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Only some saving accounts raise rates

24/02/2010

Of 53 institutions in the Infochoice database that are offering high interest online savings accounts, only 36 passed on all three RBA rate rises late last year.

The Reserve Bank raised official interest rates by 0.75 per cent in three steps between October and December 2009. 13 online savings accounts exceeded the 0.75 per cent rate rises.

The best online savings account rate at the moment is from UBank with 5.51 per cent. Arab Bank is offering 5.3 per cent and Rural Bank is giving savers 5.1 per cent.

The best at-call savings rate on offer from a big bank is St George’s 3.95 per cent. Commonwealth’s Netbank saver is offering 3.75 per cent.

Source: Sydney Morning Herald



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Today's Savings Rates

Institution Product Max. Rate (%) Details
USaver (Base Rate 5.41%, Bonus 0.60% with savings plan) 6.01 Details
ANZ Online Saver (6.00% p.a. until 30th June 2012) 6.00 Details
Savings Maximiser (5.85% p.a. variable intro rate for 4 months on balances up to $250,000) 5.85 Details
Citibank Online Saver (5.80% Variable intro rate for 6 months on balances up to $500k) 5.80 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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