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CBA, ANZ, NAB, Westpac hike rates: Here’s how they compare

CBA, ANZ, NAB and Westpac have hiked mortgage and savings rates after the RBA’s decision.

Logos of CBA, ANZ, NAB and Westpac and Australian money.
CBA, ANZ, NAB and Westpac all lifted mortgage rates following the RBA decision. (Source: Getty)

NAB and Westpac were the first of the Big Four banks to announce they would pass on Tuesday’s 0.25 per cent Reserve Bank (RBA) hike to both mortgage and savings customers, with ANZ and Commonwealth Bank (CBA) trailing behind.

This was the 10th consecutive interest rate hike from the RBA since it started lifting the cash rate in May last year. The official interest rate is now at 3.6 per cent.

While all four of the major banks have hiked mortgage rates by the full 0.25 per cent, what they are delivering to savers differs.

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Here is a breakdown of what the major banks are offering.

Commonwealth Bank savings changes

“CBA has passed on full hikes to two of its three main savings accounts, but fallen agonisingly short on its Goal Saver account,” RateCity.com.au research director Sally Tindall said.

“These customers will only be getting a partial hike, with just a 0.15-percentage-point rise. This is a surprising move from Australia’s biggest bank as it puts their highest savings rate behind the other Big Four.”

CBA savings changes – effective March 17

Account

Old max rate

New max rate

Change % points

Goal Saver

4.00%

4.15%

+0.15

Net Bank Saver

4.00% for 5 months then 1.60%

4.25% for 5 months then 1.85%

+0.25

YouthSaver

4.00%

4.25%

+0.25

ANZ savings changes

Tindall said ANZ customers may want to consider switching after the bank decided it would only hike savings rates for just one account type.

“This is a disappointing announcement from ANZ for customers with a Progress Saver or Online Saver account,” Tindall said.

“While ANZ Plus Save customers will soon get an ongoing rate of 4.25 per cent, at this stage, existing customers with an Online Saver are getting just 0.85 per cent. ANZ can and should do better than this for these customers.

“People with a sub-standard savings rate should question their bank’s loyalty and consider whether they can do better elsewhere.”

ANZ savings changes – effective March 17

Account

Old max rate

New max rate

Change % points

Progress Saver

3.50%

3.50%

No change

Online Saver

2.65% for 3 months then 0.85%

2.65% for 3 months then 0.85%

No change

ANZ Plus Save

4.00%

4.25%

+0.25

NAB savings changes

NAB decided to pass on the full 0.25 per cent hike to savings customers, which should be welcome news to customers.

“While these kinds of rates aren’t even within cooee of inflation, considering where they were just 10 months ago, this isn’t a bad result at all,” Tindall said.

NAB savings rate changes – effective March 17

Account

Old max rate

New max rate

Change % points

Reward Saver

4.00%

4.25%

+0.25

iSaver

4.00% for 4 mths, then 1.35%

4.25% for 4 mths, then 1.60%

+0.25% on both intro and ongoing rates

Westpac savings changes

Westpac also decided to pass on the interest rate hike to savers,even going a step further to lift its Spend&Save option for younger Aussies by 0.35 per cent.

“When this latest hike takes effect, Westpac will have increased its bonus saver by a total of 4 percentage points since last May – 0.50 percentage points more than the RBA – yet existing eSaver customers will have only seen an increase of just 1.05 percentage points,” Tindall said.

“If you’ve got your hard-earned money sitting in a savings account, don’t just assume your rate has risen in line with the RBA hikes.”

Westpac savings changes – effective March 17

Account

Old max rate

New max rate

Change

Life

4.00%

4.25%

+0.25%

eSaver

4.00% for 5mths then 0.85%

4.25% for 5mths then 1.10%

+0.25% on both intro and ongoing rates

Spend&Save (ages 18-29)

4.35%

4.70%

+0.35%

Bump (ages under 18)

4.00%

4.00%

No change

Comparing the Big Four’s mortgage rates

Tindall said the 10th rate hike would be unwelcome news for borrowers, with households across the country already struggling to make ends meet.

“These seemingly never-ending rate hikes are starting to rattle some families, who have already made every single cutback they can possibly think of and don’t know where to turn next,” Tindall said.

“If you don’t think you can make these higher repayments, pick up the phone and tell your bank as soon as you can. It’s a conversation you probably never wanted to have with your bank, but the sooner you make the call, the more options you’re likely to have.”

Big four bank lowest advertised rates

Bank

Basic rate

Discounted variable

Standard variable

CBA

5.47%

5.32%

8.05%

Westpac

5.14% for 2 yrs then 5.54%

6.69%

7.98%

NAB

5.49%

7.17%

8.02%

ANZ

5.34%

6.49%

7.89%

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