Which banks have hiked term deposit and savings account rates in November 2022?

Good news for savers - some of the biggest banks and providers in Australia have hiked rates on their deposit accounts. This may allow Australian savers to benefit from interest rates of 4 per cent or even more on their savings account or term deposit, and grow their wealth more quickly. 

The recent 25-point hike to the national cash rate from the Reserve Bank of Australia (RBA) has led several banks to hike rates for home loan customers and other borrowers. Some Authorised Deposit-taking Institutions (ADIs) have also announced they are raising rates for term deposit and savings account customers too. 

ADIs that have announced changes to term deposit rates include:

• Commonwealth Bank, which will increase several term deposit interest rates, including its 12-month term deposit by 0.40% to 3.75% p.a. and its 18-month Term Deposit special to 4.00% p.a. effective 7 November.
• Macquarie, which has increased a range of term deposit interest rates by 0.25%, including 3-month term deposits to 3.00% p.a., 6-month term deposits to 3.60% p.a. and 9-month term deposits to 3.65% p.a. effective 3 November.
• Westpac, whose customers will be able to access a new term deposit offer of 3.75% p.a. for 12 to 23 months, effective 4 November.
• ANZ, which will offer a new 12-month and 18-month advance notice term deposit rate of 4.00% p.a. effective Friday 4 November.
• Bankwest, which will increase its 12-month term deposit to 4.10% p.a. effective 4 November.
• St.George, whose customers will be able to access a new term deposit offer of 4.00% p.a. for 12 to 23 months, effective 4 November.
• Bank of Melbourne, whose customers will be able to access a new term deposit offer of 4.00% p.a. for 12 to 23 months, effective 4 November.
• BankSA, whose customers will be able to access a new term deposit offer of 4.00% p.a. for 12 to 23 months, effective 4 November.
• Newcastle Permanent, which has increased rates on all term deposit terms, including the introduction of a two-year special at 4.25% p.a.
• RACQ, which will increase interest rates on selected term deposits by up to 0.60% p.a. effective 15 November 2022, allowing savers to earn 4.00% p.a. on RACQ Bank’s 12-month term deposit.
• AMP, which will increase 6-month direct retail term deposits by 0.10 per cent effective 7 November, giving direct customers a rate of 3.45 per cent.
• IMB, which is increasing its 12-month term deposit rate by 0.40% to 3.80% p.a. effective 14 November.

Remember that if you already have a term deposit, you may need to wait until your current deposit reaches maturity, but before it rolls over, to switch to a higher interest rate.

ADIs that have announced savings account rate changes include:

Remember that many savings accounts require you to fulfil specific eligibility criteria to qualify for the highest bonus interest rates, such as making no withdrawals, making a minimum number of deposits or depositing a minimum amount per month.

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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