November cash rate hike announced: Which banks are increasing savings rates?

The Reserve Bank of Australia (RBA) has once again announced that it will increase the official cash rate, and we’ll be keeping track of which banks announce changes to deposit rates for savers. 

The RBA raised the official cash rate by another 25 basis points at its November board meeting, taking the rate to 2.85%. While this means that borrowers with variable rate home loans are likely to see their monthly repayments get more expensive, it also mean that savers may see an increase to the amount of interest they earn each month.

It is not guaranteed that your bank will raise its deposit rate in line with the RBA’s announcement. In recent months, some banks have only passed on some of the cash rate increase, or have only passed it on to some of their deposit accounts.

Irrespective, we’ll be keeping track of which banks move their savings rates following the November cash rate increase, and updating this article accordingly.

Which banks have increased their savings rates?

We’ll be updating this article as changes come through from the major banks and other institutions.

ANZ

Following the RBA’s November cash rate call, ANZ will increase the rate on the ANZ Plus Save account by 0.25%pa to 3.50%pa for balances less than $250,000, effective from November 10 2022.

Bankwest

BankWest has announced changes to some of its savings and deposit products, as follows:

• BankWest’s Variable Rate Hero Bonus Rate will increase by 0.50% to 3.25% p.a. for balances up to $250,000, effective 11 November 2022.
• BankWest’s Easy Saver Rate will increase by 0.50% to 2.85% p.a. for balances up to $50,000, effective 11 November 2022.
• BankWest’s 12-month term deposit rate will increase t0 4.10% p.a., effective 4 November 2022.

Bank of Melbourne

Bank of Melbourne has announced changes to some of its savings and deposit products, as follows:

• Bank of Melbourne’s Incentive Saver total variable rate with bonus interest will increase by 0.85% to 4.00% p.a., effective 9 November 2022.
• Bank of Melbourne’s Maxi Saver total variable rate will increase by 0.85% to 4.00% p.a. for new customers for the first three months, effective 9 November 2022.
• Customers will be able to access a new term deposit offer of 4.00% p.a. for 12 to 23 months, effective 4 November 2022.

BankSA

BankSA has announced changes to some of its savings and deposit products, as follows:

• BankSA’s Incentive Saver total variable rate with bonus interest will increase by 0.85% to 4.00% p.a., effective 9 November 2022.
• BankSA’s Maxi Saver total variable rate will increase by 0.85% to 4.00% p.a. for new customers for the first three months, effective 9 November 2022.
• Customers will be able to access a new term deposit offer of 4.00% p.a. for 12 to 23 months, effective 4 November 2022.

CommBank

CommBank has announced changes to some of its savings and deposit products, as follows:

• CommBank’s NetBank Saver standard variable interest rate will increase by 0.25% p.a. to 1.35% p.a. The five-month introductory variable rate will increase by 0.50% p.a. to 3.50% p.a., effective 11 November 2022.
• CommBank’s GoalSaver with bonus interest rate will increase by 0.30% p.a. to 2.70% p.a., effective 11 November 2022.
• Youthsaver with bonus interest rate will increase by 0.30% p.a. to 2.90% p.a., effective 11 November 2022.
• Some of CommBank’s term deposit interest rates will also be increased, including its 12-month term deposit which will be raised by 0.40% to 3.75% p.a. Its 18-month term deposit special will increase to 4.00% p.a. These new term deposit rates will be effective from 7 November 2022.

Macquarie Bank

Macquarie Bank announced it will increase interest rates across a range of deposit products by 0.25% p.a. The increases to savings rates include:

• Macquarie’s savings account welcome rate, which will increase 0.25% to 4.25% p.a. for new customers, for the first four months on balances up to $250,000, effective 3 November 2022.
• The ongoing interest rate on savings and everyday transaction accounts will increase 0.25% to 3.45% p.a., on balances up to $250,000, effective 16 November 2022.

St. George

St. George Bank has announced changes to some of its savings and deposit products, as follows:

• St. George’s Incentive Saver total variable rate with bonus interest will increase by 0.85% to 4.00% p.a., effective 9 November 2022.
• St. George’s Maxi Saver total variable rate will increase by 0.85% to 4.00% p.a. for new customers for the first three months, effective 9 November 2022.
• Customers will be able to access a new term deposit offer of 4.00% p.a. for 12 to 23 months, effective 4 November 2022.

ubank

NAB subsidiary ubank has announced that it will pass on the RBA’s latest interest rate rise to its savings customers, effective December 1 2022. The provider says that its savings rate will be increased from 3.60% p.a. to 3.85% p.a — a base rate of 0.10% and a bonus rate of 3.75%.

Westpac

The major bank announced the following deposit rate changes, which will be effective from 9 November 2022, unless otherwise indicated:

• Westpac Life total variable rate with bonus interest will increase by 0.90% p.a. to 3.50% p.a.
• Westpac eSaver total variable rate will increase by 0.95% p.a. to 3.50% p.a. for new customers for the first five months.
• Customers will be able to access a new term deposit offer of 3.75% p.a. for 12 to 23 months, effective 4 November 2022.

What are the top savings and term deposits rates currently on offer?

If you’re considering opening a savings account, or switching from your current provider to earn a better interest rate, you can compare savings accounts with Canstar to find one that could suit your needs. We also keep track of the top term deposit rates on Canstar’s database, ranked by six-month, 12-month and 24-month terms.