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Online savings rates cool off

21/04/2011

In 2010, banks were offering rates on savings accounts of six per cent interest for new customers signing up to online accounts.

Since then, the major banks have lowered their promotional rates even though the RBA raised the cash rate in November. Now, none of the big banks are offering more than 5.75 per cent interest.

Interest offered on regular long-term savings accounts move in line with the cash rate but the banks are stingier when it comes to online accounts and promotional offers for new customers. These higher promotional rates usually expire three months after a consumer opens an account.

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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