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- Which banks have hiked term deposit and savings account rates in August 2022?
Which banks have hiked term deposit and savings account rates in August 2022?
This month, the Reserve Bank of Australia (RBA) hiked the cash rate for the fourth consecutive month, and a number of lenders have since passed the increase on to savers.
The RBA’s August board meeting saw the cash rate increase by 50 basis points to 1.85 per cent. While the big four banks waited two days to announce how the hike would affect their customers, Macquarie Bank was the first lender to reveal its interest rate changes – which included a savings account increase but no change to term deposit rates.
One week on, just nine lenders have announced increases to their term deposit rates, including all of the big four.
Here’s who has hiked term deposit interest rates so far this month:
Increases to term deposit rates following August 2022 RBA cash rate rise
| Bank | Rate increase | New rate | Term length | Minimum investment | Date effective |
| CommBank | N/A – special offer | 3.00% | 18-month | $5000 | 8 August 2022 |
| ANZ | 0.50% | 3.00% | 11-month | $5000 | 8 August 2022 |
| NAB | 0.50% | 3.00% | 12-month | $5000 | 12 August 2022 |
| Westpac | 0.50% | 3.00% | 12-month to 23-month | $5000 | 8 August 2022 |
| Bank of Melbourne | 0.50% | 3.00% | 12-month to 23-month | $1000 | 8 August 2022 |
| BankSA | 0.50% | 3.00% | 12-month to 23-month | $1000 | 8 August 2022 |
| Newcastle Permanent | N/A – special offer | 3.05% | 12-month | $1000 | 12 August 2022 |
| St George | 0.50% | 3.00% | 12-month to 23-month | $1000 | 8 August 2022 |
| RACQ Bank | Various | Various | 1-month to 5-year | $5000 | 16 August 2022 |
Source: RateCity.com.au. Data accurate at time of publishing (10/08/2022).
While there’s still time for other banks to share plans to pass the August rate rise on to savers, it’s worth comparing existing rates on offer on RateCity’s database. Our term deposits leaderboard lists the top-rated term deposits based on interest rates and flexibility.
If you’re a saver who prefers to keep your nest egg in a savings account as opposed to a term deposit, you may be wondering which banks have hiked savings account rates this month. At the time of writing, a total of 16 banks have announced increases to their savings rates following the August cash rate hike. That’s seven less compared to the same period last month.
These are the banks who have hiked their savings rates so far:
Increases to savings account rates following August 2022 RBA cash rate rise
| Bank | Rate increase | Highest rate | Date effective |
| CommBank | 0.50% | 1.80% | 12 August 2022 |
| ANZ Plus | 0.50% | 2.50% | 8 August 2022 |
| NAB | 0.50% | 1.75% | 12 August 2022 |
| Westpac | 0.50% | 3.25% | 4 August 2022 |
| Macquarie | 0.50% | 2.25% | 12 August 2022 |
| Auswide Bank | 0.50% | 2.00% | 12 August 2022 |
| Bankwest | 0.50% | 2.00% | 12 August 2022 |
| Qudos Bank | 0.50% | 2.30% | 18 August 2022 |
| ubank | 0.50% | 2.85% | 1 September 2022 |
| ING | 0.50% | 3.10% | 9 August 2022 |
| St.George Bank | 0.55% | 2.10% | 18 August 2022 |
| Bank of Melbourne | 0.55% | 2.10% | 18 August 2022 |
| BankSA | 0.55% | 2.10% | 18 August 2022 |
| Bendigo Bank | 0.50% | 1.60% | 12 August 2022 |
| AMP Bank | 0.50% | 2.60% | 8 August 2022 |
| RACQ Bank | 0.70% | 2.60% | 16 August 2022 |
Source: RateCity.com.au. Data accurate at time of publishing (10/08/2022).
Keep in mind, some of these interest rates apply to specific savings accounts that are only available to eligible savers and may have age restrictions, maximum deposit amounts and/or other conditions that must be met. Visit RateCity’s rate tracker hub for more details, and to keep track of other banks that are yet to announce rate changes.
To find some of the most competitive savings account rates that may be available to you, consider using RateCity’s savings account comparison table which allows you to filter down the products to only those that fit your needs.
Disclaimer
This article is over two years old, last updated on August 10, 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 term deposits articles.
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