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