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CBA announces RBA hikes – how the big four now stack up
CBA is the last of the big four banks to announce it will be passing on the 0.25 percentage point RBA hike to its variable mortgage customers, effective 12 May.
The bank is also lifting its three main savings accounts next Friday (12 May), however, the NetBank Saver’s ongoing rate will only rise by 0.10 percentage points.
- Find out who else has moved at RateCity's RBA Rate Tracker.
CBA’s lowest variable rates for new customers – effective 12 May
| Loan type | Old rate | New rate |
| Basic variable | 5.52% | 5.77% |
| Discounted variable | 5.44% | 5.69% |
| Standard variable | 8.05% | 8.30% |
Source: RateCity. Rates are for owner-occupiers paying principal and interest. Note LVR requirements may apply. Data accurate as of 05/05/2023.
CBA savings changes – effective 12 May
| Account | Old max rate | New max rate | Change % pts |
| Goal Saver | 4.15% | 4.40% | +0.25 |
| Net Bank Saver | 4.25% for 5 mths then 1.85% | 4.50% for 5 mths then 1.95% | +0.25 to intro rate; +0.10 to ongoing rate |
| YouthSaver | 4.25% | 4.50% | +0.25 |
Source: RateCity. Note: conditions and balance caps apply for maximum rate on select accounts. Data accurate as of 05/05/2023.
STATE OF PLAY – how the big four banks now stack up
Home loans: big four banks’ new lowest advertised rates
| Bank | Basic variable (no offset) | Variable with offset |
| CBA | 5.77% | 5.69% |
| Westpac | 5.49% for 2 yrs then +0.40% pts | 6.94% |
| NAB | 5.89% | 7.07% |
| ANZ | 5.79% | 6.74% |
Source: RateCity. Rates are for owner-occupiers paying principal and interest. LVR requirements may apply to qualify.
Savings: what have each of the big four banks announced for existing customers?
Bank | Bonus saver | Online saver | Kids saver | Other accounts |
CBA | +0.25% | +0.10% | +0.25% | N/A |
Westpac | +0.25% | +0.00% | - | +0.30% Spend&Save |
NAB | +0.25% | +0.25% | N/A | N/A |
ANZ | - | - | - | +0.25% Plus Save |
Source: RateCity. Data accurate as of 05/05/2023.
Big four bank savings account rates – May 2022 to May 2023
| BONUS SAVERS | |||||
| Account | 1-May-22 | After May hike | Increase % pts | Conditions for max rate | |
| CBA GoalSaver | 0.25% | 4.40% | 4.15% | Grow balance each mth | |
| Westpac Life | 0.25% | 4.50% | 4.25% | Grow balance each mth | |
| NAB Reward Saver | 0.25% | 4.50% | 4.25% | 1 deposit, no withdraw / mth | |
| ANZ Progress Saver | 0.15% | 3.75% | 3.60% | $10+ dep, no withdraw/mth | |
| ONLINE SAVERS | |||||
| Existing customer rates | |||||
| Account | 1-May-22 | After May hike | Increase % pts | Intro rate and conditions | |
| CBA NetBank Saver | 0.05% | 1.95% | 1.90% | 4.50% for 5 mths. No conditions. | |
| Westpac eSaver | 0.05% | 1.10% | 1.05% | 4.50% for 5 mths. No conditions. | |
| NAB iSaver | 0.05% | 1.85% | 1.80% | 4.50% for 4 mths. No conditions. | |
| ANZ Online Saver | 0.05% | 1.10% | 1.05% | 2.90% for 3 mths. No conditions. | |
| OTHER | |||||
| Account | 1-May-22 | After May hike | Increase % pts | Conditions for max rate | |
| Westpac Spend&Save (18-29 yrs) | 2.00% | 5.00% | 3.00% | Grow bal each mth. 5+ purchases on linked bank account. | |
| ANZ Plus Save (15 yrs+) | 0.50% | 4.50% | 4.00% | None | |
Source: RateCity. Data accurate as of 05/05/2023.
RateCity.com.au research director, Sally Tindall, said: “CBA has passed on full hikes to two of its three main savings accounts, but has come up short for its NetBank saver customers.”
“These customers will only be getting a partial hike, with a 0.10 percentage point rise, taking NetBank Saver’s ongoing rate to just 1.95 per cent,” she said.
“While this is the highest ongoing rate on a big bank online saver account, it’s still nowhere near acceptable. Savers should be aiming for a return that’s well over the current cash rate, not almost half of it.
“Right now, the leading ongoing savings rate for all adults is 5 per cent, however, we expect this to climb even higher after more challenger banks announce their May RBA decisions.
“While select savers are finally seeing competitive returns on their cash, for many borrowers, news of another hike has been met with despair.
“This 11th rate hike could be the one that sinks some families’ budgets into the red. While the majority of variable customers will be charged higher rates from next Friday, the extra money won’t come out of their bank accounts for another six to 10 weeks.
“If you don’t think you’ll be able to pay for this 11th hike, use the next couple of months to find out what your options are. Your bank should be one of your first points of call, but it’s also worth seeking out some independent financial advice.
“The National Debt Helpline can put you in touch with a financial counsellor at no cost, who can help you work out a plan to get through,” she said.
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Product database updated 19 Nov, 2024
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