CBA follows Westpac announcing boost for savers, but beware the fine print
06 Feb 2026
CBA has announced it will increase its savings rates by up to 0.25 percentage points from next Friday (13 February), following Tuesday’s cash rate rise – the same day as it lifts home loan rates.
The news comes the day after big bank competitor Westpac announced hikes of up to 0.25 on select savings rates.
CBA’s GoalSaver account will rise by 0.25 to a maximum ongoing rate of 4.50%. However, the base rate on this account will not rise, which means savers who don’t meet the conditions in any given month will get just 0.25%.
CBA’s NetBank Saver introductory rate, which is available to new customers only for the first five months, will rise by 0.25 to 4.70%. The ongoing rate on this account is also lifting, but only by 0.15, to a rate of 1.70%.
Savings changes to CBA’s Youth Saver are still under review.
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| CBA savings rate changes – effective 13 February | ||
|---|---|---|
| New rate | Change | |
| GoalSaver | 4.50% if conditions met, 0.25% if not | +0.25% to bonus rate, no change to base |
| NetBank Saver | 4.70% for the first 5 months, 1.70% if not | +0.25% to bonus rate, +0.15% to base |
Source: Canstar. Conditions apply for maximum rate on above accounts.
Westpac and CBA are the first of the majors to announce their post-RBA savings rates changes, however, a range of small banks have also announced, including challenger banks Macquarie and ING.
What are the banks’ savings announcements and their new maximum ongoing rates?
- Westpac: 5.25% (ages 18 – 34), from 13 February
- ING: 5.00% from 10 February
- Up Bank: 4.85% from 11 February
- Teachers Mutual Group: 4.75% (account for under 30s) from 17 February
- St George, Bank of Melbourne, BankSA: 4.65% from 13 February
- AMP: 4.60% from 9 February (increase of 0.35)
- ubank: 4.60% from 10 February
- Macquarie: 4.50% from 20 February
- CBA: 4.50% from 13 February
- BankVic: 4.50% from 1 March (increase of 0.45)
- MyState: 4.50%, effective date 12 February.
- Bank of Sydney: 4.25% from 10 February
- Beyond Bank: 4.14% from 17 February.
- Bank First: 4.10% from 1 March
- The Mutual: 3.50% from 1 March.
- RACQ: 0.25% on selected accounts from 17 Feb. Highest rate TBC.
Source: Canstar. Note: excludes kids accounts. Terms and conditions apply for max rates.
2 in 5 savers miss out on bonus interest each month
Our research shows two in five people with a bonus savings account miss out on earning the maximum interest.
We surveyed 1,730 Australians with a savings account that has terms and conditions required to reach the maximum interest rate and of those:
- 41% do not meet the conditions required to earn the bonus interest every month.
- This includes 11% of bonus savers who say they never meet the conditions.
CBA has lifted the maximum rate on its popular Goal Saver account
Canstar’s data insights director, Sally Tindall, says, “CBA might have taken three days to announce its savings rates, but at least it’s largely good news for its savers.”
“CBA has lifted the maximum rate on its popular Goal Saver account to 4.50 per cent, which will be a win for engaged savers. However, like Westpac, customers need to meet the bank’s monthly terms and conditions or risk seeing their rate fall to an inch off the floor.
“CBA is also lifting the rate on its NetBank Saver, to a headline rate of 4.70 per cent for new customers for the first five months, however, existing customers will only see a boost of 0.15. That said, it’s more than Westpac’s online saver rate for existing customers, which isn’t moving at all.
“These rate decisions, where banks pick and choose which rates within a savings account get a boost and which miss out, are a great reminder of how important the fine print is when it comes to something as seemingly simple as a savings rate.
“Whether it’s an introductory deal, a young adult account with an age limit, or a bonus saver account with monthly conditions, it’s critical customers are checking regularly to make sure they’re getting bang for buck.
“Canstar research shows two in five bonus savers miss out on earning the maximum interest every month, so it’s imperative people understand the conditions and consider whether a simpler account might suit them better.
“In a market where top savings rates are now pushing into the 5’s again, savers should shop around if their bank isn’t rewarding them for their loyalty.”
This article was reviewed by our Finance Editor Jessica Pridmore before it was updated, as part of our fact-checking process.
