Since the RBA lifted the cash rate to a nine-year high on Tuesday, a few banks wasted no time in announcing boosts to savings accounts.
ING lifts to 4.30% p.a.
ING has announced a 25 basis point increase to its popular Savings Maximiser account up to a maximum of 4.30% p.a. - effective 8 November.
The maximum rate is available on balances up to $100,000, and each month customers must: deposit $1,000 from an external source; make a minimum of five settled card transactions on the linked everyday account; and grow the balance on the savings account.
Macquarie lifts to 4.25% p.a.
Macquarie has boosted its four-month introductory rate by 25 basis points to 4.25% p.a. on balances up to $250,000.
This was made effective from Thursday 3 November.
After the four months is over, the rate will revert to 3.45% p.a. This revert rate was boosted by 25 basis points and is effective 16 November.
There are no hoops to jump through with this product, however the 4.25% p.a. intro rate is fixed for four months.
Westpac subsidaries lift to 4.10% p.a.
St George, BankSA, and Bank of Melbourne lifted savings account rates by 85 basis points.
All three will offer a three-month welcome rate of 4.10% p.a. for Maxi Saver customers, with no specific deposit conditions.
'Incentive Saver' customers can also attain a 4.00% p.a. rate when they grow the balance by $50 each month, and ensure the balance does not fall below $0.
These rates are effective 9 November, and notably there are no maximum deposit limits.
MOVE Bank lifts to 4.00% p.a.
The customer-owned bank appears to have lifted its Growth Saver rate by 50 basis points to 4.00% p.a.
To get the total rate customers must deposit $200 per month and make no withdrawals.
The maximum balance for this rate is $25,000.
RaboBank lifts to 4.25% p.a.
RaboBank lifted the interest rate on its intro savings account by 25 basis points to 4.25% p.a. on 9 November.
There are no deposit or withdrawal conditions to attain this rate, and unlike Macquarie's intro rate, the rate is variable.
RaboBank also lifted its Premium Saver account by 25 basis points to 3.65% p.a. with customers required to deposit $200 each month to attain the rate.
The maximum balance on each product is $250,000, and customers can open only one intro rate account.
The 4% Savings Club
|Bank||Total % Per Annum||Conditions||Notes|
|ING||4.30||Deposit $1k per month, 5 card transactions, grow balance, max bal $100k|
|RaboBank||4.25||Four month intro rate, reverts to 3.00% standard variable rate after|
|Macquarie||4.25||Four-month intro rate, reverts to 3.45% p.a. after||Revert rate effective 16 Nov|
|Australian Mutual Bank||4.25||Ages 0-18, max bal $5k|
|Bank of Queensland||4.10||Ages 14-35, deposit $1k per month, 5 card transactions, max bal $50k||Yet to announce anything following RBA Nov decision|
|St George, BankSA and Bank of Melbourne||4.10||'Maxi Saver' - Three month intro rate|
|St George, BankSA and Bank of Melbourne||4.00||'Incentive Saver' - Grow balance by $50 each month, ensure balance is not negative|
|MOVE Bank||4.00||Deposit $200/mo, no withdrawals, max bal $25k|
Term deposit rates continue to head north
While term deposits seem to move outside of RBA rate decisions, this week there were a few key players moving their rates up in the one-year space.
The following movements are for products with interest payable at the end of term - other interest payment types may attract a rate reduction.
ANZ moved its advance notice term deposit up by 65 basis points to 4.00% p.a. with a minimum deposit of $5,000.
Bankwest moved its 12-month rate up by 40 basis points to 4.10% p.a. with a minimum deposit of $1,000.
Neobank Judo moved its 12-month rate up by 10 basis points to 4.20% p.a. with a minimum deposit of $1,000.
Top one-year term deposit rates, 4 November 2022
|Bank||% Per Annum||Min Deposit|