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CBA’s surprise RBA move – some savers to see rates rise by 0.60%

Liz Seatter avatar
Liz Seatter
- 4 min read
CBA’s surprise RBA move – some savers to see rates rise by 0.60%

CBA has bucked the trend and announced it will hike some savings accounts as well as variable home loan rates, following the RBA rate hike on Tuesday.

Unlike NAB and ANZ, which did not announce any rate hikes for savers today, Australia’s largest bank is passing on 0.60 percentage points to its popular GoalSaver and Youthsaver accounts.

From next Friday, the GoalSaver account will have a maximum ongoing rate of 2.10 per cent.

CBA has, so far, not announced a rate increase to its NetBank Saver account, but the bank will increase some term deposit rates by up to 0.75 percentage points from Monday.

CBA savings rate changes – effective 16 September

Old max rateNew max rateChange

% points

GoalSaver1.50%2.10% +0.60% 
Youthsaver1.70%2.30% +0.60% 
NetBank Saver1.80% for 5mths then 0.85%1.80% for 5mths then 0.85% 0% 

Source: RateCity.com.au. Conditions for max rate apply. New rates effective 16 September 2022.

The GoalSaver rate rise from CBA will put pressure on the other big four banks to also hike their bonus saver accounts.

Find out who has moved at RateCity.com.au’s RBA rate tracker.

BONUS SAVERS – what the big four banks have announced so far

BankAccountOld max rateNew max rateChange % points
CBAGoalSaver1.50%2.10%+0.60%
WestpacLife1.85%TBCTBC
NABReward Saver1.75%1.75%0%
ANZProgress Saver1.65%1.65%0%

Source: RateCity.com.au. Conditions for max rate apply. CBA rate effective 16 September.

CBA variable rate mortgage changes

From Friday next week, CBA variable mortgage rates will rise by 0.50 percentage points, taking the bank’s lowest variable rate to 4.19 per cent.

CBA variable rates for owner-occupiers paying principal & interest – effective 16 September

Old rateNew rateIncrease in repayments, $500K
Lowest variable3.69%4.19%$137
Discounted variable5.60%6.10%$151
Standard variable6.30%6.80%$156

Source: RateCity.com.au. Repayments are for an owner-occupier paying principal and interest with a $500,000 loan over 25 years. An LVR of 70% applies to CBA’s lowest variable rate. New rates effective 16 September 2022.

RateCity.com.au research director, Sally Tindall, said: “It might have taken CBA over three days to make its rate announcement but at least the bank has made the right decision for many of its savings customers”.

“Hiking the GoalSaver and Youthsaver rates beyond the RBA hikes is a win for these customers,” she said.

“When Australia’s biggest bank moves, others often follow. By lifting savings rates beyond the RBA this month, CBA is putting pressure on its competitors to follow suit.

“CBA’s NetBank Saver customers, however, have missed out at this stage, with the bank leaving the ongoing rate at just 0.85 per cent – almost three times lower than the current cash rate.

“If you’ve got money in the bank, find out what rate you’ll soon be getting. A competitive rate after the hikes filter through will be over 3 per cent.

“The more people willing to move their money to a bank with a decent savings rate, the more likely those with paltry rates will be forced to follow.

“This latest home loan hike might take a couple of months to hit people’s bank accounts, but when it does, it’s going to hurt plenty of families already feeling the pinch.

“Don’t wait until the day before your higher repayment kicks in, start making cutbacks now, because there’s more rate pain ahead.

“If you won’t have enough money to clear these higher repayments, let your bank know before the next bill is due.

“Your bank doesn’t want to see you default on your home loan any more than you do,” she said.

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Product database updated 21 Jul, 2024

This article was reviewed by Data Research Specialist Piyush Pillai before it was published as part of RateCity's Fact Check process.