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CBA, Westpac, ANZ and NAB: Where Aussies can get the best savings rates

Australians walking. Australian money notes. Savings concept.
Only two of the big four banks have raised savings rates. Here’s how the major banks stack up now. (Source: Getty)

It’s a mixed bag for Aussies savers, with only two of the big four banks announcing increases to their savings rates following yesterday’s cash rate hike.

Aussies were hit with yet another interest rate hike yesterday, with the Reserve Bank increasing the cash rate by 0.25 per cent to 3.10 per cent - the highest it has been in more than a decade.

Commonwealth Bank, Westpac, ANZ and NAB were quick to pass on the rate hike to home loan customers, but it was a different story for savers.

Only Commonwealth Bank and Westpac have announced savings increases.

Commonwealth Bank will increase all of its key savings accounts from December 16. In the majority of cases, the increase is higher than the RBA’s 0.25 per cent. For example, its GoalSaver bonus rate will increase by 0.55 per cent.

RateCity research director Sally Tindall said Commonwealth Bank had gone “above and beyond” for savers this month.

“It’s fantastic to see Australia’s biggest bank leading the way with regards to savings hikes, because it will force others to follow in its footsteps,” Tindall said.

Westpac will hike its Westpac Life savings rates from December 16. The bonus rate will increase by 0.25 per cent, while the Spend&Save offer for younger customers will increase by 0.35 per cent.

Who offers the best savings rates?

The big four banks are still lagging behind the market leaders. For instance, ING is currently offering the top savings rates for adults for all ages at 4.30 per cent for its Savings Maximiser account.

“Currently, the highest ongoing savings rate for all adults is 4.30 per cent, however, this could lift to over 4.50 per cent, if the market leaders pass on full hikes,” Tindall said.

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