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 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.
Quick tips & tools to help you get on top of your finances:
- 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.
- 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.
- 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.
- 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.
- 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.
- Estimate how much your home loan repayments may increase via the home loan repayments calculator.
- 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.
- 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.
- Consider how taking out a fixed rate home loan
