In July 2023, Australia witnessed a significant increase in its official interest rate, commonly known as the RBA (Reserve Bank of Australia) cash rate, reaching 4.1%. This surge marked the highest level observed in the past decade. Consequently, one may wonder about the impact of this rise on bank deposit rates.
What are the Big Four Banks
- Westpac Banking Corporation
- National Australia Bank Limited
- Australia and New Zealand Banking Group Limited
- Commonwealth Bank of Australia
What are the Interest Rates for 1 Month Term
| Company | Interest Rate |
|---|---|
| CBA | upto 1.25% |
| ANZ | upto 1.30% |
| NAB | upto 1.25% |
| Westpac | upto 1.35% |
Rates as of July 27, 2023
What are the Interest Rates for 3 Months Term
| Company | Interest Rate |
|---|---|
| CBA | upto 3.50% |
| ANZ | upto 3.50% |
| NAB | upto 3.50% (90 days) |
| Westpac | upto 3.10% |
Rates as of July 27, 2023
What are the Interest Rates for 6 Months Term
| Company | Interest Rate |
|---|---|
| CBA | upto 3.75% |
| ANZ | upto 3.80% |
| NAB | upto 3.80% |
| Westpac | upto 3.40% |
Rates as of July 27, 2023
What are the Interest Rates for 12 Months Term
| Company | Interest Rate |
|---|---|
| CBA | upto 4.25% |
| ANZ | upto 4.75% |
| NAB | upto 4.75% |
| Westpac | upto 4.05% |
Rates as of July 27, 2023
What are the Interest Rates for 2 Years Term
| Company | Interest Rate |
|---|---|
| CBA | upto 4.00% |
| ANZ | upto 4.50% |
| NAB | upto 4.00% |
| Westpac | upto 4.10% |
Rates as of July 27, 2023