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“Rate hounds” chase savings deals online

31/01/2012

NAB’s UBank and other online banking operations such as ING Direct, are examples of the future of banking, where customers can access their accounts from anywhere, including on their mobile phone according to McKinsey’s annual review of the banking industry.

Internet banking is now responsible for almost two billion transactions a year, while the number performed in bank branches has steadily declined. Banking on mobile phones is still very much in its infancy.

The rise of online banking has encouraged “rate hounds” - people who are prepared to move their money around to chase higher interest rates.

So while Australians are saving rather than borrowing, they are also more demanding of their savings accounts.

Source: The Australian



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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
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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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