So, according to news outlets, the reserve bank will raise interest rates tomorrow by 0.25%.
Who wants to take a guess as to when this will be reflected in savings accounts interest rates, and whether the full amount will be passed on?
Savings Account Interest Rate Increase - when will it happen
OzyBe on 02/05/2022 - 14:01
Comments
Another month to see any changes , no reason for them to pass on the full rate. Current rates do not match rba rates , future rates are unlikely to follow a 1:1 change.
The banks will not raise savings deposit rates, the same as notwithstanding wholesale term rates have increased substantially the banks have not increased their term deposit rates. Mind you, they have raised the fixed rate term lending rates - bit of a one way street really
Considering the % rate all savings accounts appear to be shrinking every other month, I wouldn't be surprised if the increase never gets passed along and the banks eat it up themselves.
So, according to news outlets, the reserve bank will raise interest rates tomorrow by 0.25%.
Speculation.
Yes, it is.
Also, this could have been a planned 'leak' from the RBA, so that if the interest rate increase is less, it ends up looking better for them.
Though it does seem interest rates will continue to increase.
it ends up looking better for them.
Why would they care?
What are they looking for?
Praise from Savers means complaints from Borrowers
Praise from Borrowers means complaints by Savers?
Banks are so quick to drop the savings rate, but very slow to increase savings rate. I reckon it will take a few rises for them to budge at all. Maybe we'll see more frequent and higher rate bonus offers to entice people to save. Thanks to inflation people are probably spending everything they go (yes, many people have mega bucks, but unfortunately even more are living it tough even at the best of times).
The 🏦 will raise savings from zero to 0.10%.
👭 better get ready to back up the fiat 💵 truck to catch the awesome yield.
I hope it happens soon
wait til around july 1 mate for anything meaningful
once the election is out of the way things will happen fast i imagine
Reserve Bank governor Philip Lowe said the combination of recent very high inflation numbers and evidence that workers were starting to get bigger wage increases as a result of a low 4 per cent unemployment rate meant that the time was right for "normalising" interest rates away from emergency lows.
https://www.abc.net.au/news/2022-05-03/rba-interest-rates-ri…
This does not make sense to me as I get zero increment from year 2020 to 2022 due to Covid.
Let's see how long before the banks raise the savings.
ubank (formerly 86400) just contacted me to let me know their savings rates will increase:
Hi
We’ve got good news for your savings. From today, 1 June 2022, the bonus interest rate on your Save account will change from 1.10% p.a. to 1.25% p.a. This means you can earn up to 1.35% p.a. on your Save account.
Our bonus rate remains one of the top savings rates around and is paid on balances up to $250K per customer. To get the bonus interest rate simply deposit $200+ per month into any of your Spend or Save accounts. It’s that easy!
A reminder that you never have to worry, because your money’s safe with us – it’s guaranteed by the Australian government under the Financial Claims Scheme up to $250K per customer.
Thanks,
Team ubankthe bonus interest rate on your Save account will change from 1.10% p.a. to 1.25% p.a. This means you can earn up to 1.35% p.a. on your Save account.
😦
bonus interest rate
The missing detail here is the base interest rate, which is 0.10% and what accounts for the difference adding to the maximum interest rate here
Great news – we've increased our bonus rate to help you grow your savings even faster!
From 1 July 2022, you can earn up to 1.85% p.a. on your Save account when you deposit at least $200 per month into any of your Spend or Save accounts. The new bonus rate is 1.75% p.a. and is paid on balances up to $250K per customer on top of the 0.10% p.a. base rate.
We’ll even nudge you each month if you’re not on track to earn bonus interest.
Happy savings!
Team ubank
Not me, but thanks for asking!