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 |
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Savings Account News
