The impetus of rate hikes to savers is spreading, juiced along by Chinese New Year specials. It might be an opportunity to lock in some good rates, depending on how you see the RBA's track in 2026

The headlines notes that the main banks, and many challenger banks, will push though the full +25 bps rate hike the RBA chose for its policy rate.

There are widespread consequences, including for savers.

We have noted earlier than savings account and term deposit rates were rising even before the RBA move. That was largely to do with Macquaries outsized appetite for household deposits. It is pressuring everyone else.

Sinec the RBA move, rate rises have spread.

Most notable, Commbank has launched a new 4.68% eighteen month term deposit rate. Its standard 18 month rate was 4.35%. Clearly this pitch has Chinese customers as a focus, with the 'lucky' number "8" appearing in the promotion a few times.

Readers of our term deposit rable page will have noted this is far and away the best rate for an 18 month term.

Not to out-done, Westpac has launched an 8 month 'special' of 4.38%. You can see that rate here.

That is a good rate too, especially for savers who prefer their terms short.

But there are better (ie higher) offers from others.

ING's 'Maximiser' savings account has been pushed up to 5.00% overnight. But that is only for balances to $100,000.

AMP's Bank Go saver will now give you 4.60% for balances to $500,000.

And Greater Bank have raised their six month and one year TD offers overnight as well.

As has Newcastle Permanent to similar levels.

The overall point is that rates for savers are on the rise, and the variation between banks is also widening. The key question each saver has to decide is whether to lock in the term for up to 18 months, or continue to keep it short. We welcome your comment on this in the comment box below.

Finally, you should know that financial markets are pricing in the next RBA rate hike in May (or June), and have most of another hike priced in by the end of the year. If they do in fact happen as markets currently expect, these events are unlikely to slow the pace of rising rate offers for savers.