Following the Reserve Bank of Australia’s (RBA) decision to raise the official cash rate by 0.25% per annum (p.a.), CBA will increase the interest rates across a number of savings products, and will lift its home loan variable interest rates by 0.25% p.a. All savings and mortgage rate changes announced today will be effective 17 March 2023.
New savings rates
- NetBank Saver1 5-month introductory variable interest rate will increase by 0.25% p.a. to 4.25% p.a., based on a 0.25% p.a. increase in the standard variable interest rate to 1.85% p.a.
- Youthsaver with bonus interest rate will increase by 0.25% p.a. to 4.25% p.a., based on a 0.25% p.a. increase in the standard variable interest rate to 1.85% p.a.
- GoalSaver with bonus interest rate will increase by 0.15% p.a. to 4.15% p.a., based on a 0.15% p.a. increase in the standard variable interest rate. This builds on the 0.75% p.a. increase to the GoalSaver with bonus interest rate delivered in February 2023, meaning that the GoalSaver with bonus interest rate has increased 0.90% p.a. during 2023.
Group Executive, Retail Banking, Angus Sullivan said: “Our range of savings options provides customers with choices around which of these products best suits them, and can help support them with their savings goals.
“To further support savers, CBA will also increase the 12-month Term Deposit special to 4.35% p.a.
“We know the changing interest rate environment and rising cost of living mean that many Australian households are focused on what they can do to manage budgets, including rethinking some of their spending habits and savings goals.
“That’s why we encourage Australians to explore our Cost of Living Support Hub where they can find a range of tools and insights designed to help them manage their finances.
“Customers seeking additional support can contact us directly to explore the options available to help alleviate concerns they may be experiencing.
“Starting that conversation early – by messaging us in the CommBank App to connect with one of our specialists – allows us to work together to find solutions.
“In addition to this support, we are also proactively contacting customers who are coming off a fixed rate mortgage this year, to discuss the support and options available,” Mr Sullivan said.
Nine customer tools and tips
- Visit our Cost of Living Support Hub to view a myriad of tools, tips and guidance all designed to help you navigate the current cost of living pressures.
- Use our suite of budgeting tools to help manage your finances including Money Plan in the CommBank app which helps you to track your spending, stay on top of bills and set goals.
- Use Spend Tracker in the CommBank app to help categorise your debit and credit card transactions, making it easier to see the impact your spending decisions have on your everyday finances.
- Use Category budgets to set weekly, fortnightly or monthly budgets for different categories of your spending – from entertainment to transport, eating out and shopping. You can see how your spend compares to the budget you set yourself, to help you stay on track.
- Estimate how much your home loan repayments may increase via the home loan repayments calculator.
- Make the most of an offset account. An offset account is a transaction account linked to a standard variable interest rate home loan or investment home loan that can help you pay less interest over time. For customers looking to maximise the benefits of offsetting, we offer multiple offset accounts.
- Eligible customers can align their home loan repayments to when and how often they are paid via the Home Loan repayment change tool. Research suggests small changes, like aligning your home loan repayment day with your pay day, can make it easier to manage your finances.
- Consider how taking out a fixed rate home loan could give you greater certainty around your regular mortgage repayments. For more information, contact us in the CommBank app to be connected with a home lending specialist or visit our home loan interest rates page.
- Save on your everyday spending by checking Rewards in the CommBank app.
Where you can access help
- If you are concerned about your financial situation, message us at any time in the CommBank App and we will connect you with our Financial Assistance Solutions Team.
- We also encourage you to speak with us about how we can support you via our extensive network of lending specialists.
Things you should know
Our savings and home loan rate changes will become effective, as typical, within one week of each other.
Media releases are prepared without considering an individual reader’s objectives, financial situation or needs. Readers should consider the appropriateness to their circumstances. Visit Important Information to access Product Disclosure Statements or Terms and Conditions which are currently available electronically for products of the Commonwealth Bank Group, along with the relevant Financial Services Guide. Target Market Determinations are available here. Loan applications are subject to credit approval. Interest rates are correct at the time they are published and are subject to change. Fees and charges may apply.
The Term Deposit special offer is available to personal, SMSF and business customers. Financial institutions are excluded. It is available on balances from $5,000 to $1,999,999 with interest paid annually. CBA’s Term Deposits, rates and eligibility criteria are available here.
1 Any customer opening their first NetBank Saver from 9 March 2023 will receive a variable introductory interest rate for the first 5 months after account opening. The variable introductory rate is currently 4.00% p.a. (increasing to 4.25% p.a. from 17 March 2023), which includes a fixed bonus margin of 2.40% p.a. above the NetBank Saver standard variable interest rate, currently 1.60% p.a. (increasing to 1.85% p.a. from 17 March 2023). At the end of the introductory rate period, the NetBank Saver standard variable interest rate applicable at that time will apply. This introductory rate offer is available for a limited time only and the Bank reserves the right to terminate this offer at any time. The variable introductory interest rate will not apply to NetBank Saver accounts which are jointly owned where one of the account holders has previously held a NetBank Saver account.
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