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Which banks have hiked term deposit and savings account rates in September 2022?
The fifth consecutive hike to the national cash rate, courtesy of the Reserve Bank of Australia (RBA), has led to several major banks raising rates on their savings accounts and term deposits. But not every saver may be able to benefit from earning more interest on their savings.
While Auswide and ubank were among the first banks to announce updates to their interest rates, Australia’s biggest banks took their time, with three of the big four announcing their rate hikes three days after the RBA’s announcement, while the fourth waited until the following week. And out of the big four banks, only two announced that they were raising interest rates for their savers as well as for their borrowers.
Here are the banks and Authorised Deposit-taking Institutions (ADIs) that have hiked term deposit interest rates so far this September:
Increases to term deposit rates following September 2022 RBA cash rate rise
Bank | Rate increase | New rate | Term length | Minimum investment | Date effective |
| Australian Unity | 0.75% | 2.85% | 9 months | $5000 | 8 September 2022 |
| Macquarie Bank | 0.50% | 4.10% | 60 months | $5000 | 8 September 2022 |
| MyState Bank | 0.95% | 2.70% | 6 months | $5000 | 8 September 2022 |
| Westpac | 1.90% | 3.00% | 12 months | $5000 | 8 September 2022 |
| Judo Bank | 0.25% | 2.25% | 3 months | $1000 | 9 September 2022 |
| QBANK | 0.90% | 2.65% | 9 months | $2000 | 9 September 2022 |
| Unity Bank | 2.00% | 3.00% | 8 months | $1000 | 9 September 2022 |
| AMP Bank | 2.05% | 2.35% | 4 months | $5000 | 12 September 2022 |
| Commonwealth Bank of Australia | 0.75% | 2.25% | 24 months | $5000 | 12 September 2022 |
| Newcastle Permanent | 0.50% | 2.00% | 3 months | $1000 | 12 September 2022 |
Source: RateCity.com.au. Data accurate at time of publishing (13/09/2022).
Remember that if you already have savings in a term deposit, you may need to wait until your deposit reaches maturity before you can look at switching to an alternative option to benefit from rising rates. Comparing term deposits can help you work out which options may offer you the most value.
If you prefer the extra flexibility offered by a savings account, the following banks and ADIs have announced increases to their savings account interest rates so far in September 2022:
Increases to savings account rates following September 2022 RBA cash rate rise
Bank | Rate increase | Highest rate | Date effective |
| Commonwealth Bank | 0.60% | 2.10% | 16 September 2022 |
| Westpac | 0.50% | 2.35% | 20 September 2022 |
| ubank | 0.50% | 3.35% | 1 October 2022 |
| Bankwest | 0.50% | 2.50% | 16 September 2022 |
| Australian Unity | 0.50% | 2.50% | 8 September 2022 |
| Greater Bank | 0.50% | 1.50% | 14 September 2022 |
| MyState Bank | 0.60% | 3.20% | 19 September 2022 |
| Macquarie Bank | 0.60% | 3.70% | 9 September 2022 |
| ING | 0.50% | 3.60% | 15 September 2022 |
| BankVic | 0.45% | 2.40% | 1 October 2022 |
| St.George | 0.75% | 2.85% | 20 September 2022 |
| Bank of Melbourne | 0.75% | 2.85% | 20 September 2022 |
| BankSA | 0.75% | 2.85% | 20 September 2022 |
| Challenger Bank | 0.50% | 1.60% | 14 September 2022 |
Source: RateCity.com.au. Data accurate at time of publishing (13/09/2022).
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 rate for borrowers and savers.
Disclaimer
This article is over two years old, last updated on September 13, 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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