NAB has announced that it will change some of its 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%.
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.
https://www.theaustralian.com.au/breaking-news/nab-announces-increase-to-some-savings-and-deposit-rates/news-story/4ee8d6f97db78f1868adf4f083b0fa6c NAB changes some savings and deposit rates