Which banks are increasing savings rates following the RBA's November announcement?

Many of the banks passed on savings account and term deposit rate increases last month following the RBA’s October decision, leaving savers to expect more of the same this month.

For October’s 2022 movements, see this page.

Highlights so far:

• Bank of Queensland (BOQ) will increase Future Saver accounts to 4.35% p.a.
• ING will increase Savings Maximiser accounts to 4.30% p.a. 
• Macquarie Bank will increase its four-month introductory savings account rate to 4.25% p.a.
• Rabobank increases its 4-month introductory variable rate to its High Interest Savings to 4.25% p.a.
• Virgin Money will increase its Boost Saver rate with Lock feature up to 4.15% p.a.
• MOVE Bank now has a savings account rate of 4.00% p.a.
• ubank will increase Save and USave accounts to 3.85% p.a.
• Westpac will increase Life and eSaver accounts to 3.50% p.a.
• ANZ Plus increases savings account rate to 3.50% 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.

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ANZ increases savings account rate

ANZ's digital arm ANZ Plus will increase its savings rate by 25 basis points to 3.50% p.a. from 10 November, 2022. 

ANZ Plus's rate of 3.50% 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 term deposit rates from 11 November, 2022. 

CommBank's NetBank Saver standard variable rate will increase by 0.25% p.a. to 1.35% p.a, with the 5-month introductory variable rate increasing by 0.50% p.a. to 3.50% p.a.

To kick savings goals, CommBank's GoalSaver and YouthSaver accounts will increase by 0.30% p.a. to 2.70% and 2.90% p.a. respectively. 

For term deposits, CommBank will also increase its 12-month rate by 0.40% to 3.75% p.a. and  its 18-month special rate to 4.00% p.a.

These new term deposit rates will be effective 7 November, 2022. 

NAB increases savings rates

NAB has announced changes to some of its savings products, effective from Friday 11 November.

NAB's iSaver intro rate will increase by 0.50% p.a. to 3.50%. NAB's Reward Saver bonus will increase by 0.25% p.a. to 2.75%.

NAB Executive for Everyday Banking Paul Riley said the savings market was particularly competitive and active right now.

"The fact we are seeing hundreds of new account opened every day by new and existing customers reflects how much customers are shopping around," Mr Riley said.

"It's always worth taking the time to check out what's on offer - it's a savers market.

“NAB’s 12-month term deposit is very popular right now and, from Friday, will offer 3.75% pa.”

Westpac increases savings and deposit rates

Westpac will increase the Westpac Life total variable rate with bonus interest by 90 basis points to 3.50% p.a. 

The Westpac eSaver total variable interest rate will also increase by 0.95% p.a. to 3.50% p.a. for new customers for the first five months.

These increases will come into effect from 9 November, 2022.

Customers will also be able to access a new term deposit offer of 3.75% p.a. for 12 to 23 months, effective 4 November, 2022.

Keep in mind that Westpac, BankSA, Bank of Melbourne and St George all share the same ADI (banking licence), meaning they are all collectively under the same $250,000 Government Deposit Guarantee umbrella.

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Bank of Melbourne increases savings rate

Bank of Melbourne is offering an extra 0.10% p.a. for the first 3 months on its Maxi Saver account, taking the rate to 4.10% p.a.

This offer is available from 9 November, 2022 for new Maxi Saver customers only.

To hold a Maxi Saver account, you must also hold an eligible Bank of Melbourne transaction account in the same name and be registered for Internet and Phone Banking.

Keep in mind that Westpac, BankSA, Bank of Melbourne and St George all share the same ADI (banking licence), meaning they are all collectively under the same $250,000 Government Deposit Guarantee umbrella.

BankSA increases savings rate

BankSA is offering an extra 0.10% p.a. for the first 3 months on its Maxi Saver account, taking the rate to 4.10% p.a.

This offer is available from 9 November, 2022 for new Maxi Saver customers only.

To hold a Maxi Saver account, you must also hold an eligible BankSA transaction account in the same name and be registered for Internet and Phone Banking.

Keep in mind that Westpac, BankSA, Bank of Melbourne and St George all share the same ADI (banking licence), meaning they are all collectively under the same $250,000 Government Deposit Guarantee umbrella.

Bendigo and Adelaide Bank increases savings rates

Bendigo and Adelaide Bank will increase its Reward Saver account rate by 25 basis points to 2.60% p.a. for balances up to $100,000.

The increase will come into effect on November 23, 2022.

Great Southern Bank increases savings rates

Following the RBA's latest cash rate hike, Great Southern Bank will be increasing rates across many of its savings products by 0.60% p.a. on 17 November 2022.

The Goal Saver account (available for 18-24 year olds), will increase to 3.75% p.a. To receive this rate, customers will need to open an Everyday Edge Account, then simply deposit $500 into your Everyday Edge Account and make 5 or more card transactions per month to qualify for bonus interest on your Goal Saver account.

Great Southern Bank will also increase interest rates by 0.60% p.a. on its Home Saver, Advantage Saver, and eSaver Flexi products.

IMB Bank increases savings and deposit rates

IMB Bank has announced a 40 basis point (0.40%) increase to its 12-month term deposit rate to 3.80% p.a.

The Wisdom Saver $50,000 to $249,999 tier will increase by 0.25% to 1.05% p.a. while the $250,000 and over tier will increase by 0.30% to 1.45% p.a.

To be eligible to receive the rate, customers must be 55 years or over.

The increases will come into effect on 14 November, 2022.

ING increases savings account rate

ING has announced a 25 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 4.30% p.a. to help boost their savings.

To receive ING's rate of 4.30% 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.

This increase will come into effect from 8 November, 2022.

Macquarie Bank increases savings and deposit rates

Macquarie Bank has increased its savings account welcome rate by 0.25% to 4.25% p.a. for new customers for the first four months on balances up to $250,000 - effective from 3 November, 2022.

The ongoing interest rate customers earn on both their savings and everyday transaction accounts will increase 0.25% to 3.45% p.a. on balances up to $250,000 - effective 16 November, 2022.

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

Macquarie Bank has also announced an increase to a range of term deposit interest rates by 0.25%, including 3 month term deposits to 3.00% p.a., 6 month term deposits to 3.60% p.a. and 9 month term deposits to 3.65% p.a. - effective 3 November, 2022.

Macquarie's one year term deposits are now available at 4.10% p.a. 

MOVE Bank increases savings account rate

Formerly Railways Credit Union, MOVE Bank appears to have increased its Growth Saver rate by 50 basis points to 4.00% p.a.

This consists of a 0.10% p.a. base rate and a 3.90% p.a. bonus - to get the bonus customers must deposit $200 per month and make no withdrawals.

The maximum balance on which 4.00% p.a. is applicable is $25,000.

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 4.25% p.a.

The 4.25% 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 4.25% 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 3.65% 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 November 9, 2022.

St.George increases savings rate

St.George Bank is offering an extra 0.10% p.a. for the first 3 months on its Maxi Saver account, taking the rate to 4.10% p.a.

This offer is available from 9 November, 2022 for new Maxi Saver customers only.

To hold a Maxi Saver account, you must also hold an eligible St.George transaction account in the same name and be registered for Internet and Phone Banking.

Keep in mind that Westpac, BankSA, Bank of Melbourne and St George all share the same ADI (banking licence), meaning they are all collectively under the same $250,000 Government Deposit Guarantee umbrella.

Suncorp Bank increases deposit rate

Suncorp has announced its savers can now earn 4.00% p.a. on Suncorp Bank’s 12-month Term Deposit. 

ubank increases savings rates

Digital bank ubank has announced a 0.25% increase to both 'Save' and 'USave' savings accounts effective 1 December, 2022.

ubank's increase will see the bank increase its savings rate to 3.85% p.a - a base rate of 0.10% and a bonus rate of 3.75%.

To receive ubank's rate of 3.85% for balances up to $250,000, customers need to simply deposit $200 per month into any ubank account.

Ubank was the first to announce changes following the RBA's November cash rate decision.

Virgin Money increases savings rates

Effective 16 November, BoQ-owned Virgin Money will increase the maximum rate on its Boost Saver to 3.85% p.a. - a 25 basis point increase.

To attain this maximum rate, savers must deposit at least $2,000 per month into their Go transaction account, and make five settled debit card purchases too.

Further, the maximum rate increases to 4.15% 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.

The maximum deposit cap is $250,000.

BOQ increases savings rates

Bank of Queensland (BOQ) will increase its Future Saver savings account by 25 basis points to 4.35% 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 3.85% p.a. for balances between $1 and $250,000.
• Simple Saver by 0.25% to 2.50% p.a. for balances up to $5 million.

These increases are effective from 16 November, 2022.

HSBC (pending)

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