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CBA, NAB and ANZ increase savings rates
Three of the big four banks, CBA, NAB and ANZ, have increased their savings rates today on the back of the June RBA cash rate announcement.
In their responses to the RBA last Friday, CBA had announced it would pass on the full hike to each of its key savings accounts, however, NAB only announced one hike, while ANZ did not announce any.
Today, both ANZ and NAB have decided to pass on the full hike to the majority of their savings accounts with two notable exceptions:
- ANZ Plus Save has only risen by 0.15% pts.
- NAB’s iSaver has only risen by 0.15% pts for existing customers.
Westpac is the only big four bank yet to increase their savings rates, however, it could pass on part or full hikes next Tuesday when it increases mortgage rates.
Savings: what’s been announced from big four banks so far (existing customers)
| Bank | Bonus saver | Online saver | Kids saver | Other accounts |
| CBA | +0.25% | +0.25% | +0.25% | N/A |
| Westpac | ||||
| NAB | +0.25% | +0.15% | N/A | N/A |
| ANZ | +0.25% | +0.25% | +0.25% | +0.15% |
Source: RateCity.com.au
Big four bank savings account rates (as at 16 June 2023)
| BONUS SAVERS | ||
| Account | Max rate | Conditions for max rate |
| CBA GoalSaver | 4.65% | Grow balance each mth |
| Westpac Life | 4.50% | Grow balance each mth |
| NAB Reward Saver | 4.75% | 1 deposit, no withdraw / mth |
| ANZ Progress Saver | 4.25% | $10+ dep, no withdraw/mth |
| ONLINE SAVERS | ||
| Account | Rate | Conditions for max rate |
| CBA NetBank Saver | 4.75% for 5 mths then 2.20% | No conditions |
| Westpac eSaver | 4.50% for 5 mths then 1.10% | No conditions |
| NAB iSaver | 4.75% for 4 mths then 2.00% | No conditions |
| ANZ Online Saver | 3.40% for 3 mths then 1.60% | No conditions |
| OTHER | ||
| Account | Max rate | Conditions for max rate |
| ANZ Plus Save (15 yrs+) | 4.65% | None |
| Westpac Spend&Save (18-29 yrs) | 5.00% | Grow bal each mth. 5+ purchases on linked account. |
While CBA, NAB and ANZ savings accounts are now inching their way towards 5 per cent, a total of 11 banks already have ongoing savings rates at or above this mark.
Highest ongoing savings rates (excludes kids accounts)
| Account | Rate | Max balance for highest rate |
| ING Savings Maximiser | 5.50% | $100K |
| BOQ Future Saver (ages 14 – 35) | 5.50% | $50K |
| Virgin Money Boost Saver | 5.35% | $250K |
| Move Bank Growth Saver | 5.25%* | $25K |
| Bendigo Bank | 5.25% | $100K |
Source: RateCity.com.au. Note: conditions apply for maximum ongoing rates. Note: Move Bank is yet to announce its June RBA savings decision.
RateCity.com.au research director, Sally Tindall, said: “It’s great to see CBA, NAB and ANZ pass on this latest hike to the majority of its savers, however, the banks’ new rates still fall well short of the market leaders.”
“Don’t just assume the bank has your back. Check your rate and make sure it’s keeping up with the competition,” she said.
“For many savers battling the rising cost of living, every dollar counts, which makes finding a competitive rate crucial.
“That said, if you’re on the hunt for a more competitive deal, take the time to read the fine print to make sure your new account is going to work for you, rather than against you.
“There’s no point switching to an account with complicated terms and conditions if you’ve got no chance of qualifying for the maximum rate each month,” she said.
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Product database updated 19 Nov, 2024
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