The changes will take effect on 17 June 2022.ĬommBank will also “extend the availability” of its 18-month term deposit special offer of 2.25%. Commonwealth BankĬommonwealth Bank will increase the bonus interest rates on its GoalSaver and Youthsaver savings accounts by 0.50 percentage points, taking the total rates to 0.75% and 0.95% respectively. We’re also keeping track of home loan rate changes.
We’re tracking how the big four and other financial institutions on our database respond to June’s cash rate announcement, and what it could mean for your savings. This is the biggest cash rate rise in 22 years and the first back-to-back rise in over 12 years. The central bank announced a 50 basis point hike, taking the cash rate to 0.85%. The Reserve Bank of Australia (RBA) has raised the official cash rate for the second time this year, in a bid to combat rising inflation. Commonwealth Bank has announced it will increase savings rates, while Westpac, NAB and ANZ will bump up some of their term deposit rates.
