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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 17 November 2023.

New savings rates – effective 17 November

  • The NetBank Saver1 variable introductory rate will increase by 0.35% p.a. to 5.10% p.a. The fixed bonus margin will increase by 0.20% p.a. to 2.75% p.a. and the standard variable interest rate will increase by 0.15% p.a. to 2.35% p.a.
  • GoalSaver with bonus interest rate will increase by 0.25% p.a. to 4.90% p.a., comprising a standard variable rate of 0.40% p.a. and bonus interest rate which will increase by 0.25% p.a. to 4.50% p.a.
  • Youthsaver with bonus interest rate will increase by 0.25% p.a. to 5.00% p.a., comprising an increase in the standard variable rate by 0.25% p.a. to 2.60% p.a. and bonus interest rate of 2.40% p.a.

Group Executive, Retail Banking, Angus Sullivan said: “To support our savings customers, 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 by 4.65% p.a. to 4.90% p.a., effective 17 November 2023.”

CBA will also extend the availability of the 24-month term deposit special of 5.00% p.a.2

“We know Australians are facing increasing cost of living pressures and for some households this is more difficult than for others. Customers who are struggling are top of mind for us and helping customers when they need it is our priority.

“We encourage customers to message us in the CommBank app as soon as possible if they need support. We have added functionality for customers to chat online with us to explore their options, which some customers feel more comfortable doing than talking on the phone.

“Making that first point of contact is an important step in creating a tailored solution based on the needs and circumstances of each individual. The sooner that conversation starts, the sooner we can work together to find a solution,” Mr Sullivan said.

CBA continues to look for ways to support customers to manage ongoing and essential costs, this includes through the exclusive deals with More. CommBank customers can get the first three months free on mobile plan fees and nbn® plan fees when they sign up with their credit or debit card before 29 February 2024 for mobile plans and by 31 August 2024 for nbn® plans.3

Quick tips & tools to help you get on top of your finances:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. Estimate how much your home loan repayments may increase via the home loan repayments calculator.
  7. Make the most of an offset account. An offset account is a transaction account linked to your eligible 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.
  8. 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.
  9. 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 our home loan interest rates page.

Things you should know

Media releases are prepared without considering an individual reader’s objectives, financial situation or needs. Readers should consider the appropriateness to their circumstances. Visit Important Information to access Product Disclosure Statements or Terms and Conditions which are currently available electronically for products of the Commonwealth Bank Group, along with the relevant Financial Services Guide. Target Market Determinations are available here. Loan applications are subject to credit approval. Interest rates are correct at the time they are published and are subject to change. Fees and charges may apply.

1Any customer opening their first NetBank Saver from today will receive a variable introductory interest rate for the first 5 months after account opening. The variable introductory rate is currently 4.75% p.a. (increasing to 5.10% p.a. from 17 November 2023), which includes a fixed bonus margin currently at 2.55% p.a. (increasing to 2.75% p.a. from 17 November 2023) and the NetBank Saver standard variable interest rate, currently 2.20% p.a. (increasing to 2.35% p.a. from 17 November 2023). At the end of the introductory rate period, the NetBank Saver standard variable interest rate applicable at that time will apply. This introductory rate offer is available for a limited time only and the Bank reserves the right to terminate this offer at any time. The variable introductory interest rate will not apply to NetBank Saver accounts which are jointly owned where one of the account holders has previously held a NetBank Saver account.

2The Term Deposit special offer is available to personal and SMSF customers. The offer is not available to all other Business customers (including Financial Institutions). It is available on balances from $5,000 to $1,999,999 with interest paid annually. CBA’s Term Deposits, rates and eligibility criteria are available here.

3CommBank has an ownership interest in More. More and CommBank have entered into a strategic relationship agreement. More’s Terms and Conditions are available on the More website. For Terms & Conditions in relation to the 3 months free mobile plan fees where customers must sign up by 29 February 2024 or 3 months free More nbn® plan fees where customers must sign up by 31 August 2024, and use a CommBank debit or credit card as their online bill payment method. See CommBank More Mobile and CommBank More nbn®.

Go to CBA Newsroom for the latest news and announcements from Commonwealth Bank.

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