CBA to pass on 0.25% hike to 2 million NetBank Saver customers

CBA has today announced it will be passing on the full 0.25 per cent rate hike to its 2 million NetBank Saver customers.

Australia’s largest bank confirmed to RateCity.com.au it will be lifting the ongoing rate on its NetBank Saver account by 0.25 per cent to an ongoing rate of 0.30 per cent on Friday 20 May.

This is a win for customers with this account who are currently on an ongoing rate of just 0.05 per cent.

New customers will get a higher rate of 0.50 per cent for 5 months before it drops down to 0.30 per cent.

CBA’s changes to NetBank Saver – effective 20 May

While CBA hikes will take effect next week, ANZ and NAB’s savings hikes kicked in today.

ANZ’s 2.1 million customers with a Progress Saver account have today seen their bonus rate rise by 0.25 per cent, to a maximum rate of 0.40 per cent, provided they meet the terms and conditions. ANZ’s Online Saver customers, however, will miss out.

Similarly, 1.3 million NAB customers with a Reward Saver account have seen their bonus rate rise by 0.25 per cent to a maximum rate of 0.50 per cent. NAB iSaver customers also miss out.

Next Tuesday, Westpac will lift rates on its Life and Pensioner accounts by 0.25 per cent, but customers with an eSaver account will miss out.

Big four banks’ savings accounts – what’s changing post RBA?

RateCity.com.au research director, Sally Tindall, said: “Millions of savers have finally seen their interest rates go up instead of down.”

“While any hike is better than none, the increases have not been applied across the board. Some savers will be scratching their heads, wondering why they missed out,” she said.

“Even after the hikes, savings rates are still incredibly low compared to pre-COVID.”

RateCity.com.au analysis shows in February 2020 the average big four bank maximum rate on their bonus savers was 1.59 per cent. Once the May hikes come into effect, this average will still be just 0.41 per cent.

“While CBA took over a week to confirm the details of its NetBank Saver hike, it’s great to see it has been added to the ongoing rate. This means 2 million NetBank Savers will see their rate rise from 0.05 per cent to 0.30 per cent.

“With a record $1.26 trillion in household deposits, raising savings rates is a costly exercise for the banks, particularly as a flurry of cash rate hikes are forecast to come.

“Banks are likely to continue to skimp on savings rate hikes as the cash rate keeps rising.

“If your savings rate is dismally low, it’s worth shopping around. Right now, 1.35 per cent is the highest ongoing rate for all adults, while young Australians can get up to 2 per cent,” she said.

Post RBA hike – big four bank bonus saver accounts

Source: RateCity.com.au. Conditions for max rate apply.

Post RBA hike – big four bank online saver accounts

Source: RateCity.com.au. Conditions for max rate apply.

Source: RateCity.com.au. Monthly conditions apply for max rate.

Compare home loans in Australia