Which banks have made interest rate moves this week?

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:

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.