In a move that has many Australians smiling, Westpac has become the first major bank to pass on the RBA’s recent interest rate hike in full. Starting February 13, savers will see their savings account rates jump, with some customers benefiting from rates as high as 5.25%. Here’s why this move could be a game-changer for people looking to grow their savings in a challenging financial climate.<\/p>\n\n\n\n
It\u2019s not often that a big bank moves first when it comes to passing on interest rate changes, but Westpac is breaking the mold. After the RBA’s 25 basis point rate hike, the bank announced that its Westpac Life savings accounts would see a 0.25% increase, bringing the maximum ongoing rate to 4.50%. However, for younger customers aged 18 to 34, the rate is even higher, reaching 5.25% \u2014 but there\u2019s a catch. To access this higher rate, customers will need to meet minimum monthly requirements. If they don\u2019t, the rate drops to a mere 0.10%, which is a stark contrast.<\/p>\n\n\n\n
Sally Tindall from Canstar praised Westpac for leading the way, particularly for young adults. According to Tindall, this is a big win for people aged 18 to 34, but she also reminded savers that they need to read the fine print to fully benefit, reports Yahoo Finance. <\/a><\/p>\n\n\n\n