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 interest rates across a number of its savings products, and will lift its home loan variable interest rates by 0.25% p.a. All savings and home loan variable rate changes announced today will be effective 12 May 2023.

New savings rates

  • NetBank Saver1 5-month introductory variable interest rate will increase by 0.25% p.a. to 4.50% p.a., comprising a standard variable rate of 1.95% p.a. and fixed bonus margin of 2.55% p.a.
  • Youthsaver with bonus interest rate will increase by 0.25% p.a. to 4.50% p.a., comprising a standard variable rate of 2.10% p.a. and bonus interest rate of 2.40% p.a.
  • GoalSaver with bonus interest rate will increase by 0.25% p.a. to 4.40% p.a., comprising a standard variable rate of 0.40% p.a. and bonus interest rate of 4.00% p.a.

Group Executive, Retail Banking, Angus Sullivan said: “Today, we are announcing increases across our core savings products, including the NetBank Saver 5-month introductory variable interest rate, which will increase to 4.50% p.a.

“To further support savers, CBA will extend its 12-month 4.35% p.a. Term Deposit special.

“To provide more certainty for home loan customers following increases in the RBA cash rate, we recently reduced our Three Year Fixed Rate home loan interest rate, which may appeal to customers seeking to manage their future home loan repayments while cost of living pressures are rising.”

The Three Year Fixed Rate home loan for owner occupiers paying principal and interest repayments, reduced by 0.40% p.a. to 5.59% p.a., within package, with a comparison rate2 of 7.20% p.a., effective as of 14 April 2023.

Mr Sullivan said: “We understand the combination of increasing interest rates and the rising cost of living is creating challenges for some customers, which is why we encourage any customer with concerns to message us in the CommBank app to start a conversation with one of our specialists – the sooner that conversation begins, the sooner we can begin to work together to find solutions based on each customer’s individual circumstances.

“Our comprehensive program of support for our home loan customers includes proactively getting in touch with customers who will be rolling off fixed rate loans, as well as a range of other options to ensure customers experiencing hardship are in the best possible position to manage their finances.

“For those looking for guidance on ways to manage the rising cost of living, our Cost of Living Support Hub provides a range of tools, tips and articles, as well as the latest offers and deals available for our customers. 

“We’re committed to delivering value for our customers, especially when it comes to managing ongoing and essential costs. This includes our exclusive deal with More, where CommBank customers can get 30% off More Mobile SIM-only plans and nbn™ plans for 12 months when they sign up with their CommBank credit or debit card before 30 June 20233,” Mr Sullivan said.

Customers can also unlock more value through cashback when they shop with CommBank Rewards4 in the CommBank app, which has already helped customers save more than $27 million. These savings primarily relate to everyday spend including groceries, fuel, pharmacy items and pet food.

Quick tips & tools to help you get on top of your finances:

  1. Visit our Cost of Living Support Hub to view a myriad of tools, tips and guidance all designed to help you navigate current cost of living pressures.
  2. 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.
  3. 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.
  4. 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.
  5. Estimate how much your home loan repayments may increase via the home loan repayments calculator.
  6. 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.
  7. 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.
  8. 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.
  9. Save on your everyday spending by checking Rewards in the CommBank app.
  10. Through Benefits Finder in the CommBank app and NetBank you can find benefits, rebates and concessions you might be entitled to. The extra money claimed could help you save money or pay for everyday expenses.

Things you should know: 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 and SMSF customers. The offer is not available to all other Business customers (including Financial Institutions).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.

Our savings and home loan rate changes will become effective, as typical, within one week of each other.

1 Any customer opening their first NetBank Saver from today will receive a variable introductory interest rate for the first 5 months after account opening. The variable introductory rate is currently 4.25% p.a. (increasing to 4.50% p.a. from 12 May 2023), which includes a fixed bonus margin currently at 2.40% p.a. (increasing to 2.55% p.a. from 12 May 2023) above the NetBank Saver standard variable interest rate, currently 1.85% p.a. (increasing to 1.95% p.a. from 12 May 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.

2 Comparison rate calculated on a $150,000 secured loan over a 25-year term. WARNING: Comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

3 CommBank has an ownership interest in More. More and CommBank have entered into a strategic relationship agreement. More’s Terms and Conditions are available on the More website. For Terms & Conditions in relation to the 30% off a More Mobile SIM-only plan for 12 months or 30% off a More nbnTM plan for 12 months, customers must sign up by 30 June 2023 and use a CommBank debit or credit card as their online bill payment method. For more information, see CommBank More Mobile and CommBank More nbn.

4 CommBank Rewards is the bank’s cashback offer program and is available to eligible CBA customers. Eligible customers include CBA credit or debit Mastercard customers that are at least 18 years old, are not in hardship, are not in default with any CommBank accounts and can access CommBank Rewards through the latest version of the CommBank app. Terms and conditions apply to CommBank Rewards and can be found at

Go to CBA Newsroom for the latest news and announcements from Commonwealth Bank.