RateCity.com.au
powering smart financial decisions
RateCity.com.au

Who's raised term deposit and savings account rates? These are the banks that have increased

Who's raised term deposit and savings account rates? These are the banks that have increased

For the second consecutive month, the Reserve Bank of Australia (RBA) has hiked the cash rate, bringing about more interest-earning opportunities for savers.

With the official cash rate now at 0.85%, up from 0.35% in May, those looking to earn a higher rate of interest on their nest egg may be in luck. At the time of writing, a total of 11 lenders have announced new term deposit interest rates in response to the RBA’s move.

Increases to term deposit rates following June 2022 RBA cash rate rise

BankRate increase New rate Term length Minimum investment Date effective 
ANZN/A – special offer2.25%11-month$500013/06/2022
Bank of MelbourneN/A – special offer2.25%12-month$100009/06/2022
BankSAN/A – special offer2.25%12-month$100009/06/2022
BOQ0.75%2.50%12-month $500010/06/2022
ME Bank0.45%2.75%12-month$500009/06/2022
MyState0.50%3.00%24-month$500015/06/2022
NABN/A – special offer2.25%12-month$500017/06/2022
Newcastle PermanentN/A – special offer2.25%12-month$100014/06/2022
St GeorgeN/A – special offer2.25%12-month$100009/06/2022
SuncorpN/A – special offer2.30%12-month$500015/06/2022
WestpacN/A – special offer2.25%12-month$500009/06/2022

Source: RateCity.com.au. Data accurate at time of publishing, 10/06/2022.

All of the big four banks are now offering a special term deposit rate of 2.25% – Westpac and NAB on a 12-month term, ANZ on an 11-month term and CommBank on an 18-month term.

While CommBank has not increased its term deposit rate this month, it announced it will extend the availability of its 18-month term deposit special offer, which was released last month.

It’s worth noting that many of the new term deposit rates that have been announced are advertised as limited time offers, as opposed to permanent increases to existing products.

When you take out a term deposit, the bank will lock your money into a fixed term throughout which you will earn interest on your investment. At the end of this term, you will have the option to either withdraw your money or roll it over for another term.

If you’re looking for interest-earning opportunities with more flexibility than a term deposit can offer, you might like to consider some of the new savings account rates available.

At the time of writing, a total of six banks have announced increases to their savings account interest rates this month.

Increases to savings account rates following June 2022 RBA cash rate rise

BankRate increase Highest rate Date effective 
CommBank0.50%0.95%17/06/2022
ING0.75%2.10%15/06/2022
Bankwest0.50%1.20%17/06/2022
MyState Bank0.50%1.60%15/06/2022
Suncorp0.70%1.30%15/06/2022
Qudos Bank0.40%1.30%23/06/2022

Source: RateCity.com.au. Data accurate at time of publishing, 10/06/2022.

It’s important to note that some of these interest rate hikes are applicable only to those savers who meet specified requirements each month.

Visit RateCity’s rate tracker hub to view more information on eligibility for each of these offers, and to keep up to date with any future rate increases. 

To compare the interest rates on offer on a wide range of term deposits and savings accounts and decide what’s best for you, consider using RateCity’s term deposit comparison table and savings account comparison table.

Did you find this helpful? Why not share this news?

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

Advertisement

RateCity

Related news