The RBA has handed down its 12th cash rate hike, taking the rate to 4.10%, the highest cash rate in around 11 years. 

While mortgage holders have felt the brunt of the rate rises, savers have reaped the rewards with a large number of banks now offering savings rates above 5% p.a.

This page will detail the latest rate change announcements for savings accounts and term deposits following the RBA's June 25 basis point rate hike - be sure to check back here regularly.

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June highlights

  • Macquarie increases its intro account twice in one month to 5.55% p.a.
  • ubank will increase its savings account rate to 5% p.a.
  • ING will increase its Savings Maximiser account to 5.50% p.a.
  • BOQ will increase its Future Saver account to 5.50% p.a.
  • Virgin Money Boost Saver with rate lock going to 5.35% p.a.
  • Great Southern Bank increasing Goal Saver to 5.35% p.a.
  • RaboBank increased its intro account to 5.40% p.a.
  • ANZ Plus increases unconditional account to 4.65% p.a.
  • AMP increases Saver account rate to 5% p.a. 

The market leaders

Updated 21 June - Macquarie Bank to increase savings rates yet again

Macquarie Bank has increased its savings account welcome rate - outside of an RBA rate hike - to 5.55% p.a. for new customers for the first four months on balances up to $250,000. 

The ongoing interest rate customers earn on both their savings and everyday transaction is 4.50% p.a., on balances up to $250,000.

Previous announcement following RBA June rate hike:

Effective 9 June, Macquarie Bank will increase its savings account welcome rate to 5.30% p.a. for new customers for the first four months on balances up to $250,000.

The ongoing interest rate customers earn on both their savings and everyday transaction accounts will increase by 0.25% to 4.50% p.a., on balances up to $250,000. These changes will come into effect on 23 June 2023.

Macquarie's 12-month term deposit interest rate of 4.80% p.a. comes into effect 9 June 2023.

ING to increase savings rates

ING increased its Savings Maximiser account by the full 25 basis points to a maximum rate of 5.50% p.a.

This applies to the bonus rate while the base rate of 0.55% p.a. remains unchanged.

To attain the bonus savers must: Have a max balance of $100k; deposit $1000 per month; grow the balance; and make 5 settled card transactions.

This means ING now shares top spot in the savings account race (with BOQ) according to Savings.com.au market research.

The Savings Accelerator rate was also boosted by 35 basis points to a maximum rate of 4.35% p.a. for those with larger balances.

These increases will apply from 14 June.

BOQ to increase savings rates

Bank of Queensland (BOQ) will share top spot with ING when its savings account rate changes come into effect from 16 June 2023, offering a Future Saver account rate of 5.50% p.a. The bank has decided against lifting rates by the full 25 basis points (which would have put it in front of ING by 5 basis points), opting for a 20 basis point lift instead.

To receive this rate, BOQ savers must deposit $1,000 and make five settled card transactions on their linked Everyday Account every month. The Future Saver is for balances up to $50,000 and for those aged 14-35.

BOQ will also increase Smart Saver (ages 36+) accounts by 0.25% p.a. to 5.10% p.a. for balances between $1 and $250,000.

RaboBank increases savings rates

On 14 June RaboBank increased its variable-rate four-month intro account by 25 basis points.

The rate now sits at 5.40% p.a. up to a maximum deposit of $250,000.

There is no criteria to attain the rate however is offered for four months before reverting to a standard variable 4.20% p.a.

It is now also offering a five-year term deposit rate of 5.10% p.a. with interest paid annually - there is only a 1 basis point reduction in the interest rate if savers opt for monthly interest payments. 

RaboBank term deposits have a minimum deposit of $1,000 and a maximum of $2 million.

ANZ, CommBank, Westpac, NAB

Westpac

Westpac said its savings rates are 'under review', but launched a special offer term deposit rate of 4.50% p.a.

This is for terms of 12-23 months and is effective 9 June.

CommBank

Australia's largest bank has announced its intent to increase savings account rates following the RBA's June decision. 

CommBank's GoalSaver with bonus interest rate will increase by 0.25% p.a. to 4.65% p.a., effective 16 June 2023. 

To achieve CommBank's new GoalSaver rate of 4.65% p.a. customers are required to make a deposit each calendar month into the account, and have a higher account balance at the end of the month compared to the account balance at the start of the month (excluding interest and bank-initiated transactions). 

CommBank's Youthsaver account for those aged under the age of 18 will also increase by 0.25% p.a. to 4.75% p.a., effective 16 June 2023.

Further, the Netbank Saver standard variable interest rate will increase to 2.20% p.a. The 5-month introductory variable rate will increase by 25 basis points to 4.75% p.a.

ANZ

ANZ said its deposit and savings rates are 'under review', but launched a new 12-month Advance Notice term deposit rate of 4.60% p.a.

The new rate comes into effect 9 June 2023.

ANZ Plus

On 14 June ANZ Plus, the major bank's app-based digital-only offering, boosted its savings account rate to 4.65% p.a. - a 15 basis point increase.

This account is distinct in that there are no conditions and no deposit criteria to attain the rate; the maximum deposit is $250,000.

NAB

NAB has increased its Reward Saver account to offer a rate of 4.75% p.a. 

NAB's Reward Saver rate of 4.75% p.a. is available for balances below $1 million, with customers required to make no withdrawals and make at least one deposit on or before the second last banking day of the month. 

NAB's 12-month term deposit will increase by 0.40% to 4.60% p.a.

The new rates will come into effect from 16 June 2023. 

The best of the rest

ubank to increase savings rates

Another month of being the first to move savings rates following an RBA cash rate decision, ubank will increase its 'Save' account rate by 0.25% to a total of 5% p.a. from 1 July 2023.

To receive ubank's rate of 5% p.a. customers are required to have a ubank Spend account and deposit $200 per month (excluding internal transfers) into any Spend and Save accounts.

Virgin Money to increase savings rates

The BOQ-owned Virgin Money will also increase its Boost Saver interest rate by 25 basis points, applicable from 16 June.

The maximum rate available on this product is 5.35% p.a. which applies when a 32-day rate lock is enabled.

Savers can lock some or all of their savings away and get a 30 basis point premium on this balance provided they give 32 days' notice to withdraw funds again.

The maximum rate without the lock feature will be 5.05% p.a. - the overall base interest rate is 0.05% p.a.

Other criteria also applies including: Deposit at least $1,000 a month in the linked Go transaction account; and make five settled card transactions.

In May Virgin Money lowered this requirement from $2,000.

The maximum balance applicable is $250,000.

Great Southern Bank to increase savings rates 

On 12 June, Great Southern Bank announced it would make a few changes to savings accounts, effective 28 June.

The Goal Saver for 18 to 24 year olds will go to 5.35% p.a. while the Home Saver will go to 5.25% p.a.

The Goal Saver criteria is: Deposit $500 a month into the linked transaction account; make 5 settled card transactions; max balance $50,000.

For the Home Saver that increases to a $2,000 minimum deposit; the card transaction requirement remains at 5, while the maximum balance is greater at $100,000.

Bendigo Bank to increase savings rates

From 16 June, Bendigo Bank will increase rates on its Easy Saver deposit products by 0.50% p.a.

Bendigo's Reward Saver deposit account will also increase by 0.25% p.a. to a total of 5.25% p.a. To receive this rate, customers are required to hold an eligible transaction account with Bendigo and ensure the end of month balance is greater than the start of the month.

That said, the eligible transaction account attracts a $6 monthly fee if $2,000 is not deposited every month. The fee is also waived if you are a current Bendigo Bank home loan customer.

Bankwest increases savings rates

Bankwest will increase select savings products by 25 basis points, including the Easy Saver intro rate to 4.85% p.a.

The maximum balance is $250,000 and there is no deposit criteria, however is offered as an intro rate for four months.

Suncorp increases savings rates

Suncorp will increase its Growth Saver account by 25 basis points to a maximum of 4.85% p.a.

To attain this rate savers must grow their balance by $200 or more, and make no more than one withdrawal.

This applies from 15 June.

MyState Bank to increase savings rates

MyState Bank will increase its Bonus Saver account rate to 5% from 1 July 2023. 

To receive this new rate each month, MyState Bank customers are required to deposit $20 and make five settled Visa Debit transactions each month using a linked Glide Account.

St George, BankSA, and Bank of Melbourne to increase savings rates

Westpac subsidiaries St George, Bank SA, and Bank of Melbourne will increase Incentive Saver accounts by 0.25% from 20 June 2023 taking the total rate to 5% p.a.

To receive this rate, customers are required to grow account balances by $50 each month and ensure the account balance does not fall below $0.

St George, Bank SA, and Bank of Melbourne will also increase Maxi Saver accounts by 0.25% from 20 June taking the total rate to 5% p.a.

The 5% p.a. rate is applicable for the first three months if you're a new Maxi Saver customer. It includes an introductory bonus rate of 3.65% p.a. plus a 0.10% p.a. bonus if you sign up online and are a new customer.

AMP to increase savings rates

AMP will increase its Saver account rate by 20 basis points to 5% p.a. for balances up to $250,000. 

To attain the full 5% p.a. savers must deposit $1,000 or more in a calendar month.

Notably, the increase was applied to its base interest rate, taking it to 1.00% p.a.

AMP is distinct in that interest is paid later than other accounts: for example, a saver must meet the minimum criteria in May, the interest is calculated in June, and interest is paid in July.

First published on June 2023

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