Which banks have hiked savings account and term deposit rates in December 2022?

Australians hoping to save more money in the new year may welcome the news that many banks are raising interest rates on savings accounts and term deposits. And with even more rate hikes forecast for 2023, it may become even easier for Australians to earn interest on their savings.

Following the December 2022 meeting of the Reserve Bank of Australia (RBA), the national cash rate rose by 25 basis points. While many banks and Authorised Deposit-taking institutions (ADIs) have announced that they’d be passing this rise on to their home loan customers, many have also announced hikes to their savings rates too.

ADIs that had announced savings account rate changes at the time of writing include: 

Remember that many savings accounts require you to fulfil specific eligibility criteria to qualify for the highest bonus interest rates, such as making no withdrawals, making a minimum number of deposits or depositing a minimum amount per month.

ADIs that had announced changes to term deposit rates at the time of writing include:

• Suncorp Bank announced that its savers will be able to earn 4.00% p.a. on Suncorp Bank’s 7-month Term Deposit.
• Commonwealth Bank announced it would extend the availability of its 18-month Term Deposit special offer of 4.00% p.a.
• Macquarie has increased its 3-month term deposit interest rate by 0.25% to 3.35% p.a., effective 7 December 2022.
• Newcastle Permanent has introduced a new six-month Term Deposit with a rate of 3.60% p.a. to complement its two-year fixed special at 4.25% p.a.. It also announced it was increasing rates on other Term Deposits by up to 0.75%.
• BankFirst announced that effective 16 December 2022, it would increase the interest rates on several term deposit accounts.
• RACQ Bank announced that it would increase interest rates on term deposits by up to 0.25% p.a. effective 15 December 2022, taking its 12-month term deposit to 4.10% p.a..
• Australian Military Bank announced its new Term Deposit specials of 4.00% p.a. for 6 months and 4.20% p.a. for 24 months will apply from 13 December 2022.
• Qudos Bank announced that various increases will apply to its Term Deposit rates which will become effective Thursday 15th December.
• Bank Australia announced that from 8 December it would increase its 3-month term deposit by 0.75% to 3.00%.

Remember that if you already have a term deposit, you may need to wait until your current deposit reaches maturity, but before it rolls over, to switch to a higher interest rate.

Keep an eye on RateCity’s Rate Tracker hub for more information on which banks are raising rates for borrowers and savers.

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