Which banks have hiked savings account and term deposit rates in June 2023?

At its June 2023 meeting, the Reserve Bank of Australia (RBA) board pushed the national cash rate up to 4.10%; the highest it’s been since April 2012. While these hikes are putting borrowers under increased pressure as their borrowing power shrinks, some savers may be able to benefit from rising savings rates that could make it easier to increase their wealth.

June 2023 saw the 12th rate hike in 14 months as the RBA continues its attempts to smash sticky high inflation. It may not be the last rate hike we see this year either, with some major banks forecasting additional hikes in July and August 2023.

As interest rates rise, it’s important to compare the different savings options available to work out which options may offer you the most value when you consider your financial situation and personal goals.

Savings

At the time of writing, the following Authorised Deposit-taking Institutions (ADIs) have announced increases to their savings rates following the RBA hike: 

Some savings accounts have specific eligibility criteria, such as age restrictions or maximum deposit amounts, which may make them better suited to some savers than others. Remember to compare savings accounts before you consider jumping ship, and keep an eye on RateCity’s Rate Tracker hub for more information on which banks are raising rates for borrowers and savers.

Term deposits                

At the time of writing, the following ADI’s had announced new term deposit products or raised term deposit interest rates following the RBA’s June 2023 decision: 

Keep in mind that term deposit customers may need to wait for their existing deposit to reach maturity and roll over before they can consider switching to a higher rate. Comparing term deposits can help you work out which options may offer you the most value, and keep an eye on RateCity’s Rate Tracker hub for more information on which banks are raising rates for borrowers and savers.

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