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- Which banks have hiked savings account and term deposit rates in June 2023?
Which banks have hiked savings account and term deposit rates in June 2023?
At its June 2023 meeting, the Reserve Bank of Australia (RBA) board pushed the national cash rate up to 4.10%; the highest it’s been since April 2012. While these hikes are putting borrowers under increased pressure as their borrowing power shrinks, some savers may be able to benefit from rising savings rates that could make it easier to increase their wealth.
June 2023 saw the 12th rate hike in 14 months as the RBA continues its attempts to smash sticky high inflation. It may not be the last rate hike we see this year either, with some major banks forecasting additional hikes in July and August 2023.
As interest rates rise, it’s important to compare the different savings options available to work out which options may offer you the most value when you consider your financial situation and personal goals.
Savings
At the time of writing, the following Authorised Deposit-taking Institutions (ADIs) have announced increases to their savings rates following the RBA hike:
Bank | Rate increase | Highest rate | Date effective |
Commonwealth Bank | 0.25% | 4.65% | 16 June 2023 |
NAB | 0.25% | 4.75% | 16 June 2023 |
Ubank | 0.25% | 5.00% | 1 July 2023 |
Gateway Bank | 0.45% | 3.30% | 9 June 2023 |
Bendigo Bank | 0.25% | 5.25% | 16 June 2023 |
Australian Military Bank | 0.25% | 4.25% | 1 July 2023 |
Australian Unity | 0.25% | 4.50% | 15 June 2023 |
Macquarie Bank | 0.25% | 4.50% | 23 June 2023 |
ING | 0.25% | 5.50% | 14 June 2023 |
Suncorp | 0.25% | 4.85% | 15 June 2023 |
BOQ | 0.25% | 5.10% | 16 June 2023 |
Some savings accounts have specific eligibility criteria, such as age restrictions or maximum deposit amounts, which may make them better suited to some savers than others. Remember to compare savings accounts before you consider jumping ship, and keep an eye on RateCity’s Rate Tracker hub for more information on which banks are raising rates for borrowers and savers.
Term deposits
At the time of writing, the following ADI’s had announced new term deposit products or raised term deposit interest rates following the RBA’s June 2023 decision:
Bank | Term deposit offer | Date effective |
Westpac | Customers will be able to access a new special term deposit offer of 4.50% p.a. for 12 to 23 months. | 9 June 2023 |
ANZ | Offering a new 12-month Advance Notice term deposit rate of 4.60% pa | 9 June 2023 |
Commonwealth Bank | Will increase its 12-month Term Deposit special to 4.55% p.a. | 16 June 2023 |
Australian Military Bank | New term deposit specials of 4.90% for 12 – 17 month term deposits | 15 June 2023 |
Australian Unity Bank |
| 15 June 2023 |
Bankwest | 9-month Gold/Retail Online term deposit will increase by 0.95% to 4.70%. | 16 June 2023 |
NAB | 12-month term deposit will increase by 0.40% to 4.60% p.a. | 16 June 2023 |
Greater Bank | Introducing a new 12-month term deposit offer of 4.50% p.a. | 13 June 2023 |
Keep in mind that term deposit customers may need to wait for their existing deposit to reach maturity and roll over before they can consider switching to a higher rate. Comparing term deposits can help you work out which options may offer you the most value, and 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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Product database updated 05 May, 2024
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