After Tuesday’s tenth consecutive interest rate rise from the Reserve Bank, many are wondering when, if at all, the major banks will be passing on the rate increase to savers.
It hasn’t actually taken too long. National Australia Bank (NAB) was the first to announce a change, with its NAB Reward Saver bonus and NAB iSaver introductory and standard variable rates increasing by the full 0.25 per cent.
Westpac followed soon after, announcing its Westpac Life total variable rate, as well as its eSaver total variable rate would also be raised by 0.25 per cent.
The two other majors, ANZ and the Commonwealth Bank, have yet to announce what they will be doing with their savings rates after the lates rise.
Do you bank with NAB or Westpac?
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