Big banks deliver rate rise to savers

All big four banks put their online savings account rates up 25 basis points since the Reserve bank of Australia raised the official cash rate by 0.25 per cent on April 6. ANZ Online Saver is now paying 4.5 per cent, Commonwealth Bank NetBank Saver 5.75 per cent, NAB iSaver 5.75 per cent and Westpac eSaver 5.75 per cent.

Most of the institutions with competitive offers in this market are relying on introductory or bonus rates to get ahead of the pack. The groups with the highest base rates are UBank, at 5.85 per cent, ME Bank (5.35 per cent), Arab Bank (5.3 per cent) and Rural Bank (5.1 per cent).

Source: Banking Day