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 16 June 2023.
New savings rates
- NetBank Saver1 standard variable interest rate will increase by 0.25% p.a. to 2.20% p.a. The 5-month introductory variable interest rate will increase by 0.25% p.a. to 4.75% p.a.
- GoalSaver with bonus interest rate will increase by 0.25% p.a. to 4.65% p.a., comprising a standard variable rate of 0.40% p.a. and bonus interest rate of 4.25% p.a.
- Youthsaver with bonus interest rate will increase by 0.25% p.a. to 4.75% p.a., comprising a standard variable rate of 2.35% p.a. and bonus interest rate of 2.40% p.a.
Group Executive, Retail Banking, Angus Sullivan said: “The increases we are announcing today across our core savings products provide terrific opportunities for savers to make their money work harder for them.
“To help customers save, we have increased rates on our savings products, some by more than the RBA cash rate change. For example, since May 2022 we have increased the GoalSaver with bonus rate from 0.25% pa to 4.65% p.a., effective 16 June 2023.
“Our savings products have different features and serve different purposes, so we encourage customers to speak to us if they need help to choose which product may be most suitable for them.
“To further support savers, we will also increase the 12-month Term Deposit special2 to 4.55% p.a., effective 16 June 2023.
“As part of our ongoing review of interest rates and market conditions, we are making changes to our Fixed Rate home loans including reductions to our Four Year and Five Year Fixed Rate home loan by as much as 0.40% p.a., effective 16 June 2023. These options may appeal to customers seeking to manage their future home loan repayments while the cost of living pressures are rising.
“We know Australians are having to make tough choices when managing their money and we have a number of solutions available for customers who are experiencing hardship. We encourage any customer who is worried or experiencing financial difficulty to contact us by messaging us in the CommBank app as soon as possible, so they can be connected with the specialist to help find a solution that’s right for them” Mr Sullivan said.
