Commonwealth Bank and Westpac have passed on the full 25 basis points increase to borrowers, with good news for selected savers or anyone who wants to switch banks.
The big four banks will not increase deposit rates for existing customers on their main savings accounts – despite political pressure to reward savers after years of ultra-low rates – even as they pass on the full RBA rate rise to home borrowers.
Holding back interest rate increases on deposits while charging borrowers more for home loans can significantly lift banks’ margins. Westpac said new eSaver customers could earn an extra 0.25 per cent or 4 per cent for five months, and its Westpac Life total variable rate with bonus interest would increase by the same amount to 4 per cent for new and existing customers who met the monthly deposit and balance criteria.
ANZ’s rate for new online deposits has been raised to 4 per cent and this is available to existing customers who make the transition to its new ANZPlus online bank. NAB said its deposit rates were under review.
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