Ubank savings rates still over 6 per cent

22/12/2011

The Reserve Bank of Australia cut the cash rate by 25 basis points in November and by another 25 points earlier this month. In response, ME Bank cut the rate on its Online Savings Account by 30 basis points in November and by another 30 basis points on December 13. It made the same rate changes to its First Home Saver Account.

Greater Building Society cut the rate on its Bonus Saver Account by 60 basis points over the same period. Victoria Teachers Credit Union dropped the rate on its First Saver Account by 55 basis points over two months.

UBank cut its rates by 40 basis points in November but has not made a rate change so far this month. Its USaver account is currently offering the highest at-call savings rate on the market, with a bonus rate of 6.11 per cent (subject to meeting monthly deposit requirements) and a base rate of 5.61 per cent, according to data sourced from Infochoice.

Source: Banking Day