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Which banks have hiked term deposit and savings account rates in July 2022?
With the Reserve Bank of Australia (RBA) hiking the cash rate for the third consecutive month, there’s no better time for savers to shop around for competitive offers on savings products.
Following this month’s board meeting, the RBA announced a 50 basis point increase to the official cash rate, bringing it up to 1.35%. In response, a range of banks have so far announced increases to their term deposit rates, including the following:
Increases to term deposit rates following July 2022 RBA cash rate rise
| Bank | Rate increase | New rate | Term length | Minimum investment | Date effective |
| CommBank | N/A – special offer | 2.50% | 15-month | $5000 | 15 July 2022 |
| ANZ | 0.25% | 2.50% | 11-month | $5000 | 11 July 2022 |
| NAB | 0.25% | 2.50% | 12-month | $5000 | 15 July 2022 |
| Westpac | 0.25% | 2.50% | 12-month to 23-month | $5000 | 8 July 2022 |
| Australian Military Bank | N/A – special offer | 2.60% | 12-month | $1000 | 13 July 2022 |
| Australian Unity Bank | Various | Various | 1-month to 5-year | $5000 | 8 July 2022 |
| Bank First | 0.40% | 2.75% | 12-month | $500 | 15 July 2022 |
| Bank of Melbourne | N/A – special offer | 2.50% | 12-month to 23-month | $1000 | 8 July 2022 |
| BankSA | N/A – special offer | 2.50% | 12-month to 23-month | $1000 | 8 July 2022 |
| Defence Bank | N/A – special offer | 2.80% | 11-month | $1000 | 13 July 2022 |
| Macquarie | Various | Various | 6-month and 12-month | $5000 | 6 July 2022 |
| Newcastle Permanent | 0.90% | Various | Various | $1000 | 15 July 2022 |
| St George | N/A – special offer | 2.50% | 12-month to 23-month | $1000 | 8 July 2022 |
| Suncorp | 0.55% | 3.00% | 18-month | $5000 | 13 July 2022 |
Source: RateCity.com.au. Data accurate at time of publishing, 12/07/2022.
If you already have your money locked into a term deposit account, you likely won’t benefit from rate increases on your existing investment. But, once it reaches maturity, it may be worth comparing your options before reinvesting as your current bank may no longer offer the most competitive rate.
Meanwhile, if the flexibility of a savings account is more appealing to you, you may be wondering which banks have hiked savings account rates this month.
At the time of writing, a total of 23 banks have announced rate hikes for at least one of their savings account products, including the following:
Increases to savings account rates following July 2022 RBA cash rate rise
| Bank | Rate increase | Highest rate | Date effective |
| CommBank | 0.50% | 1.45% | 15 July 2022 |
| ANZ | 0.50% | 1.15% | 15 July 2022 |
| NAB | 0.50% | 1.00% | 15 July 2022 |
| Westpac | 0.50% | 1.35% | 22 July 2022 |
| Macquarie | 0.25% | 1.75% | 14 July 2022 |
| MyState Bank | 0.50% | 2.10% | 18 July 2022 |
| Bankwest | 0.50% | 1.35% | 15 July 2022 |
| Suncorp | 0.70% | 2.00% | 13 July 2022 |
| ubank | 0.50% | 2.35% | 1 August 2022 |
| ME Bank | 0.50% | 1.60% | 15 July 2022 |
| Bank First | 0.50% | 1.75% | 22 July 2022 |
| Virgin Money | 0.80% | 2.60% | 15 July 2022 |
| ING | 0.50% | 2.60% | 12 July 2022 |
| St.George Bank | 0.55% | 1.55% | 22 July 2022 |
| Bank of Melbourne | 0.55% | 1.55% | 22 July 2022 |
| BankSA | 0.55% | 1.55% | 22 July 2022 |
| Bendigo Bank | 0.60% | 1.85% | 27 July 2022 |
| AMP Bank | 0.75% | 2.10% | 1 August 2022 |
| Australian Military Bank | 0.50% | 1.70% | 1 August 2022 |
| Australian Unity | 0.80% | 3.00% | 1 August 2022 |
| bcu | 0.50% | 1.10% | 26 July 2022 |
| Bank of Sydney | 0.50% | 1.05% | 18 July 2022 |
| IMB Bank | 0.50% | 1.50% | 15 July 2022 |
Source: RateCity.com.au. Data accurate at time of publishing, 12/07/2022.
While 14 of the 23 passed on the full 0.5% hike (including all of the big four banks), one passed on a partial increase of 0.25% and the remaining eight announced rate increases of more than 0.5%.
If you’re looking for a new place to grow your nest egg, keep in mind that some of these accounts have conditions that must be met for you to qualify to earn the highest interest rate each month.
There’s still time for other banks to announce changes in response to this month’s RBA decision. To keep up to date, visit RateCity’s rate tracker hub.
Disclaimer
This article is over two years old, last updated on July 12, 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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