NAB announces increase to some savings and deposit rates

One of the big four banks has announced it is increasing some of its savings and deposit rates. Here’s what you need to know.

NAB has announced it is making changes to some of its savings and deposit rates.

The bank is planning to increase selected savings products by 0.50 per cent and term deposit rates by up to 0.85 per cent across the term from today.

The reward saver bonus rate is increasing by 0.50 per cent to 2.25 per cent.

NAB’s 11-month term deposit will increase by 0.85 per cent to 2 per cent, while the 12-month term deposit will increase by 0.25 per cent to 3.25 per cent.

The bank is increasing selected savings products by 0.50 per cent and term deposit rates by up to 0.85 per cent. Picture: NCA NewsWire / John Gass

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

NAB has increased its term deposit rates by up to 2.75 per cent across the terms since May, which is more than the target cash rate increase of 1.75 per cent.

This includes a 12-month term deposit offer of three per cent since August.

The move comes after the Reserve Bank of Australia raised the official cash rate by 0.50 per cent to 2.35 per cent this month.

All of the big four banks, and some others, increased interest rates following the announcement.