A number of banks passed on savings account and term deposit rate increases last month following the RBA's August decision, leaving savers to expect more of the same this month.
- For up to date coverage of the current October 2022 movements, see this page.
- For August's 2022 movements, see this page.
Highlights so far:
- Bank of Queensland (BOQ) will increase Future Saver accounts to 4.00% p.a.
- ING will increase Savings Maximiser accounts to 3.60% p.a.
- Westpac will increase Spend&Save accounts to 3.50% p.a.
- ubank will increase Save and USave accounts to 3.35% p.a.
- MyState Bank will increase its Bonus Saver account to 3.20% p.a.
- ANZ Plus will increase its Save account to 3.00% p.a.
- AMP is increasing its savings account to 3.60% p.a.
This page will detail the latest rate change announcements for savings accounts and term deposits following the RBA's 50 basis point rate hike - be sure to check back here regularly.
ANZ Plus increases savings rate
ANZ's digital arm ANZ Plus will increase its savings rate by 30 basis points to 3.00% p.a. from 16 September 2022.
ANZ Plus's rate of 3.00% p.a. remains one of the most competitive 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
CBA has announced it will increase its interest rates across several savings products.
The GoalSaver account with bonus interest rate will increase by 60 basis points to 2.10% p.a.
Youthsaver with bonus interest rate will also increase by 60 basis points to 2.30% p.a.
These rate increases will come into effect on 16 September, 2022.
CBA’s 18-month term deposit special offer of 3.00% p.a. will also be extended.
Some term deposit interest rates will increase by up to 0.75% effective 12 September, 2022.
Westpac increases savings and deposit rates
Westpac will increase the Westpac Life total variable rate with bonus interest by 50 basis points to 2.35% p.a.
The Westpac Bump Savings account for under 18 year olds will increase by 65 basis points, to a total variable rate with bonus interest of 2.35% p.a. These rate increases will come into effect on 20 September.
Customers will also be able to access a new term deposit offer of 3.25% p.a. for 12-23 months, effective 13 September.
Further, Westpac has increased its Spend&Save account for millennials to 3.50% p.a. for balances up to $30,000.
ING increases savings rates
ING has announced a 50 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 3.60% p.a. to help boost their savings.
To receive ING's rate of 3.60% 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 50 basis points for new and existing customers.
Increases will come into effect from 15 September, 2022.
ubank increases savings rates
Digital bank ubank has announced a 0.50% increase to both 'Save' and 'USave' savings accounts effective 1 October.
ubank's increase will see the bank increase its savings rate from 2.85% p.a. to 3.35% p.a - a base rate of 0.10% and a bonus rate of 3.25%.
To receive ubank's rate of 3.35% for balances up to $250,000, customers need to simply deposit $200 per month into any ubank account.
MyState Bank increases savings rate
MyState Bank will increase its Bonus Saver account by 60 basis points to 3.2% effective September 19, 2022.
To receive MyState's rate of 3.2% 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.
Bankwest increases savings rates
Bankwest will increase its Variable Hero Bonus Rate by 50 basis points to 2.50% for balances up to $250,000.
The Bankwest Easy Saver Rate will also increase to 2.35% for balances up to $50,000.
The increases will come into effect on September 16, 2022.
Australian Unity Bank increases savings and deposit rates
Australian Unity Bank has announced a 0.30% increase to Active Saver, Easy Saver and Freedom Saver Account bonus interest rates effective 16 September, 2022.
This increase will see Australian Unity Bank's Active Saver account offer a savings rate of 3.10% p.a. once the minimum monthly deposit conditions of $250 per month are met.
Australian Unity Bank will also increase a broad range of term deposit rates across both personal and SMSF products by up to 0.75% from 8 September, 2022.
Greater Bank increases savings and deposit rates
Greater Bank will increase its Life Saver Account Rate by 50 basis points to 1.50% p.a.
The bank will also increase its three-month Term Deposit rate to 1.60%, depositors willing to invest for longer terms can earn up to 4.00% p.a.
These increases will come into effect on September 14, 2022.
Macquarie Bank increases savings rate
Macquarie Bank has increased its savings account welcome rate to 3.70% for the first four months from the date of account opening.
Following the completion of the first four months, the fixed welcome rate will revert to a variable savings of 2.75% on balances up to $250,000.
To receive this rate, Macquarie's savings account has no specific deposit conditions.
St.George increases savings rate
St.George has announced it will increase the Incentive Saver Account rate by 75 basis points to 2.85% 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 20 September, 2022.
Bank of Melbourne increases savings rate
Bank of Melbourne will increase its Incentive Saver Account rate by 75 basis points to 2.85% 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 20 September, 2022.
BankSA increases savings rate
BankSA has announced it will increase its Incentive Saver Account by 75 basis points to 2.85% p.a.
This increase will come into effect on 20 September, 2022.
BankVic increases savings rate
BankVic will increase its Bonus Saver account rate by 45 basis points to 2.40% p.a.
To receive the rate, customers will need to deposit at least $100 and make no withdrawals in a calendar month.
This increase is effective from 1 October, 2022.
Suncorp increases savings rate
Suncorp Bank will increase its 'Growth Saver' savings account by 25 basis points to 2.65% p.a. from 15 September , 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.
AMP increases savings rates
On 26 September AMP said it will increase its bonus deposit interest rate by 100 basis points (1.00% or one percentage point), bringing the bonus rate to 3.00% p.a.
The new rate is applicable from 1 November.
In lieu of the base rate of 0.60% p.a., this brings the maximum rate to 3.60% p.a. provided savers deposit $250 every month, up to balances of $250,000.
To qualify for the bonus interest rate in November, savers must deposit $250 in October.
AMP operates a little differently in that its interest is paid out in a delayed fashion; for example, if a saver deposits $250 in October, they qualify for bonus interest payable in November, but the earliest it's actually paid is December.
Earlier
Earlier in the month, AMP announced an increase to SMSF savings account rates across its SuperEdge Saver and SuperEdge Pension by 50 basis points from 19 September, 2022.
AMP's SuperEdge Saver account will increase to a total variable rate of 2.05% p.a. while the SuperEdge Pension account will increase to 0.60% p.a.
To be eligible for AMP's SuperEdge Saver account, customers must own an SMSF.
RACQ Bank increases savings and deposit rates
RACQ Bank will increase its 'Bonus Saver' and 'eSave' accounts by 50 basis points to 3.10% p.a. and 2.00% p.a. respectively from 20 September, 2022.
To receive the Bonus Saver rate of 3.10% p.a, RACQ Bank customers must deposit at least $100 a calendar month and not make any debit transactions in the calendar month.
RACQ Bank will also lift term deposit rates by up to 0.30% p.a. effective 20 September.
Rabobank increases savings rates
Rabobank has increased its High Interest Savings Account and PremiumSaver accounts by 50 basis points.
Similarly to Macquarie, Rabobank's High Interest Savings Account comes with a four-month introductory rate of 3.60% p.a. before moving to a standard variable rate of 2.50% p.a. for balances up to $250,000.
Rabobank's PremiumSaver account now offers a rate of 3.15% p.a. with customers required to deposit $200 each month to be eligible.
Bank of Queensland (BOQ) increases savings rates
Bank of Queensland (BOQ) will increase its Future Saver savings account to 4.00% p.a. effective 20 September 2022.
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 3.35% p.a. for balances between $1 and $250,000.
- Simple Saver by 0.50% to 2.00% p.a. for balances up to $5 million.
ME Bank increases savings and deposit rates
ME has increased rates on its Online Savings Account by 0.50% to 2.70% p.a.
ME has also increased rates on its range of term deposit, including a new 3.65% rate on its 12-month term deposit.
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