The majority of savers are still in the dark as to whether they’ll be getting last week’s RBA cash rate hike, according to our rate tracking.
Westpac is the only major bank to confirm its savings changes since Tuesday, announcing it will pass on the full hike to key savings accounts this Friday.
As a result, Westpac is set to offer the highest ongoing savings rate in the country at 5.75% on its Spend&Save, however, this rate is only available to 18 to 34 year olds who meet the monthly bonus conditions. The bank is not passing the hike on to the base rate on this account, which means those who miss the bonus criteria in any given month won’t benefit from the rate hike.
AMP has already passed on the May RBA hike to its savers today. As a result, the bank has the highest ‘no strings attached’ savings rate at 5.10 per cent, ahead of rival Macquarie, which is increasing its signature condition-free account to an ongoing rate of 5.00 per cent but not until 22 May.
CBA, NAB and ANZ have all said their savings rates are under review. If recent rate hike decisions are any guide, they are likely to lift select savings rates when they adjust home loan prices on Friday.
Banks’ savings announcements and their new maximum ongoing rates
- Westpac: 5.75% (ages 18-34) from 15 May
- Up: 5.35% from 22 May
- Police Bank: 5.25% (under 30 years) from 15 May
- Teachers Mutual Bank Group: 5.25% (account for under 30s) from 1 June
- Bank of Melbourne: 5.15% from 15 May
- BankSA: 5.15% from 15 May
- St. George: 5.15% from 15 May
- AMP: 5.10% from 11 May
- ubank: 5.10% from 12 May
- BankVic: 5.05% from 1 June
- Hume Bank: 5.05% from 1 June
- MyState Bank: 5.00% from 14 May
- Macquarie: 5.00% from 22 May
- Bank First: 5.00% from 1 June
- Bank of Sydney: 4.75% from 15 May
- Australian Mutual Bank: 4.65% from 1 June
- Beyond Bank: 4.65% from 19 May
- GMCU: 4.55% from 1 June
How did savers fare during the last rate-hiking cycle?
Canstar analysis shows since the March RBA cash rate hike, many banks were selective on which rates saw a boost and which missed out.
On average, the total rate on bonus saver accounts increased by 0.28 percentage points, while the base rate – the rate earned if savers don’t meet their bonus conditions – rose by an average of just 0.01 percentage points.
Average change in | |||
|---|---|---|---|
Pre-March | Post March | Average | |
Maximum | 4.21% | 4.49% | +0.28 |
Base rate | 0.18% | 0.19% | +0.01 |
RBA cash rate | 3.85% | 4.10% | +0.25 |
Source: Canstar. Savings account interest rates are taken on 1 March and 4 May 2026 for a deposit amount of $10,000. Bonus accounts: Includes accounts that pay a bonus rate when conditions are met each month. Total rate includes the base rate plus the conditional bonus rate.
2 in 5 savers miss out on earning maximum interest
Canstar surveyed 3,002 Australians late last year and found 58% of respondents have a savings account with terms and conditions to earn the maximum rate.
Looking at the 1,730 with a bonus saver account, two in five (41%) said they missed out on earning the maximum interest every month, including 11% of bonus savers who say they never meet the bonus conditions.
People with | |
|---|---|
I am able to meet the | 59% |
I never meet the | 11% |
I only meet the | 17% |
I only meet the | 13% |
Source: Canstar.com.au 2025 survey of 1,730 Australians with a bonus saver account.
What does the future look like for savers?
Canstar's Data Insights Director, Sally Tindall, says, “The majority of borrowers knew within hours of the May RBA decision that their mortgage repayments were going up, yet most savers are still in the dark about whether they’ll benefit from the latest RBA hike.”
“If history is anything to go by, the banks will pass on the latest cash rate hike to their savings customers, but in a selective fashion.
“Canstar’s analysis of savings rate changes from the March RBA hike shows the average bonus rate rose by more than the March cash rate hike – proving there is competition in the market – but the average base rate barely moved at all.
“This means savers who miss the monthly hoops are likely to be still earning next to nothing on their hard-earned cash.
“For many people, meeting a seemingly simple condition such as not making any withdrawals or increasing their savings balance each month can be difficult to achieve when the cost-of-living keeps rising by more than any pay rise they might have had recently.
“For some savers, it might be a matter of breaking up the piggy bank into a couple of different types of savings accounts to make sure, if a condition isn’t met, it doesn’t spoil the whole pot.
“After this latest hike filters through, we expect a small handful of banks will offer ongoing rates of 5 per cent or more that require no monthly conditions to be met.”
