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Big four bank savings rate hikes start from today – has your account gone up?
Three of the big four banks have increased savings rates today – but only on select accounts.
Following the July RBA hike, CBA, NAB and ANZ have increased their bonus savers by the full 0.50 percentage points, however, other accounts have missed out.
Westpac is increasing select savings accounts next Friday.
CBA savings rate changes
CBA has today increased the rates on its GoalSaver and Youthsaver accounts by 0.50 percentage points.
It has also increased the introductory rate on its NetBank Saver by 0.50 percentage points, however, the 2 million Australians who already have this account will only see their rate rise by 0.05 percentage points.
| Old max rate | New max rate | Change | |
| GoalSaver | 0.75% | 1.25% | +0.50% |
| Youthsaver | 0.95% | 1.45% | +0.50% |
| NetBank Saver | 0.80% for 5 mths then 0.30% | 1.30% for 5 mths then 0.35% | +0.50% to the max intro rate +0.05% to the base rate |
Source: RateCity.com.au. Note: conditions and balance caps apply for maximum rate on select accounts
What Westpac is doing for savers
Westpac has today announced it will increase the base rate on its eSaver account from 0.05 per cent to 0.30 per cent on 22 July.
The bank will also increase the rate on its Life account by 0.50 percentage points next Friday. It has left its Spend&Save account for young Australians unchanged at 2.50 per cent at this stage.
| Old max rate | New max rate | Change | |
| Life | 0.85% | 1.35% | +0.50% |
| Spend&Save
(ages 18-29) | 2.50% | N/A | No change |
| eSaver | 0.75% for 5 mths then 0.05% | 1.25% for 5 mths then 0.30% | +0.50% to the max intro rate +0.25% to the base rate |
Source: RateCity.com.au. Note: conditions and balance caps apply for maximum rate on select accounts. New rates effective 22 July.
NAB savings rate changes
NAB has today hiked its Reward Saver by 0.50 percentage points but left its iSaver untouched this month.
| Old max rate | New max rate | Change | |
| Reward Saver | 0.50% | 1.00% | +0.50% |
| iSaver | 0.80% for 4 mths then 0.30% | 0.80% for 4 mths then 0.30% | No change |
Source: RateCity.com.au. Note: conditions and balance caps apply for maximum rate on select accounts. New rate effective 15 July 2022.
ANZ savings rate changes
ANZ has increased its Progress Saver and ANZ Plus Save accounts by 0.50 percentage points. However, it has left its Online Saver account unchanged this month.
| Old max rate | New max rate | Change | |
| Progress Saver
(max ongoing rate) | 0.65% | 1.15% | +0.50% |
| Online Saver | 0.40% for 3 mths then 0.30% | 0.40% for 3 mths then 0.30% | No change |
| ANZ Plus Save | 1.50% | 2.00% | +0.50% |
Source: RateCity.com.au. Note: conditions and balance caps apply for maximum rate on select accounts.
The RBA has hiked the cash rate by 1.25% over the last 3 months – what have the big four banks done for savers?
None of the big four banks have passed on the last three cash rate hikes in full (1.25% points) to their savings customers.
Across the bonus savers, Westpac has passed on the most to its customers, with a total increase of 1.10 percentage points since the first RBA hike in May.
Big four bonus savings accounts since start of RBA hikes (1.25%)
| Maximum ongoing rates | |||
| Pre RBA hikes (April) | Post July hike | Total change | |
| CBA GoalSaver | 0.25% | 1.25% | 1.00% |
| Westpac Life | 0.25% | 1.35%* | 1.10%* |
| NAB Reward Saver | 0.25% | 1.00% | 0.75% |
| ANZ Progress Saver | 0.15% | 1.15% | 1.00% |
Source: RateCity.com.au. Note: terms and conditions apply for max rate. *Westpac rate effective 22 July.
Meanwhile, the big four banks have only passed on a fraction of the RBA hikes to their existing online saver customers in the last three months.
Their ongoing rates are still dismally low at between 0.30 and 0.35 per cent.
However, ANZ has recently launched ANZ Plus Save, which now offers an ongoing rate of 2.00 per cent with no monthly terms and conditions.
Big four online accounts since start of RBA hikes (1.25%)
| Pre-RBA hikes | Post July RBA hike | |||
| Big four account | Intro rate | Ongoing rate | Intro rate | Ongoing rate |
| CBA NetBank Saver | 0.25% for 5 mnths | 0.05% | 1.30% for 5 mths | 0.35% |
| Westpac eSaver | 0.25% for 5 mnths | 0.05% | 1.25% for 5 mths* | 0.30%* |
| NAB iSaver | 0.30% for 4 mnths | 0.05% | 0.80% for 4 mths | 0.30% |
| ANZ Online Saver | 0.15% for 3 mnths | 0.05% | 0.40% for 3 mths | 0.30% |
| ANZ Plus Save | N/A | 0.50% | N/A | 2.00% |
Source: RateCity.com.au. Note *Westpac rates effective 22 July.
RateCity.com.au research director, Sally Tindall, said: “The big four banks have been suffering from extreme reluctance when it comes to savings hikes but we’re finally seeing some decent increases.”
“Westpac will soon be offering 1.35 per cent to its Life customers, which is a decent step up from the 0.25 per cent it offered three months ago, while CBA is not far behind with 1.25 per cent for GoalSaver customers,” she said.
“CBA and Westpac have decided to pass on part of the hike to their standard savings accounts, however, at ongoing rates of 0.35 and 0.30 respectively, existing customers can do better.
“ANZ is the standout among the big four banks, hiking its new Save account today to an impressive 2 per cent, with no prickly monthly terms and conditions. There is, of course, one major catch – the rate is only for customers willing to open up a new ANZ Plus account so people will have to be proactive if they want this rate.
“Keep an eye on what your bank does, and if it doesn’t pass on the rate hikes in full, consider moving to a bank that values your business more.
“With inflation on track to hit 7 per cent by the end of the year, people’s money will still be going backwards, even if they’re on a market leading rate, but at least the damage will be limited.
“Savings rates are on the move, making it difficult to keep track of what a decent rate is. In this environment, people should do a health check on their account at least once every couple of months,” she said.
| BONUS SAVER ACCOUNTS: Max rates post July RBA hike | ||
| Market leaders | Max rate | Balance for max rate |
| ING Savings Maximiser | 2.60% | $100,000 |
| Virgin Money Boost Saver | 2.60% | $250,000 |
| ubank | 2.35% | $250,000 |
| Young adults market leaders | Max rate | Balance for max rate |
| BOQ Future Saver (14-35) | 3.00% | $50,000 |
| Westpac Spend&Save (18-29) | 2.50% | $30,000 |
| Great Southern Bank
Goal Saver (18-24) | 2.15% | $50,000 |
Source: RateCity.com.au. Note ubank rate effective 1 Aug.
Disclaimer
This article is over two years old, last updated on July 15, 2022. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent savings accounts articles.
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