<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>When the Reserve Bank of Australia (RBA) </span><a href="https://www.9news.com.au/national/how-much-will-the-rba-interest-rate-hike-cost-you/6568da42-5c43-4c97-a70d-79d03330cfc5" rel="" target="" title="raised the cash rate target last Tuesday"><span>raised the cash rate target last Tuesday</span></a><span>, the major banks </span><a href="https://www.9news.com.au/finance/interest-rate-hike-australia-big-four-banks-pass-on-increase/5e4f696f-1322-4df8-9bbe-15cee5f9bc68" rel="" target="" title="were swift to announce their plans to pass on the hike"><span>were swift to announce their plans to pass on the hike</span></a><span> to borrowers.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But the same cannot be said for most customers who hold savings accounts with </span><a href="https://www.9news.com.au/banks" rel="" target="" title="the banks"><span>the banks</span></a><span>, with many still waiting to hear if they can expect a higher return on their deposits.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The official </span><a href="https://www.9news.com.au/interest-rates" rel="" target="" title="cash rate target"><span>cash rate target</span></a><span> is now at the same level of 4.35 per cent it was sitting at last February, before the </span><a href="https://www.9news.com.au/reserve-bank-australia" target="" title="RBA"><span>RBA</span></a><span> embarked on its brief easing cycle, in a further blow for borrowers already weary from surging inflation.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/hantavirus-ship-american-diagnosed-on-place/b955cf30-eab7-4a0b-8ed6-f5ab298c78a5" rel="" target="" title="Evacuated American cruise ship passenger diagnosed with hantavirus"><strong><span>Evacuated American cruise ship passenger diagnosed with hantavirus</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>All four major banks will start passing on the higher interest rates to borrowers from this Friday, May 15, in changes announced within hours of the RBA's announcement.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But so far, </span><a href="https://www.9news.com.au/westpac" rel="" target="" title="Westpac"><span>Westpac</span></a><span> is the only one of the Big Four to confirm its changes to savings accounts.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>It will pass on the full interest rate hike to some savings accounts - but only savers between the ages of 18 and 34 who meet the monthly bonus conditions are eligible.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/major-banks-hold-off-passing-interest-rate-hike-onto-savers/95de7946-5c86-403e-8108-d555dadb5b34" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The move means Westpac will have the highest ongoing savings rate in the country at 5.75 per cent on its Spend&amp;Save account, for those who qualify.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>However, the bank isn't passing on the interest rate hike to the base rate on this account, so those who miss the bonus criteria in any given month won't benefit.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>AMP has already passed the May interest rate hike onto savers from today, meaning it currently has the highest "no strings attached" savings rate of 5.10 per cent.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>This puts it ahead of rival Macquarie Bank, which is increasing its condition-free account to an ongoing rate of 5.00 per cent - but not until next Friday, May 22.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The Commonwealth Bank, NAB and ANZ have all stated that their savings rates are under review.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>If previous rate hikes are a guide, the banks will likely follow Westpac in only partially passing on the rate hikes to savers or with strict conditions which force savers to go through hoops to get the full benefit.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/melbourne-isis-brides-bail-application-islamic-state-return-to-australia/ce833ea1-4aee-4d5a-86b6-7713129a5e7b" rel="" target="" title="'ISIS brides' on slavery charges will remain behind bars"><strong><span>'ISIS brides' on slavery charges will remain behind bars</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Following the March rate hike, bonus saver accounts increased by 0.28 percentage points on average but the base rate scarcely moved at all, nudging up just 0.01 per cent, a Canstar analysis found.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Two out of five Australians with a "bonus" savings account fails to jump through the necessary hoops to get the maximum interest rate every month, according to Canstar.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>More than one in ten never meet the criteria.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Delaying passing rate hikes on to savers or only partially passing these on with strict conditions helps raise banks' bottom lines.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Last year, the big four banks' </span><a href="https://www.9news.com.au/national/big-four-banks-how-much-they-make-off-home-loans/dbbbe7b8-4935-4908-b346-524fa3efca6b" rel="" target="" title="profits rose to a collective $43 billion pre-tax"><span>profits rose to a collective $43 billion pre-tax</span></a><span>, $16.9 billion of which was paid by owner-occupiers with a mortgage.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A new analysis by the Australia Institute has found the banks have joined mining giants Rio Tinto and BHP as the top six most profitable companies in Australia.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><em><span>NEVER MISS A STORY:</span></em></strong><span> </span><strong><em><span>Get your breaking news and exclusive stories first by following us across all platforms.</span></em></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><strong><em><span>Download the 9NEWS App here via</span></em></strong><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="_blank"><strong><em><span>Apple</span></em></strong></a><span> </span><strong><em><span>and</span></em></strong><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1" target="_blank"><strong><em><span>Google Play</span></em></strong></a></li><li><strong><em><span>Make 9News your preferred source on Google by</span></em></strong><span> </span><a href="https://9.nine.com.au/8x987w" rel="" target="_blank" title=""><strong><em><span>ticking this box here</span></em></strong></a></li><li><strong><em><span>Sign up to</span></em></strong><span> </span><a href="https://login.nine.com.au/edm?client_id=nineatnine" target="_blank"><strong><em><span>our breaking newsletter here</span></em></strong></a></li></ul></div></div>