On Tuesday the Reserve Bank delivered a hotly anticipated 25 basis point increase to the cash rate target, bringing it to 3.35%.
This is the highest point in ten-and-a-half years, and off the bat some challenger banks made moves, boosting savings account rates, or at least announcing they will.
Unfortunately, no mention of a savings account rate starting with a 5... yet.
These are the top savings account rates sorted by category, according to market research and InfoChoice's product database.
Top Bonus Rates
Bank |
Total % Rate Per Annum |
Conditions/Notes |
ING |
4.80 |
Applies 14 February. Deposit $1k/mo, 5 card transactions, grow balance, max deposit $100k |
Virgin Money |
4.60 |
Yet to announce anything following RBA decision. 32 days' 'lock' feature, deposit $2k/mo, 5 card transactions |
UBank |
4.35 |
Applies 1 March, deposit $200/mo |
Top Intro Rates
Macquarie |
4.50 |
4-month fixed intro rate, max deposit $250k |
RaboBank |
4.50 |
4-month variable intro rate, max deposit $250k |
Newcastle Permanent |
4.50 |
3-month intro rate, max deposit $250k |
Top Major Bank Rates
CommBank |
4.00 |
Make deposit each month, have higher account balance |
Westpac |
4.00 |
Applies 21 February. Grow balance each month |
NAB |
3.25 |
Make one deposit and no withdrawals each month |
ANZ Plus |
4.00 |
Applies 14 February, max balance $250k |
Top Unconditional Rates
ANZ Plus |
4.00 |
Applies 14 February, max balance $250k |
Bankwest |
4.00 |
Applies 17 February, max balance $250k |
Macquarie |
3.80 |
Applies 22 February, max balance $250k |
Top Youth or Age-Limited Rates
BOQ |
4.75 |
Yet to announce anything following RBA decision. Ages 14-35, max balance $50k, deposit $1,000/mo, 5 card transactions |
Australian Mutual Bank |
4.75 |
Max age 17, max balance $5,000 |
Great Southern Bank |
4.75 |
Max age 18, max balance $5,000 |
Harrison Astbury
Editor and Financial Analyst
Harrison is InfoChoice's editor and market commentator. With years of experience at some of Australia's largest comparison sites and media organisations, Harrison is passionate about all things banking.