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Commonwealth Bank, ING and Macquarie increase interest rates on savings accounts

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Australians hoping to get more out of their savings accounts are in luck after three banks announced they would apply the Reserve Bank’s rate hike to their savings accounts.

The RBA announced on Tuesday it would lift the nation’s interest rates for the second month in a row, from 0.35 per cent to 0.85 per cent – a hike of 50 basis points.

Watch more on the RBA’s decision in the video above

Watch the latest News on Channel 7 or stream for free on 7plus >>

“(The) increase in interest rates by the board is a further step in the withdrawal of the extraordinary monetary support that was put in place to help the Australian economy during the pandemic,” Governor Philip Lowe said on Tuesday.

Westpac was the first of the big four banks to announce it would pass on the rate rise to borrowers on Tuesday, with the Commonwealth Bank, NAB and ANZ on Wednesday following suit.

However, some banks are now passing on the rate rise to savings customers too.

Three Aussie banks announce increase in interest rates on savings accounts Credit: 7NEWS

Macquarie Bank, ING and CBA have all raised interest rates on transaction and savings accounts, which finance experts are calling a big “win for savers”.

Macquarie Bank announced it will increase the interest rate on its transaction account from 0.2 per cent to 1.5 per cent on balances up to $250,000 from June 17.

Meanwhile, ING is also increasing its interest rate on the Savings Maximiser account by 75 basis points to 2.10 per cent on balances up to $100,000 from June 15.

In addition, the bank will increase all variable home loan rates by 0.50 per cent per annum.

Commonwealth Bank will pass on the full 0.5 per cent rate hike to its GoalSaver and Youthsaver accounts from June 17.

RateCity.com.au research director Sally Tindall said Macquarie and ING have both upped the ante following Tuesday’s landmark double rate hike.

“Finally, we have some proof that competition in the savings sector isn’t dead and buried,” she said.

“ING and Macquarie have reset the battlefield for savings rates in what is ultimately a win for savers.

“With no hoops to jump through to earn the maximum amount of interest every month, no penalties for withdrawing money and no requirement to transfer money back and forth, this is a breath of fresh air from Macquarie.

“Customers sick of earning peanuts on their hard-earned cash would do well to shop around now the competition in the savings market is finally picking up.”

She added this will put pressure on other major banks such as Westpac, NAB and ANZ to pass on the rate hike to savings customers.


Australians hoping to get more out of their savings accounts are in luck after three banks announced they would apply the Reserve Bank’s rate hike to their savings accounts.

The RBA announced on Tuesday it would lift the nation’s interest rates for the second month in a row, from 0.35 per cent to 0.85 per cent – a hike of 50 basis points.

Watch more on the RBA’s decision in the video above

Watch the latest News on Channel 7 or stream for free on 7plus >>

“(The) increase in interest rates by the board is a further step in the withdrawal of the extraordinary monetary support that was put in place to help the Australian economy during the pandemic,” Governor Philip Lowe said on Tuesday.

Westpac was the first of the big four banks to announce it would pass on the rate rise to borrowers on Tuesday, with the Commonwealth Bank, NAB and ANZ on Wednesday following suit.

However, some banks are now passing on the rate rise to savings customers too.

Three Aussie banks announce increase in interest rates on savings accounts Credit: 7NEWS

Macquarie Bank, ING and CBA have all raised interest rates on transaction and savings accounts, which finance experts are calling a big “win for savers”.

Macquarie Bank announced it will increase the interest rate on its transaction account from 0.2 per cent to 1.5 per cent on balances up to $250,000 from June 17.

Meanwhile, ING is also increasing its interest rate on the Savings Maximiser account by 75 basis points to 2.10 per cent on balances up to $100,000 from June 15.

In addition, the bank will increase all variable home loan rates by 0.50 per cent per annum.

Commonwealth Bank will pass on the full 0.5 per cent rate hike to its GoalSaver and Youthsaver accounts from June 17.

RateCity.com.au research director Sally Tindall said Macquarie and ING have both upped the ante following Tuesday’s landmark double rate hike.

“Finally, we have some proof that competition in the savings sector isn’t dead and buried,” she said.

“ING and Macquarie have reset the battlefield for savings rates in what is ultimately a win for savers.

“With no hoops to jump through to earn the maximum amount of interest every month, no penalties for withdrawing money and no requirement to transfer money back and forth, this is a breath of fresh air from Macquarie.

“Customers sick of earning peanuts on their hard-earned cash would do well to shop around now the competition in the savings market is finally picking up.”

She added this will put pressure on other major banks such as Westpac, NAB and ANZ to pass on the rate hike to savings customers.

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