Which banks have increased savings accounts interest rates?

yeehaw piggy bank coins

Last Updated: 9:30 am 8 August

The Reserve Bank has announced the fourth cash rate hike of the year – raising the official interest rate by 50 basis points to 1.85%.

We’ve seen several banks pass the rate hike on to their home loan customers, increasing home loan variable rates by 0.50%. But how about savings?

Well, the rate hike could mean a new era of higher savings account and term deposit interest rates, with some lenders already having moved. 

During the last rate rise, several banks responded by increasing interest rates on savings accounts and term deposits. According to our database, there were hundreds of products that increased in the last month.

To help you to keep track of the rate increases, this page will be regularly updated with significant changes from banks and online lenders as they come in, including the size of the rise and when it’ll go into effect.

Below is a quick snapshot of the average savings account interest rates in the Mozo database as of 2 August, 2022. Be mindful that the averages below could increase in the coming weeks.

Account typeAverage interest rateBig 4 average rate
All ongoing1.05% p.a.0.79% p.a.
Only bonus1.41% p.a.1.25% p.a.
Only introductory rates1.56% p.a.1.23% p.a.
Only unconditional rates0.36% p.a.0.26% p.a.

Big Four

holding a piggy bank in your hands

Commonwealth Bank

  • Effective 12 August, CBA's NetBank Saver will increase its variable interest rate to 0.85% p.a. It's introductory 5-month rate will also increase to 1.80% p.a.
  • Effective 8 August, CBA's 18-month term deposit will be 3.00% p.a.

ANZ

  • Effective 8 August, ANZ Plus Saver account will increase to 2.50% p.a.
  • ANZ will also have a 11-month term deposit with a 3.00% p.a. interest rate.

NAB

  • Effective 12 August, NAB will increase its iSaver and Reward Saver savings accounts by 0.50% p.a.
  • It's 12-month term deposits will also increase to 3.00% p.a.

Westpac

  • Effective 18 August, Westpac will increase its
  • Westpac Life interest rate  to 1.80%.
    It'll also increase its Westpac's Spend&Save  to 3.25% p.a.
  • Also its Westpac eSaver will increase to 0.85% p.a. and its 5 month introductory rate will increase to 1.80% p.a.
  • Effective 8 August, Westpac's 12-23 month term deposits will increase to 3.00% 

Banks

comparing piggy bank sizes

Macquarie Bank

  • Effective 3 August, new Macquarie customers receive an introductory savings rate of 3.10% p.a. for the first four months.

Bankwest

  • Effective 12 August, Bankwest will increase its Variable Hero Rate to 2.00% p.a. and its Easy Saver Rate to 1.80% p.a.

Australian Military Bank

  • Effective 5 August, Australian Military Bank will increase its 24 month term deposit to 3.40% p.a.
  • Its DIY Super Saver Account will increase to 1.60% p.a.

ING

Effective 9 August, ING will increase its Savings Maximiser to 3.10% and its Savings Accelerator to 2.10% p.a.

If you’re on the search for a new savings account, check out our savings account comparison page. Alternatively, you can check the 2022 Mozo Expert Choice Award Savings Account winners to make your search easier.

Savings account comparisons on Mozo - last updated 13 August 2022

Search promoted savings accounts below or do a full Mozo database search . Advertiser disclosure
  • Mozo Expert Choice Badge
    Boost Saver with Go Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    2.30% p.a. (for $0 to $250,000)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate of 2.30% is made up of the Base rate of 0.05% and Bonus rate of 2.25%. Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.

    Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 5,000 bonus Virgin Money Points (ends 31/08/22. Offer criteria & T&Cs apply).

    Details
  • Mozo Expert Choice Badge
    Life - 18-29 years old
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    2.75% p.a. (for $0 to $30,000)
    0.65% p.a.(for $0 and over)
    Yes up to $250,000

    Make 5 card purchases/month with a Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.

    Are you 18 - 29 years of age? Earn up to a generous 2.75% p.a. variable interest on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30k.

    Details
  • Save Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    2.35% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Deposit at least $200 to either Spend or Save account from an external source each month.

    Earn up to 1.85% p.a in interest. No monthly fee to pay. Split your money in up to 10 Save accounts. Track your progress on each of your save accounts. Instant access to cash via PayID and Osko. Deposits guaranteed up to $250k per customer.

    Details
  • Mozo Expert Choice Badge
    Bonus Saver Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    2.10% p.a. (for $0 to $250,000)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.

    Winner of a Mozo Experts Choice Award 2022 in the Regular Saver category. No monthly account fees. Available only on balances up to $250,000.

    Details
  • Grow Saver
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.80% p.a. (for $0 and over)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    Make at least 1 deposit per month and no more than 1 withdrawal, including internal transfers or external payments. Must enable the Lock Saver feature. 32 days notice for withdrawal and T&C's apply.

    Pay no monthly fees. Set-up to 9 personalised savings accounts and choose to lock as many accounts as you like to earn the maximum variable interest rate. With just 32 days notice to access your money again, your future self will thank you.

    Details

^See information about the Mozo Experts Choice Savings Account Awards

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