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 11 November.
In addition, the bank will lift the interest rates across a number of its savings products.
New savings rates
- NetBank Saver standard variable interest rate will increase by 0.25% p.a. to 1.35% p.a. The 5-month introductory variable rate will increase by 0.50% p.a. to 3.50% p.a., effective 11 November.
- GoalSaver with bonus interest rate will increase by 0.30% p.a. to 2.70% p.a., effective 11 November.
- Youthsaver with bonus interest rate will increase by 0.30% p.a. to 2.90% p.a., effective 11 November.
Group Executive, Retail Banking, Angus Sullivan said: “We are committed to helping our customers navigate the current environment, which is why we are once again increasing the interest rates across a variety of our savings products.”
To further support savers, CBA will increase a number of Term Deposit interest rates, including its 12-month Term Deposit by 0.40% to 3.75% p.a. The bank will also increase its 18-month Term Deposit special to 4.00% p.a. These Term Deposit rates1 will be effective 7 November.
In addition, Mr Sullivan said the bank was looking at other ways it can help support customers mitigate cost of living pressures.
“We’ve recently launched a new Cost of Living Support Hub to provide our customers with easy access to a one-stop-shop of tools, tips and guidance to help them manage cost of living pressures,” he said.
“Some of the different tools highlighted via the hub include Spend Tracker and Money Plan, which can help customers keep track of their spending and saving. Bill Sense is another great tool which helps customers predict their future bills and manage their regular repayments. The Hub also highlights our variety of flexible home loan features, including redraw and offset facilities, as well as our Home Loan Repayment Change tool, which allows eligible customers to align their home loan repayments to when and how often they are paid.
“Further, and through our partnership with local telecom provider More, retail customers can now access some of the cheapest mobile SIM plans and NBN services in the market, with discounts of up to 30% off their 4G and 5G mobile SIM plans and NBN services – providing customers with mobile plans starting from as low as $15.40 per month2, and NBN plans from as low as $46.20 per month3. Also, from 1 November, customers who sign up for an eligible new More mobile plan can enjoy double data for the next six months4.
“We understand the rapidly changing rate environment may raise questions for some of our customers and we are here to help them. We encourage our customers to message us in the CommBank app to explore different support options or to connect with a specialist.”
