savings rates

ING will lead from the front come 14 February 2023 once its savings account increases come into effect, taking its ever-popular Savings Maximiser account to a rate of 4.80% p.a. 

To receive this rate, ING customers must deposit at least $1,000 from an external source, make five or more settled card purchases with Orange Everyday account and grow the balance on the nominated Savings Maximiser account by making sure the balance of the account is greater at the end of the month than the month prior.

ING will also increase Savings Accelerator accounts by 0.25% which will see customers with less than $50,000 in their Saving Accelerator earn an interest of 2.35% p.a., up from 2.10% p.a.

Customers with greater balances of $50,000 to $150,000 in their Saving Accelerator will earn an interest rate of 3.25% p.a., up from 3.00% p.a., while customers with more than $150,000 in their Saving Accelerator will earn an interest rate of 3.45% p.a., up from 3.20% p.a.

Bank of Queensland to increase savings rates

Bank of Queensland (BOQ) will reclaim top spot from ING when its savings account rate changes come into effect from 23 February 2023, offering a Future Saver account rate of 4.90% p.a. 

To receive this rate, BOQ savers must deposit $1,000 and make five settled card transactions on their linked Everyday Account every month.

BOQ will also increase Smart Saver (ages 36+) accounts by 0.25% p.a. to 4.25% p.a. for balances between $1 and $250,000 and Simple Saver accounts with a 4 month introductory rate by 0.15% p.a. for a total rate of 4.25% p.a. for balances up to $5 million.

Great Southern Bank increases savings rates

Great Southern Bank was welcomed to the market leaders club Tuesday following an increase of up to 70 basis points across its savings accounts. 

Great Southern Bank’s Goal Saver account tailored to those Gen Z savers aged 18-24 for balances up to $50,000 now offers a rate of 4.75% p.a.

To achieve this rate, customer require a minimum deposit of $500 each month into a Great Southern Bank Everyday Edge account and a minimum of five Visa Debit transactions to achieve the rate. 

For those with the goal of cracking into the property market, Great Southern Bank’s Home Saver account has increased to 4.65% p.a. on balances up to $100,000, requiring customers to:

To achieve this rate, customer require a minimum deposit of $2,000 each month into a Great Southern Bank Everyday Edge account and a minimum of five Visa Debit transactions to achieve the rate. 

Savers with larger balances are also set to reap the benefits from Great Southern Bank’s latest increase, with Advantage Saver accounts offering a rate of 4.50% p.a. 

To receive this rate on balances between $100,000 and $750,000, customers are required to simply grow balances by a minimum of $250 each month. 

Rabobank increases savings rates

Rabobank has increased the 4-month introductory variable rate to its High Interest Savings Account by 25 basis points (0.25%) taking the rate to 4.75% p.a.

The 4.75% p.a. offering applies to new Rabobank customers for savings balances up to $250,000 with no deposit or withdrawal conditions to earn the rate.

Once the 4-month introductory rate finishes, the rate will revert to the standard variable rate of 3.50% p.a.

New customers looking to take advantage of the 4.75% p.a. rate can only open one High Interest Savings Account with Rabobank.

Further, Rabobank increased its PremiumSaver account by 0.25% to 4.15% p.a. up to balances of $250,000, with customers required to deposit $200 each month.

ANZ, CommBank, Westpac, NAB

ANZ Plus to increase savings rates

ANZ was the first of the big-four to move following the RBA's February decision, announcing it will increase the savings rate upon its app-only ANZ Plus Save account by 25 basis points to 4.00% p.a. from 14 February 2023. 

ANZ Plus Save's new rate of 4.00% p.a. remains one of the most competitive hoop-free savings rates available across Australia's big-four banks.

To be eligible to receive the rate for balances up to $250,000, there are no minimum deposit or transaction requirements. 

CommBank to increase savings rates

Australia's largest bank has announced its intent to increase savings account rates by up to 0.75% p.a. following the RBA's February decision. 

CommBank's GoalSaver with bonus interest rate will increase by 0.75% p.a. to 4.00% p.a., comprising the standard variable rate of 0.25% p.a. and the bonus variable rate of 3.75% p.a., effective 10 February 2023.

To achieve CommBank's new GoalSaver rate of 4.00% p.a. customers are required to make a deposit each calendar month into the account, and have a higher account balance at the end of the month compared to the account balance at the start of the month (excluding interest and bank-initiated transactions). 

CommBank's Youthsaver account for those aged under the age of 18 will increase by 0.50% p.a. to 4.00% p.a., comprising the standard variable rate of 1.60% p.a. and the bonus variable rate of 2.40% p.a., effective 10 February 2023.

Westpac to increase savings rates

Westpac will increase two savings account rates by 0.25% p.a. from 21 February 2023 following the RBA's February decision. 

Both Westpac Life and eSaver accounts will offer a total interest rate of 4.00% p.a. yet for eSaver customers this rate is offered as an introductory offer for the first five months. 

NAB increases savings rates

NAB has increased its Reward Saver and iSaver accounts to offer a rate of 4.00% p.a. 

NAB's Reward Saver rate of 4.00% p.a. is available for balances north of $1 million, with customers required to make no withdrawals and make at least one deposit on or before the second last banking day of the month. 

NAB's iSaver rate of 4.00% p.a. for balances up to $20 million applies as an introductory rate for the first four months if the customer has not held an NAB iSaver in the previous 12 months. 

The best of the rest

ubank to increase savings rates

Another month of being the first to move savings rates following an RBA cash rate decision, ubank will increase its 'Save' account rate by 0.25% to a total of 4.35% p.a. from 1 March 2023. 

To receive ubank's rate of 4.35% p.a. customers are required to have a ubank Spend account and deposit $200 per month (excluding internal transfers) into any Spend and Save accounts. 

Suncorp Bank to increase savings rates

Suncorp Bank will increase its at-call Growth Saver account rate by 0.25% from 17 February 2023, taking the total rate to 4.25% p.a.

To receive this rate, Suncorp customers are required to grow net balances (excluding interest) by more than $200 each month and make no more than one withdrawal. 

MyState Bank to increase savings rate

MyState Bank will increase its Bonus Saver account rate to 4.35% from 13 February 2023. 

To receive this new rate each month, MyState Bank customers are required to deposit $20 and make five settled Visa Debit transactions each month using a linked Glide Account.

Macquarie Bank to increase savings rate

Macquarie Bank will increase the ongoing interest rate customers earn on both their savings and everyday transaction accounts to 3.80% p.a., on balances up to $250,000 effective 22 February 2023.

This increase is 0.10% from 3.70% p.a., compared to the 0.25% increase by the RBA for February. 

St George, Bank SA and Bank of Melbourne to increase savings rates

Westpac subsidiaries St George, Bank SA and Bank of Melbourne will increase Incentive Saver accounts by 0.25% from 21 February 2023 taking the total rate to 4.25% p.a. 

To receive this rate, customers are required to grow account balances by $50 each month and ensure the account balance does not fall below $0.

Bankwest to increase savings rates

Bankwest will increase the interest rates for select savings products by 0.25% from 17 February 2023.

This increase will see Bankwest's Variable Hero Bonus Rate lift to 3.75% p.a. and Easy Saver Rate increase to 4.000% p.a. for balances up to $250,000.

RACQ Bank to increase savings rates

RACQ Bank will increase its Bonus Saver account by 0.40% p.a. and term deposit rates by 0.25% p.a. from 21 February 2023. 

RACQ Bank's Bonus Saver account will increase to 4.25% p.a. with customers requiring to deposit a minimum $100 each month and make no withdrawals in order to receive the new rate. 

When will savings account rates start with a 5?

This increase marks the RBA setting a new record, with PRD Chief Economist Dr Asti Mardiasmo detailing the previous most number of cash rate increases was seven - between October 2009 and November 2010. 

“There was a break, that is the RBA held it steady between the sixth increase (May 2010) and the seventh (November 2010), yet this time around there are no breaks,” Dr Mardiasmo told Savings.com.au. 

“Further cash rate increases will be history in the making – almost how COVID-19 was historical in nature. It will mean taking us back to the level of 2012 cash rates - 10 years ago.” 

Savings account and term deposit rates are the beneficiary of the RBA entering historic territory, with the average savings account bonus rate climbing 310 basis points (3.10%) since April 2022 to 3.35% - its highest point since June 2012.

The trend of some banks passing on RBA increases in full is expected to continue, which could potentially see some banks edge closer to offering savings accounts starting with a 5. 

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