Which banks have made interest rate moves this week?

Money inside of a small house with savings

Following the hike in cash rate by the RBA to 3.35%, banks have begun to raise their own interest rates for both savers and home loan borrowers alike. 

For example, the big four along with other big banks have announced interest rate hikes of 0.25% for some savings accounts and term deposits, possibly leading to some big benefits for savers.

Yet, home owners are set to feel the sting, with Macquarie, CommBank, Westpac, and ING announcing on Thursday that their variable home loan rates would also be raised by 0.25% per annum in February. This follows on from ANZ and NAB announcing a similar hike early on in the week. 

Most of the home loan interest rate hikes will apply to past and future customers from the date that they are in effect. For a general overview, the currently announced dates for some of the banks are as follows:

Bank

Date in effect
ANZ17th of February
Commonwealth Bank17th of February
NAB17th of February
Westpac21st of February
Macquarie22nd February
ING14th February

Savers might at least get a silver lining

Whilst borrowers might struggle with the pressure of yet another interest rate hike, those who are saving with term deposits and savings accounts should continue to benefit from the interest rate moves. 

For example, ING has now increased its 1-year Term Deposit up to 4.15% for those just opening or rolling over their term deposit after the announced date that the interest rates rise. 

Meanwhile, some savings rates have changed to. For instance, accounts such as CommBank’s GoalSaver have seen an increase of 0.75% to 4%. Other banks have also made similar moves with their savings account rates also increasing. 

Remember, there are usually requirements to be met on these types of products to ensure you are given the top rate, so be sure to research first. 

If you’re interested in opening up a term deposit or new savings account, Mozo can help you decide. Our database has access to loads of providers so that you can compare and get the best deal for you.

Savings account comparisons on Mozo - last updated 19 June 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Savings Account

    5.35% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

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    Bonus variable rate is available for the first four months.

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    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

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    Savings Maximiser

    5.50% p.a. (for $0 to $100,000)

    0.55% p.a.(for $0 and over)

    Yes up to $250,000

    For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.

    Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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  • PremiumSaver

    5.45% p.a. (for $0 to $250,001)

    1.50% p.a.(for $0 and over)

    Yes up to $250,000

    Increase balance by $200 by the end of each month

    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.

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Term deposit comparisons on Mozo - last updated 19 June 2024

Search promoted term deposits below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Term Deposit

    5.25% p.a.
    6 months

    $1,000

    Yes up to $250,000

    Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2024^ for Term Deposits.

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  • Mozo Expert Choice Badge
    Term Deposit

    5.00% p.a.
    1 year

    $1,000

    Yes up to $250,000

    Enjoy a competitive fixed interest with the choice of 1 month to 5 year terms. Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly. Receive a 0.10% loyalty bonus when you automatically reinvest your Term Deposit before maturity. (Terms and Conditions apply)

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  • Online Term Deposit

    5.00% p.a.
    1 year

    $5,000

    Yes up to $250,000

    No set-up or account keeping fees. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Mozo Experts Choice winner for Term Deposit 2022.

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  • Term Deposit

    5.25% p.a.
    4 months

    $5,000

    Yes up to $250,000

    Invest as little as $5k to grow your savings with our attractive Term Deposits rates. No establishment or ongoing fees with interest paid at maturity. Mobile app available. T&Cs apply.

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  • 6 Months Term Deposit Special

    5.00% p.a.
    6 months

    $50,000

    Yes up to $250,000

    Boost your savings with a 6 month Illawarra Credit Union term deposit. Minimum deposit of $50,000. Deposits up to $250,000 per account holder are secured by the Government’s Financial Claims Scheme.

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