The Four Major Banks Have Followed the Most Recent Interest Rate Increase

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All four major banking institutions have followed the Reserve Bank of Australia’s decision to cut interest rates for a record-breaking ninth time.

The central bank recently lifted the nation’s benchmark cash rate by 25 basis points, raising it to 3.35% from its previous level of 3.1%. Commonwealth was the final primary lender to pass this recent RBA interest rate rise.

We want any customer who would like to talk about their individual situation to message us in the CommBank app to explore different support options with one of our specialists – starting that conversation early can help alleviate concerns and allow us to work together to find solutions,” group executive Angus Sullivan said.

The good news for savers is that the GoalSaver interest rate of the fourth biggest bank will be raised by 0.75% to 4%. The Youthsaver bonus interest rate will have a 0.5% increase and reach up to 4% per annum starting February 10.

The savings rates increases we are announcing today build on higher rates we have announced across a number of savings products during the past few months,” Sullivan said.

On Thursday, Westpac announced they would raise the interest rate for a home loan and deposit customers effective February 21. Home loan variable rates will rise by a complete 0.25% for all new and existing clients.

We know at this time of year some customers are reassessing their household budgets and looking for ways to manage their money,” chief executive Chris de Bruin said.

While the majority of our customers continue to be well-placed to navigate the rising rate environment, we know some might be feeling uneasy amid growing cost of living pressures. If customers are concerned, we encourage them to give us a call.” de Bruin added. 

Westpac Life deposit account holders will enjoy a 0.25 per cent increase in their total variable rate, now at 4%. eSaver customers opening new accounts with the bank can reap greater rewards as they benefit from a 0.25% rise in their total variable rate for the first five months – up to 4%, too.

We have announced interest rate increases to our Westpac Life and eSaver accounts to support customers as they think about their financial goals in the year ahead,” de Bruin said. 

ANZ took the lead of the big four banks by passing on Tuesday’s cash rate rise, followed quickly by NAB. Variable interest rates for ANZ home loans will climb 0.25% as of February 17 – a percentage point increase in one fell swoop.

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