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Be mindful that the averages below could increase in the coming weeks. So to help you keep track of the rate hikes and cuts, this page will be regularly updated with significant changes from popular banks as they come in, including when it’ll go into effect.īelow is a quick snapshot of the average savings account interest rates in the Mozo database as of 5 December, 2023. Currently, some of the highest savings accounts on the Mozo database sit at over 5%. If this is the case, then savings account and term deposit interest rates could be at their peaks, with slight adjustments made in the meantime as inflation continues to lower. While NAB believes we may see another interest rate hike by February up to 4.60% p.a., the other three of the big four are forecasting rates to stay at a 4.35% p.a. The last time the RBA paused its cash rate hike cycle, a number of customers saw small adjustments in home loan variable rates and likewise for savings accounts and term deposits. The Reserve Bank has held the cash rate at 4.35%.
