Which banks have increased rates for savers following the RBA's October announcement?

Many of the banks passed on savings account and term deposit rate increases last month following the RBA's September decision, with savers left to expect a similar outcome this month.

• For the most up to date movements from November 2022, see this page.
• For September's 2022 movements, see this page.

Highlights so far:

• Bank of Queensland (BOQ) will increase Future Saver accounts to 4.10% p.a.
• ING will increase Savings Maximiser accounts to 4.05% p.a. 
• ubank will increase Save and USave accounts to 3.60% p.a.
• Westpac will increase Spend&Save accounts for under-30s to 3.75% p.a.
• Macquarie Bank will increase its four-month introductory savings account rate to 4.00% p.a.
• MyState Bank will increase its Bonus Saver account to 3.60% p.a.
• ANZ will increase ANZ Plus Save accounts to 3.25% p.a. 

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

---

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.

---

ubank increases savings rates

Digital bank ubank has announced a 0.25% increase to both 'Save' and 'USave' savings accounts effective 1 November.

ubank's increase will see the bank increase its savings rate to 3.60% p.a - a base rate of 0.10% and a bonus rate of 3.50%. 

To receive ubank's rate of 3.60% for balances up to $250,000, customers need to simply deposit $200 per month into any ubank account. 

Westpac increases savings rates

Westpac will increase the Westpac Life total variable rate with bonus interest by 25 basis points to 2.60% p.a. 

It has also increased its Spend&Save account for 18-29 year olds, eligible customers can now earn a total variable interest rate of 3.75% p.a., an increase of 0.25% p.a.

The Westpac eSaver total variable interest rate will also increase by 0.25% p.a. to 2.55% p.a. for new customers for the first five months.

Increases will come into effect from 18 October, 2022.

Macquarie Bank increases savings and deposit rates

Macquarie Bank has increased its savings account welcome rate by 0.30% to 4.00% p.a. for new customers for the first four months on balances up to $250,000 - effective 6 October, 2022.

The ongoing interest rate customers earn on both their savings and everyday transaction accounts will increase 0.45% to 3.20% p.a. on balances up to $250,000 - effective 14 October, 2022.

To receive this rate, Macquarie's savings account has no specific deposit conditions.

Macquarie Bank has also announced its one year term deposit rates are available from 4 October, 2022 at 3.80% p.a.

ANZ increases savings rates 

ANZ's digital arm ANZ Plus will increase its savings rate by 25 basis points to 3.25% p.a. from 12 October 2022. 

ANZ Plus's rate of 3.25% 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. 

Commonwealth Bank increases savings and deposit rates

Australia's largest bank will increase a number of savings and deposit rates from 14 October 2022. 

CommBank's NetBank Saver standard variable rate will increase by 0.25% p.a. to 1.10% p.a, with the 5-month introductory variable rate increasing by 0.70% p.a. to 3.00% p.a.

To kick savings goals, CommBank's GoalSaver and YouthSaver accounts will increase by 0.30% p.a. to 2.40% and 2.60% p.a. respectively. 

For term deposits, CommBank will also increase its 12-month rate by 1.35% to 3.35% p.a. and  its 18-month special rate to 3.70% p.a.

These new term deposit rates will be effective 10 October 2022. 

MyState Bank increases savings rate

MyState Bank will increase its Bonus Saver account from 3.2% to 3.6% effective October 12, 2022.

To receive MyState's rate of 3.6% for balances up to $250,000, customers need to simply deposit $20 each month into their Bonus Saver Account and make a minimum of five settled Visa Debit transactions each month using their linked Glide Account.

ING increases savings rate

ING has announced a 45 basis point increase to its highest ongoing variable savings interest rate.

Eligible new and existing Savings Maximiser customers could earn a variable interest rate of 4.05% p.a. to help boost their savings.

To receive ING's rate of 4.05% on balances up to $100,000, each month customers need to deposit at least $1,000 from an external source, make a minimum of 5 settled card purchases and grow the balance on the nominated Savings Maximiser account.

The ING Australia's Savings Accelerator offerings will also increase by 20 basis points for new and existing customers to a rate of 2.80% p.a.

Increases will come into effect from 11 October 2022.

Bankwest increases savings rates

Bankwest will increase its Hero Saver account rate by 25 basis points to 2.75% p.a. for balances up to $250,000.

To receive Bankwest's rate of 2.75%, eligible customers will need to deposit $200 a month into their Hero Saver account and make no withdrawals. 

The increase will come into effect on October 14, 2022.

Greater Bank increases savings rate

Greater Bank has announced it will increase its Life Saver Account Rate by 25 basis points to 1.75% p.a.

To receive this rate customers must simply grow their account balance each month.

The increase will come into effect on October 14, 2022.

Bendigo and Adelaide Bank increases savings rate

Bendigo and Adelaide Bank will increase its Reward Saver account rate by 25 basis points to 2.35% p.a. for balances up to $100,000.

The increase will come into effect on October 26, 2022.

St.George increases savings rate

St.George has announced it will increase the Incentive Saver Account rate by 30 basis points to 3.15% p.a.

To receive this rate, St.George customers need to grow their account balance by at least $50 each month, or by any amount each month if they're under the age of 21.

This increase will come into effect on October 18, 2022.

Bank of Melbourne increases savings rate

Bank of Melbourne will increase its Incentive Saver Account rate by 30 basis points to 3.15% p.a. 

To receive this rate customers must grow their account balance by at least $50 each month, if under the age of 21 customers must grow the account balance by any amount.  

This increase will come into effect on October 18, 2022.

BankSA increases savings rate

BankSA has announced it will increase its Incentive Saver Account by 30 basis points to 3.15% p.a. 

This increase will come into effect on October 18, 2022.

Rabobank increase savings rates

Rabobank has increased the 4-month introductory variable rate to its High Interest Savings Account by 40 basis points (0.40%) taking the rate to 4.00% p.a.

The 4.00% 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.

New customers looking to take advantage of the 4.00% rate can only open one High Interest Savings Account with Rabobank.

Further, Rabobank increased its PremiumSaver account by 25 basis points (0.25%) to a rate of 3.40% p.a.

To receive this rate up to balances of $250,000, customers are required to deposit $200 each month.

The increases came into effect on October 12, 2022.

Qudos Bank increases savings and term deposit rates

Qudos Bank has announced an increase to both its Bonus Saver and DIY Super Saver account.

Customers will be receiving a 25-basis points increase on the bonus rate from 2.80% to 3.05% p.a.

A 25-basis point increase will also apply to the Cash Management account, Qantas Points Saver, QSaver and Retirement Savings Account.

Various increases will also apply to our Term Deposit rates which will become effective Thursday 13^th October.

Suncorp increases savings rate

Suncorp Bank will increase its 'Growth Saver' savings account by 25 basis points to 2.90% p.a. from 14 October, 2022.

To receive the rate, Suncorp customers are required to grow net savings balances by $200 or more and make no more than one withdrawal each month.

Virgin Money increases savings rate

Virgin Money will increase the rate upon its Boost Saver account to 3.60 p.a. from 20 October, 2022.

Further, for customers who enable the lock saver feature the interest rate will 'boost' to 3.90% p.a. 

When the Lock Saver Feature is enabled, Virgin Money customers are required to provide 32 days’ advance notice to unlock their account or withdraw money from that account.

Bank of Queensland (BOQ) increases savings rates

Bank of Queensland (BOQ) will increase its Future Saver savings account by 10 basis points to 4.10% p.a. for balances up to $50,000.

To be eligible to receive this rate, customers will require $1,000 minimum monthly deposit with a minimum of 5 eligible transactions on their linked Everyday Account every month.

BOQ will also increase:

• Smart Saver by 0.25% to 3.60% p.a. for balances between $1 and $250,000.
• Simple Saver by 0.25% to 2.25% p.a. for balances up to $5 million.

These increases are effective from 20 October, 2022.

ME Bank increases savings rate

ME has increased rates on its Online Savings Account by 0.30% to 3.00% p.a.

This increase is effective from 15 October, 2022. 

Image by Melissa Walker Horn via Unsplash.