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:


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 5 December 2023

Search promoted savings accounts below or do a full Mozo database search . Advertiser disclosure
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    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.

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    0.30% p.a.(for $0 and over)

    Yes up to $250,000

    Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.

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    5.75% p.a. (for $0 to $250,001)

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Term deposit comparisons on Mozo - last updated 5 December 2023

Search promoted term deposits below or do a full Mozo database search . Advertiser disclosure
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    5.00% p.a.
    9 months


    Yes up to $250,000

    Enjoy the certainty of a fixed interest rate combined with the convenience of online banking to set up and manage your term deposit at maturity. You can start investing from as little as $1,000 or up to $5,000,000.