Another cash rate rise in October has Australians waiting to see if banks will pass on the rate rise to savings accounts and term deposits – watch this space.
Many of the banks passed on rate rises on savings accounts and term deposits last month following the RBA’s September decision, with savers expecting a similar outcome this month.
Highlights so far:
- ubank will increase Save and USave accounts to 3.60% per annum
- Westpac to increase Spend&Save accounts for under-30s to 3.75% pa
- Macquarie Bank is to increase its four-month savings account introductory rate to 4.00% per annum
- MyState Bank will increase its Bonus Saver account to 3.60% per annum
- ANZ will increase ANZ Plus Save accounts to 3.25% p.a
This page will detail the latest rate change announcements for savings accounts and term deposits following the RBA’s 25 basis point rate rise; be sure to check back regularly.
announcement
Need a place to store cash and earn interest? The table below includes savings accounts with some of the highest interest rates on the market.
The products in the table above are initially ordered based on several factors, including the availability of a direct link to the suppliers’ website and other commercial factors (see How We Get Paid). However, the comparison table allows calculations to be made on the variables selected and entered by the user. Some Products will be marked as promoted, featured or sponsored and may appear prominently in tables regardless of their attributes. Data may not be available for some products. This is indicated in the tables by not showing an available product for the relevant term. Minimum deposits, bonus rate terms, other terms, fees and charges may apply. The above is prepared without regard to your goals, financial situation or needs, so please consider its suitability to your circumstances. General information and terms and conditions can be found on each provider’s website. Rates are correct as of October 5, 2022. See disclaimer.
ubank increases savings rates
Digital bank ubank has announced a 0.25% increase on ‘Save’ and ‘USave’ savings accounts from 1 November.
ubank’s increase will see the bank increase its savings rate to 3.60% per annum, a base rate of 0.10% and a bonus rate of 3.50%.
To receive ubank’s 3.60% rate on balances up to $250,000, customers only need to deposit $200 per month into any ubank account.
Westpac raises savings rates
Westpac will increase the Westpac Life total variable rate with interest bonus by 25 basis points to 2.60% per annum.
It has also increased its Spend&Save account for 18-29 year olds, eligible customers can now earn a total variable interest rate of 3.75% per annum, an increase of 0.25% per annum.
The Westpac eSaver Total Variable Interest Rate will also increase by 0.25% pa to 2.55% pa for new customers for the first five months.
The increases will take effect from October 18, 2022.
Macquarie Bank raises savings and deposit rates
Macquarie Bank has increased its savings account welcome rate by 0.30% to 4.00% per annum for new customers for the first four months with balances of up to $250,000, from 6 October 2022.
Ongoing interest rate customers who earn on both their savings and day transaction accounts will increase from 0.45% to 3.20% per annum on balances up to $250,000, at from October 14, 2022.
To receive this rate, the Macquarie Savings Account has no specific deposit requirements.
Macquarie Bank has also announced that its one-year deposit rates are available from 4 October 2022 at 3.80% per annum.
ANZ raises savings rates
ANZ’s digital arm, ANZ Plus, will increase its savings rate by 25 basis points to 3.25% per annum from 12 October 2022.
The ANZ Plus rate of 3.25% p.a. remains one of the most competitive no-hoop savings rates available from Australia’s big four banks.
To be eligible to receive the fee for balances up to $250,000, there are no minimum deposit or transaction requirements.
Commonwealth Bank raises savings and deposit rates
Australia’s biggest bank will increase a range of savings and deposit rates from 14 October 2022.
CommBank’s NetBank Saver standard variable rate will increase by 0.25% pa to 1.10% pa, and the introductory 5-month variable rate will increase by 0.70% pa to 3.00% pa.
To meet the savings targets, CommBank’s GoalSaver and YouthSaver accounts will increase by 0.30% per annum to 2.40% and 2.60% per annum respectively. while the bank’s YouthSaver account
For term deposits, CommBank will also increase its 12-month rate by 1.35% to 3.35% pa and its special 18-month rate to 3.70% pa.
These new term deposit rates will be effective on October 10, 2022.
MyState Bank Raises Savings Rate
MyState Bank will increase its Bonus Saver account from 3.2% to 3.6% effective October 12, 2022.
To receive MyState’s 3.6% rate on balances up to $250,000, customers only need to deposit $20 each month into their bonus savings account and make a minimum of five settled Visa Debit transactions each month through your linked Glide account.
ING (pending)
Bank of Queensland (BOQ) (pending)
Bendigo and Adelaide Bank (pending)
HSBC (pending)
Image by Melissa Walker Horn via Unsplash.