Yahoo Finance CBA, Westpac customers in for summer cash boost
While interest rate increases are lamented by many, Aussie savers are in for a nice boost to their bank accounts.
Following Tuesday’s rate hike, Westpac and CBA announced positive changes for their customers to their savings rates.
Also read: CBA, ANZ, NAB and Westpac forecast more interest rate pain
Also read: Big banks ‘playing games’ with customers over rate hikes
Also read: Clever mortgage move could save you $1,908 a year
Westpac put the biggest rate hikes on the table for select savers, with increases of up to 0.90 per cent for existing customers. CBA also went beyond the RBA in some cases, announcing hikes of up to 0.30 per cent.
ANZ, on the other hand, only increased the rate on its relatively new Plus Save account, while NAB was yet to announce any saving rate increases for customers.
Bank | Bonus saver | Online saver | Kids saver | Other accounts |
CBA | +0.30% | +0.25% | +0.30% | N/A |
Westpac | +0.90% | N/A | +0.85% | +0.25%Spend&Save |
NAB | N/A | N/A | N/A | N/A |
ANZ | N/A | N/A | N/A | +0.25%Plus Save |
How do the Big Four stack up?
The current market-leading ongoing savings rate for all adults is currently 4.05 per cent, from ING, which is yet to respond to the most recent RBA changes. After these hikes, Westpac and ANZ will have the highest savings rate for all adults out of the Big Four banks - both offering an ongoing rate of 3.50 per cent.
RateCity.com.au research director Sally Tindall said Westpac was the standout among the big players, followed closely by CBA.
“ANZ has continued to only increase the rate on its new Plus Save account, while ignoring its millions of savers with Progress Saver and Online saver accounts,” Tindall said.
"NAB customers are still in the dark as to whether the bank will pass this latest RBA hike on. If you’re one of the millions of customers with a NAB Reward or iSaver account, call, email or tweet the bank to ask where your rate rise is.
“What this ultimately means for savers is that they’re off the bench and in the game, provided they’re willing to chase a good rate.”
Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free Fully Briefed daily newsletter.
