IMB has top savings account rate

01/12/2011

According to Infochoice, 55 institutions cut their at-call rates in November. While the majority cut their rates in line with the 25 basis point reduction in the cash rate, there were cuts of as much as 55 basis points.

Westpac's Victorian brand, Bank of Melbourne, cut the rate on its 360 Online account by 55 basis points. UBank cut its USaver rate by 40 basis points and Citibank cut its Online Saver rate by 35 basis points. Virgin Money cut the introductory rate on Virgin Saver by 39 basis points and the base rate by 45 basis points.

Hunter United Credit Union cut its Premium Online Investor Account rate by 30 basis points and ME Bank cut its Online Savings Account rate by the same amount.

The top rate for an at-call account is 6.25 per cent, on IMB's Reward Saver Account. HSBC Serious Saver is paying 6.2 per cent, Virgin Money's Virgin Saver has a four-month introductory rate of 6.12, and UBank has a bonus rate of 6.11 per cent.

Among the big banks, ANZ Online Saver is paying six per cent, Commonwealth Bank GoalSaver is paying 5.75 per cent, Westpac Reward Saver is on 5.75 per cent and NAB iSaver is paying 5.4 per cent.

Source: Banking Day