NAB changes some savings and deposit rates

NAB has changed some of the savings and deposit rates.Photo: NCA Newswire

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%.

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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%.

Banks are increasing selected savings products by 0.50% and fixed deposit interest rates by up to 0.85%.Photo: NCA NewsWire/Jon Gass

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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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

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