Who has increased rates for savers following RBA's July cash rate decision?

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on July 06, 2022 Fact Checked
Who has increased rates for savers following RBA's July cash rate decision?

Savers are keeping their fingers crossed to reap the benefits of another cash rate increase - watch this space.

With a number of banks passing on savings account and term deposit rate increases last month following the RBA's June decision, savers are expecting more of the same this month. 

This page will detail the latest rate change announcements for savings accounts and term deposits following the RBA's 50 basis point rate hike. 

Highlights to date include:

  • ANZ Plus will increase by 0.50% p.a. to 2.00% p.a. 
  • CommBank GoalSaver will increase by 0.50% p.a. to 1.25% p.a; YouthSaver will also increase by 0.50% p.a. to 1.45% p.a.
  • Macquarie Bank will increase transaction accounts and savings accounts to 1.75% p.a.
  • Suncorp Growth Saver will increase by 0.70% p.a. to 2.00% p.a.  
  • ubank Save and USave will increase by 0.50% p.a. to 2.35% p.a. 

Make sure to check back here regularly as banks tinker with their savings products.

ANZ increases deposit rates

ANZ will increase the bonus interest rate on savings accounts by 50 basis points from 15 July.

  • Progress Saver to increase to 1.15% p.a. (grow balance every month)
  • ANZ Plus to increase to 2.00% p.a. (balances up to $250,000)

CommBank increases deposit rates

CommBank will increase the bonus interest rate on some savings products by 50 basis points, effective 15 July.

  • GoalSaver to increase to 1.25% p.a. (grow balance every month)
  • YouthSaver to increase to 1.45% p.a. (under-18s, maximum balance $50,000, grow balance every month)

CommBank will also introduce a new 15-month Term Deposit Special offer of 2.50% p.a.

CommBank Group Executive of Retail Banking, Angus Sullivan, said these new deposit rate changes, combined with the increases we’ve made over the past two months, will help deliver better savings outcomes for our customers. 

NAB increases deposit rates

NAB will increase the interest rate on its Reward Saver account by 50 basis points, effective 15 July.

This brings the total interest rate to 1.00% p.a.

Its 12 month term deposit rate will also increase to 2.50% p.a. - a 25 basis point increase from where it currently stands.

Westpac increases deposit rates

From 22 July, the Westpac Life savings account base interest rate will also get a bump to 1.35% p.a.

This means its popular under-30s savings account rate could get boosted to a total rate of 3.00% p.a.

The major bank is also offering a 2.50% p.a. 12-23 month term deposit rate, accessible from 8 July.


Bendigo Bank increases deposit rates

Bendigo Bank will increase its 'Reward Saver' savings account rate by 60 basis points effective 27 July 2022. 

For those aged 30 and under, the rate will increase to 1.85% p.a. For those aged 31 and over, the rate will increase to 1.55% p.a. 

For Bendigo savings customers, balances must grow each month and not exceed $100,000 in order to be eligible for the total interest rate.

ING increases deposit rates

One of the most popular products on the market, ING has increased its additional variable rate for eligible Savings Maximiser customers by 50 basis points from 12 July 2022.

For ING customers, this brings the total savings rate for the Savings Maximiser product to 2.60% p.a. pending all conditions being satisfied. 

Macquarie Bank increases transaction account, deposit rates

Macquarie Bank has delivered a number of rate increases for savers, including its transaction account, savings accounts and term deposits.

  • Transaction account to increase to 1.75% p.a. effective 14 July.
  • Savings account to increase to 1.75% p.a. (balances up to $50,000) effective 14 July. Macquarie customers will also receive a welcome rate of 2.00% on their first savings account for the first four months on balances up to $250,000 effective 8 July.

Macquarie's 25 basis point increase to its transaction account, comes off the back of an 'Australian first' 145 basis point increase to its transaction account in June. 

Further, Macquarie’s six-month term deposit interest rate will increase to 2.40% and one year term deposit interest rate will increase to 3.25% effective 6 July.

ME savings account rate increases

ME will increase its savings account rate by 50 basis points to 1.60% p.a. effective 15 July.

To attain the rate savers must make four settled purchases on the linked Everyday Transaction account.

Suncorp increases deposit rates

Suncorp has become the first bank to increase savings account rates beyond the RBA's 50 basis point increase.

Suncorp's increase of 70 basis points is effective from 13 July. 

  • Growth Saver to increase to 2.00% p.a. (grow balance every month)

Suncorp will also offer an increase to its 18-month carded term deposit by 55 basis points to 3.00% p.a. from 13 July. 

ubank increases deposit rates

The NAB backed digital lender will increase the bonus interest rate across Save and USave accounts by 50 basis points effective 1 August.

  • Save & USave to increase to 2.35% p.a. (minimum $200 deposit). 

Virgin Money increases savings account rates

Virgin Money has applied rate increases to its Boost Saver and Grow Saver product lines.

  • The Boost Saver has been increased by 80 basis points to 2.30% p.a.
  • The Grow Saver has been increased by 50 basis points to 1.50% p.a.

These new rates are effective 15 July.

To attain the rates, savers are subject to bonus criteria.

For example, to attain the top rate on the Boost account, savers must deposit $2,000 into their linked Go transaction account, and make five settled purchases every month.

Monthly criteria is different if the customer is 25.

If customers enable the 'lock saver' 32-days' notice feature, the interest rate will increase to 2.60% p.a. on the Boost saver, and 1.80% on the Grow saver.

More to come..


Image by Squirrel Photos via Pixabay



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Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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