Virgin has the highest at-call deposit rate

The four main banks and others are offering one-off at-call deposit rates up to 200 basis points above the 4.5 per cent official cash rate. The rates cut back dramatically after four to six months, when they revert to being in line, or slightly above, the benchmark interest rate. Virgin Money has the highest online rate in the market of 6.75 per cent, ahead of NAB's UBank at 6.51 and Citibank's 6.45 per cent.

All of the majors, ANZ, CBA, NAB and Westpac, offer 6 per cent. Macquarie analyst Craig Turton said "The increased competition in the online market coincided with six increases in the cash rate. The cash rate increases flattened the yield curve, narrowed the difference between online savings and term-deposit headline rates and stemmed the flow to term deposits."

Source: The Australian