NAB changes some savings and deposit rates

Starting today, the bank plans to raise interest rates on selected savings products by 0.50% and fixed deposit rates by up to 0.85% throughout the period.

Reward Saver bonus percentage increased from 0.50% to 2.25%.

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NAB’s 11-month term deposit will increase from 0.85% to 2% and 12-month term deposit will increase from 0.25% to 3.25%.

The bank regularly reviews and updates deposit and term deposit rates, with more than 20 increases since May.

NAB has increased term deposit rates by up to 2.75% for the entire term since May.

This includes a 12-month term deposit offer of 3% from August onwards.

The move comes after the Reserve Bank of Australia raised the official discount rate by 0.50bps to 2.35% this month.

After the announcement, all four major banks, as well as some others, raised interest rates.

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