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Which banks have hiked term deposits and savings accounts in November 2023?

Mark Bristow avatar
Mark Bristow
- 3 min read
Which banks have hiked term deposits and savings accounts in November 2023?

The November 2023 meeting of the Reserve Bank of Australia (RBA) board saw the national cash rate rise by 25 basis points to 4.35% - the thirteenth hike of the current cycle that began in May 2022. 

While this could potentially help Australian savers to grow their wealth faster, not all banks and Authorised Deposit-taking Institutions (ADIs) have announced if they’ll be passing on the latest hike to their deposit customers.

For example, it is understood that ING has decided not to pass on the November cash rate increase to its Savings Maximiser customers. And while ANZ has decided to lift the introductory rate on its Online Saver account, this is only applicable for new customers.

Who has hiked savings accounts?

At the time of writing, the following Authorised Deposit-taking Institutions (ADIs) have announced increases to their savings rates following the November 2023 RBA hike: 

Bank

Rate increase

Highest rate

Date effective

NAB

0.25%

5%

17 Nov 2023

Westpac

0.25%

5%

17 Nov 2023

Commonwealth Bank

0.25%

4.9%

17 Nov 2023

ANZ

0.25%

4.9%

17 Nov 2023

Macquarie

0.25% (5.50% introductory rate for 4 months, effective 10th November. New customers only.)

4.75%

17 Nov 2023

Bankwest

0.25%

4.6%

17 Nov 2023

Ubank

0.10%

5.1%

1 Dec 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.

Who has hiked term deposit rates?

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: 

ING

ING has announced that the fixed interest rates on its term deposits for new and existing customers rolling over on or after 14 November 2023 will be:

  • 4.65% p.a. – 90 day term
  • 4.65% p.a. – 120 day term
  • 5.05% p.a. – 180 day term
  • 4.80% p.a. – 210 day term
  • 4.80% p.a. – 270 day term
  • 4.65% p.a. – 330 day term
  • 5.30% p.a. – 1 year term
  • 4.80% p.a. – 2 year term

Commonwealth Bank

Following the RBA result, Commonwealth Bank announced that it will extend the availability of its 24-month term deposit special of 5.00% p.a.

Transport Mutual Credit Union

In a move it described as “a bid to support savers” and “rewarding members for their savings and ongoing loyalty”, Transport Mutual Credit Union announced that all of its standard term deposit rates will increase by 0.20 percentage points from 13th November 2023.

Newcastle Permanent

This customer-owned bank announced that rates on its new term deposit offers are increasing by up to 0.30% p.a., with the new rates taking effect on 17 November 2023.

Greater Bank

Greater Bank announced it will be increasing rates on new term deposit offers by up to 0.30% p.a., and that this change will come into effect on 17 November 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 27 May, 2024

This article was reviewed by Personal Finance Editor Alex Ritchie before it was published as part of RateCity's Fact Check process.