Has my bank increased interest rates yet?

The Reserve Bank of Australia has raised interest rates by 0.5 percentage points, making the new cash rate 1.35 per cent.

That’s the third rate rise in three months.

It’s now up to the banks on how they react to the change. 

Here’s what the Big Four have done. 

Commonwealth Bank

Commonwealth Bank (CBA) was the first of the Big Four banks to increase interest rates on Wednesday. 

Each of the home loans offered will increase by 0.50 percentage points per annum ranging from 5.8 per cent to 6.64 per cent per annum. 

CBA also announced there would be an interest rate increase on select savings products by 0.50 per cent ranging from 1.25 per cent to 2.50 per cent. 

Changes come into effect on July 15, 2022. 

ANZ

ANZ was the second of the big four banks to pass on the rate rise, lifting its variable interest rates by 0.5 per cent and offering a term-deposit rate of 2.5 per cent for 11 months from July 11.

It is also passing on the rate hike to bonus interest account Progress Saver and ANZ Plus in full.

The changes take effect from July 15.

Westpac

Westpac has not announced any changes to interest rates yet. 

Following the RBA’s decision to increase the cash rate by 0.50 per cent last month, Westpac lifted its home loan variable interest rates by the same amount.

The change took effect on June 21.

NAB

NAB has increased its variable interest rate by the full 0.5 per cent.

It has also passed on the 0.5 per cent increase to its Reward Saver rate, and raised the rate of its 12-month Term Deposit accounts to 2.5 per cent per annum.

The changes will come into effect from July 15.

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