CBA announces rate changes following the Reserve Bank of Australia’s cash rate increase

Following the Reserve Bank of Australia’s (RBA) decision to raise the official cash rate by 0.25% per annum (p.a.), CBA will lift its home loan variable interest rates by 0.25% p.a., effective 17 February.

In addition, the bank will increase the interest rates across a number of its savings products, by up to 0.75% p.a.

New savings rates

  • GoalSaver with bonus interest rate will increase by 0.75% p.a. to 4.00% p.a., comprising the standard variable rate of 0.25% p.a. and the bonus variable rate of 3.75% p.a., effective 10 February.
  • Youthsaver with bonus interest rate will increase by 0.50% p.a. to 4.00% p.a., comprising the standard variable rate of 1.60% p.a. and the bonus variable rate of 2.40% p.a., effective 10 February.

To further support savers, CBA will extend the availability of its 12-month Term Deposit special of 4.00% p.a.

Group Executive, Retail Banking, Angus Sullivan said: “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. This includes the recent increase to the variable introductory rate of our popular online savings account, NetBank Saver to 4.00% p.a.

“Our comprehensive range of savings products means that customers can get more from their savings by choosing a product that best suits their needs.

“For instance, NetBank Saver offers an introductory bonus rate for five months for customers opening their first NetBank Saver account with us, while GoalSaver can provide you with bonus interest when you grow your balance each month.”

Customers who have questions about the changing interest rate environment and how it may impact them, including those who might be on a fixed-rate home loan, are encouraged to contact CommBank.

“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,” Mr Sullivan said.

“We also offer a wide range of tools and insights through our Cost of Living Support Hub to help customers manage the current cost of living pressures. Through the Hub, customers can explore our financial tools, be connected with financial support and find discounts, deals and benefits that could be relevant to them.”

CommBank offers a range of tools and features designed to help Australians navigate the current environment.

Nine customer tools and tips

  1. 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.
  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 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 payday, 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
  9. Save on your everyday spending by checking Rewards in the CommBank app.

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