A post by @FirstSquawk on X.

Westpac will raise the total variable rate on its Life savings account, including bonus interest, by 25 basis points to 5.50% per annum effective November 13. The move lifts the headline rate on one of Australia's most closely watched deposit products, signaling the bank is passing through tighter monetary conditions to savers rather than confining them to borrowers. The 25-bp adjustment matches the standard cash-rate increment, keeping the account competitive with rival bonus-savings offers. Watch whether peers among the major Australian banks match the increase and whether the higher bonus rate draws deposit inflows at the expense of term deposits.