Australian banks are raising savings account rates by up to 0.25 percentage point after the Reserve Bank of Australia lifted its cash rate to 4.85% on Nov. 3, with Commonwealth Bank of Australia, Westpac, ANZ Plus and ING all setting increases that take effect on Nov. 13, according to a tracker kept by comparison site Finder.

For savers in Australia, and for Asian households holding Australian dollar deposits, the round of increases pushes several mainstream accounts to 5.50% or more. The catch is that most of the higher rates apply only in months when a customer meets deposit, balance growth or spending conditions. Miss them and the account pays a fraction of the headline figure.

RBA hike lifts the cash rate to its highest since 2008

The RBA board voted 6-3 to raise the cash rate by 25 basis points from 4.60%, according to Savings.com.au. It was the fifth increase this year, following moves in February, March, May and September, and it leaves the rate 125 basis points higher since tightening resumed in 2026. The cash rate is now at its highest since November 2008.

The central bank said inflation was broadly based and likely to stay above 3% for longer than it had expected. Underlying inflation reached 3.7% in the year to September. The board judged that "a further tightening in financial conditions is warranted," Savings.com.au reported. Its next meeting is on Dec. 7 and 8.

Borrowers have already felt the moves. Capital Times reported how the big banks passed on the RBA's earlier increase to variable mortgage rates. This time the attention is also on whether savers get the same treatment.

What CBA, Westpac, ANZ and ING are paying savers

Finder listed 64 savings accounts with announced or pending changes as of Nov. 3. Among the big four:

• CBA's GoalSaver rises to 5.50% from 5.25%, and its Youthsaver to 5.55% from 5.30%, both from Nov. 13. The NetBank Saver introductory rate for new accounts goes to 5.75% from 5.50%.
• Westpac Life moves to 5.50% from 5.25%. The version for customers aged 18 to 40 rises to 6.20% from 5.95% for balances up to A$150,000, provided they make a deposit, grow the balance and make 20 debit card purchases in the month.
• ANZ Plus Growth Saver goes to 5.60% from 5.35% for customers who grow their balance by at least A$100.
• NAB's iSaver introductory offer of 5.50% was still listed as to be confirmed.

Smaller and online lenders were among the most generous. ING's Savings Maximiser rises to 6.00% from 5.75% on Nov. 13 for balances up to A$100,000, but it closes to new applications on Dec. 1. Ubank's introductory rate for new Save accounts goes to 6.50% on Nov. 10. Macquarie's Savings Account, which has no monthly conditions, rises to 5.50% from 5.25% on Nov. 19 on balances up to A$250,000. AMP Bank GO Save moves to 5.75% on Nov. 9.

Not every bank had acted. Bankwest, Rabobank, Suncorp Bank, Bank of Queensland and Bendigo Bank were among the dozens Finder still listed as pending.

The pattern repeats the bank response to the September hike. Canstar reported in October that the big four had lifted only the bonus portion of their savings accounts, leaving base rates at 0.10% at CBA and Westpac and 0.01% at NAB. Canstar data insights director Sally Tindall said at the time that an ongoing rate "starting with a six is now in reach." Several accounts have now crossed that line, though mostly for younger customers or under strict monthly rules.

Term deposits and the conditions savers face

Finder's tracker covers savings accounts only, and term deposit changes tend to arrive bank by bank over the following weeks. For savers who dislike monthly tests, a fixed term deposit locks in a rate without conditions, at the cost of access to the money. Macquarie's unconditional 5.50% savings rate sits 65 basis points above the new cash rate, a useful yardstick for any fixed offer.

Experts are split on whether banks treat savers fairly. In Finder's survey of economists for the November meeting, 15 of 27 respondents said banks should pass cash rate changes on to savings rates in full, and 11 of 29 backed scrapping bonus conditions in favor of a single advertised rate, while 13 opposed that idea. Finder personal finance specialist Taylor Blackburn said rate hikes "are only good news for savers if they actually earn the higher rate."

Household deposits are large enough for small differences to matter. Canstar, citing Australian Prudential Regulation Authority data, said household deposits hit a record A$1.77 trillion in August, up 7% from a year earlier.

The next test comes on Nov. 13, when the largest batch of increases takes effect, and then at the RBA's Dec. 7 and 8 meeting. Savers with money in accounts that have not yet announced a change can compare their rate against the Macquarie and big four figures before deciding whether to move.