CBA’S LONE STANCE ON DEPOSIT RATES

COMMONWEALTH Bank of Australia alone among the big four has failed to pass on the Reserve Bank’s rate hike to deposit holders.

Westpac, National Australia Bank and ANZ have moved to increase returns on select savings accounts. NAB, which moved to lift rates on home

loans, will also increase the reward saver bonus interest rate by 0.25 per cent.

This will double NAB’S Reward Saver rate offer from its current levels of 0.01 per cent variable base rate and 0.24 bonus interest rate.

Westpac will also lift interest rates by 0.25 per cent across its home loans and some customer deposit accounts.

Westpac Life and Westpac 55+ and Retired customers will receive an extra 0.25 per cent interest on their accounts from May 17.

Westpac Life customers can currently receive a 0.25 per cent total variable rate, if bonus interest criteria are met on the accounts.

The latest APRA statistics for March show Australian households have a total of $1.26 trillion in the bank – an increase of more than $272bn since Covid. Meanwhile, Australians face higher costs after headline inflation lifted from 3.5 per cent to 5.1 per cent over the 12 months to March.