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Online saving accounts now paying 4 – 5 per cent

25/01/2012

Online saver accounts are paying annual interest rates of between 4.25 per cent to 5 per cent, though some have bonus and promotional rates on top of that.

To get those bonus rates, about half a percentage point, a minimum account balance may have to be maintained or a minimum amount must be deposited regularly into the account. Sometimes, the bonus rate is paid only for a limited period after the account is opened.

The interest rates paid by online saver accounts and term deposits by banks, credit unions and building societies are determined by the official cash rate, the outlook for the cash rate and the competitive positioning of the providers.

Source: Sydney Morning Herald



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Today's Savings Rates

Institution Product Max. Rate (%) Details
Citibank Online Saver (5.70% Variable intro rate for 4 months on balances up to $500k) 5.70 Details
RaboDirect Savings Account (up to 5.60% 4 month special variable rate up to $250k) 5.60 Details
Savings Maximiser (5.60% p.a. variable intro rate for 4 months on balances up to $250,000) 5.60 Details
HSBC Serious Saver (5.55% variable intro rate for 4 months on balances up to $1m) 5.55 Details
USaver (Base Rate 4.91%, Bonus 0.60% with savings plan) 5.51 Details
Institution Product Max. Rate (%) Details

The above products are some of the top rates available in the market. Based on promotional or introductory rates for an online savings account of $5,000.



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