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

Last month, the RBA broke its cycle of consecutive cash rate increases, ultimately electing to pause the cash rate at 3.60%.

With few savings rate movements following the April Board meeting (apart from AMP Bank increasing its Saver Account rate to 4.80% p.a.), savers are anticipating boosts this month.

• For March’s movements, see this page. 

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

May highlights

• AMP will increase its SuperEdge Saver account rate to 4.45% p.a.
• ANZ will increase its ANZ Plus account rate to 4.50% p.a.
• Westpac will increase its Spend&Save account rate to 5% p.a.
• ING will increase its Savings Maximiser account rate to 5.25% p.a.
• BOQ will increase its Future Saver account rate to 5.30% p.a.
• Virgin Money will increase its Boost Saver account rate to 4.80% p.a. Customers who enable the 'Lock Saver' feature will receive 5.10% p.a.
• Great Southern Bank increases Goal Saver to 5.10% p.a.; Home Saver to 5% p.a.
• Move Bank will increase its Growth Saver account rate to 5.25% 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 increases savings rates

ING has taken its ever-popular Savings Maximiser account to a rate of 5.25% p.a. following the RBA's May decision.

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 2.85% p.a.

Customers with greater balances of $50,000 to $150,000 in their Saving Accelerator will earn an interest rate of 3.75% p.a.

Savings Accelerator customers with more than $150,000 will receive a 30 basis point hike, taking the rate to 4% p.a. 

All interest rate changes will come into effect from 9 May 2023.

BOQ increases savings rates

Bank of Queensland (BOQ) will reclaim top spot from ING when its savings account rate changes come into effect from 12 May 2023, offering a Future Saver account rate of 5.30% 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 4.85% p.a. for balances between $1 and $250,000.

Great Southern Bank increases savings rates

Great Southern Bank have hiked two of their savings accounts by 25 basis following the RBA's May decision.

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 5.10% p.a.

To achieve this rate, customers 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.

Great Southern Bank's Home Saver account has increased to 5% p.a. for balances up to $100,000.

To receive this rate, customers are required to deposit a minimum of $2,000 into their Everyday Edge account and make a minimum of five Visa Debit transactions. 

All changes will come into effect from 25 May 2023.

Further to these increases, Great Southern Bank has removed its lower tier for its Advantage Saver account offering, meaning customers with an Advantage Saver account can achieve a savings rate of 4.60% p.a. for balances up to $750,000. 

Move Bank increases savings rates

Move Bank has announced it will increase rates on its savings accounts from 1 June.

Most noteworthy was the Growth Saver account moving to 5.25% p.a. - a 0.10% base rate, and a 5.15% bonus rate.

To get the full rate, savers must deposit $200 a month and make no withdrawals; the maximum balance it applies to is $25,000.

ANZ, CommBank, Westpac, NAB

NAB increases savings rates

NAB has become the first major bank to respond to the RBA's May cash rate decision.

NAB has increased its Reward Saver and iSaver accounts to offer a rate of 4.50% p.a. 

NAB's Reward Saver rate of 4.50% 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 4.50% 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 standard variable rate is 1.85% p.a. 

The new rates will come into effect from 12 May, 2023. 

ANZ Plus to increase savings rates

ANZ has announced it will increase the savings rate upon its app-only ANZ Plus Save account by 25 basis points to 4.50% p.a. from 11 May 2023.

ANZ Plus Save's new rate of 4.50% p.a. remains one of the most competitive hoop-free savings rates available across the big-four banks.

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

Westpac to increase savings rates

Westpac will increase three savings account rates by 0.25%-0.30% p.a. from 12 May 2023 following the RBA's latest cash rate hike.

Both Westpac Life and eSaver accounts will offer a total interest rate of 4.50% p.a. yet for eSaver customers, this rate is offered as an introductory offer for the first five months.

Westpac's Spend&Save account for 18-29 year olds will increase by 0.30% p.a., offering eligible customers a total variable rate of 5% p.a.

This is the first big-four bank to offer a savings account at 5%.

CommBank to increase savings rates

Australia's largest bank has announced its intent to increase savings account rates following the RBA's May decision. 

CommBank's GoalSaver with bonus interest rate will increase by 0.25% p.a. to 4.40% p.a., effective 12 May 2023. 

To achieve CommBank's new GoalSaver rate of 4.40% 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 0.25% p.a. to 4.50% p.a., effective 12 May 2023.

Further, the Netbank Saver 5-month introductory variable rate will increase by 25 basis points to 4.50% p.a.

The best of the rest

AMP increases savings rates

AMP Bank has announced an increase to its SMSF SuperEdge Saver account by 45 basis points, effective 8 May 2023.

AMP's SuperEdge Saver account will increase to a total variable rate of 4.45% p.a. 

To be eligible for the account, customers must own an SMSF.

Last month, AMP announced the AMP Saver account would increase by 50 basis points effective 1 May 2023. Eligible customers can earn up to 4.80% p.a.

Macquarie Bank to increase savings rates

Effective 9 May, Macquarie Bank will increase its savings account welcome rate to 5.05% p.a. for new customers for the first four months on balances up to $250,000.

The ongoing interest rate customers earn on both their savings and everyday transaction accounts will increase to 4.25% p.a., on balances up to $250,000. These changes will come into effect on 19 May 2023.

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 16 May 2023 taking the total rate of 4.75% 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.

Virgin Money increases savings rates

Effective 12 May, BoQ-owned Virgin Money will increase the maximum rate on its Boost Saver to 4.80% p.a.

To attain this maximum rate, savers are required to be over the age of 18, deposit $1,000 into a Boost Saver account and make at least five purchases.

Further, the maximum rate increases to 5.10% p.a. if savers use the optional 'Lock Saver' feature. This feature boosts the savings rate if account holders lock away all or part of their funds for 32 days.

ubank increases savings rates

ubank will increase its 'Save' account rate by 0.15% to a total of 4.75% p.a. from 1 June 2023.

To receive ubank's rate of 4.75% 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.

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