When the Reserve Bank of Australia (RBA) increased cash rates by 0.25% on 2 November 2010, the the major banks duly increased their savings accounts by the same amount. However they raised home loans by a substantially different amount. Here are the interest rate increases for the major banks. This latest rate rise is the first for a very long time whereby the more competitive banks have not raised their savings account rates. The rush for market share by the smaller institutions appears to be mellowing since the arrival of the ultimate anti status quo disrupter Virgin Money.
| Product | Savings rate rise | Home Loan rate rise | Current interest rate |
|---|---|---|---|
| ANZ Online Saver | 0.25% | 0.39% | 4.75% |
| CBA NetBank Saver | 0.25% | 0.45% | 6.25% |
| NAB iSaver | 0.25% | 0.43% | 6.25% |
| Westpac eSaver | 0.25% | 0.35% | 5.25% |
Here are some other banks that offer quite a bit more on their savings accounts than the big four banks.
| Product | Current interest rate |
|---|---|
| Citibank Online Saver | 6.45% |
| ING Direct Savings Maximiser | 6.25% |
| RaboDirect High Interest Savings Account | 6.40% |
| UBank USaver | 6.51% |
| Virgin Money Virgin Saver | 6.75% |
Warning: Product features such as fees and interest rates applicable change without notice. Please confirm all details with the relevant product provider before taking any action which may lead to financial loss.