CBA has announced it will lift savings rates by up to 0.25 percentage points, in response to last Tuesday’s RBA rate hike – the same day it will increase its home loan rates.
CBA’s GoalSaver account will rise by 0.25 to a maximum ongoing rate of 5.00%. 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 for the first five months, will rise by 0.25 to 5.20%. The ongoing rate on this account for existing customers will rise by just 0.15 to a rate of 2.10%.
The news came late yesterday, six days after big bank competitor Westpac announced hikes of up to 0.25 on select savings rates. NAB and ANZ are yet to confirm their savings rate decisions following the May cash rate hike.
CBA savings rate changes, | |||
|---|---|---|---|
Max rate | Base rate | Change | |
GoalSaver | 5.00% | 0.25% | +0.25 to |
Youthsaver | 5.05% | 2.15% | +0.25 to |
NetBank Saver | 5.20% | 2.10% | +0.25 to |
Source: Canstar. Note: monthly conditions for bonus interest vary between accounts.
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
- Border 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
- CBA: 5.00% from 15 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
Note: list is based on banks that have announced savings changes on their websites, listed in order of highest ongoing rate. Conditions apply for max rates. Intro rates not listed.
Canstar’s Data Insights Director, Sally Tindall, says, “CBA might have kept customers waiting for its decision, but this announcement is welcome news for engaged savers, with its popular GoalSaver account rising to a relatively competitive 5.00 per cent from Friday.”
“However, GoalSaver customers will need to jump through the account’s monthly hoops if they want to benefit from the May RBA hike because the bank still has the base rate on this account locked in the freezer. Customers who don’t meet the conditions will see their rate drop to just 0.25 per cent for that month.
“With Westpac and now CBA showing their hand following last week’s RBA rate hike, the pressure is mounting on the remaining banks to follow suit and pass on the full 0.25 percentage point increase to savers.
“If the last two cash rate hikes are anything to go by, most banks are likely to come to the party and pass on at least some of this increase to select accounts. The question is which customers will benefit, and which ones will miss out.”
