Banks boost online savings rates

ANZ has announced that rates on selected deposit products will rise by up to 0.50 per cent. The increases include the ANZ Progress Saver, up 0.50 per cent and V2 PLUS up 0.50 per cent, which will be effective from 12 October. ANZ’s term deposit rates have increased by up to 1.0 per cent since April.

The Commonwealth Bank announced the deposit interest rate on the NetBank Saver and Business Online Saver accounts will increase by 0.25 per cent, effective Tuesday 13 October.

NAB will also be increasing a range of variable business lending and business deposit rates by 0.25 per cent on Monday, 12 October 2009.

Source: ANZ, CBA, NAB