It is not guaranteed that your bank will raise its deposit rate in line with the RBA’s announcement. While this means that borrowers with variable rate home loans are likely to see their monthly repayments get more expensive, it also mean that savers may see an increase to the amount of interest they earn each month. The RBA raised the official cash rate by another 25 basis points at its November board meeting, taking the rate to 2.85%.
The Reserve Bank of Australia (RBA) has once again announced that it will increase the official cash rate, and we’ll be keeping track of which banks announce changes to deposit rates for savers.
