SMSF Savings Account Interest Rate Update

Usually the banks pass on interest rate rises to their various savings accounts within a few days of the RBA rate rise, however due to the turbulence created by the CBA increasing their home loan rates by 0.45% compared to the RBA 0.25% most of the other banks have held back before releasing their rate increases. Finally all the rate rises are in.

The following table shows the rate increases for Australian banks whom have an indentifiable high interest savings account suitable for Self Managed Super Funds (DIY Super).

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Home Loan Interest Rate Rises

When the Reserve Bank of Australia increased cash rates by 0.25% on Melbourne Cup Day 2 November the Commonwealth Bank immediately responded by increasing its standard loan rates by 0.45% to the fury of Australians everywhere. ING Direct responded by immediately offering $1,000 to anyone who refinanced their mortgage through them before 30 June 2011 if you registerd by 30 November 2010. The remaining banks waited for the furore to die down before announcing that they too were increasing rates by greater than the RBA 0.25%. Here are the rate increases by the Big Four Banks and ING Direct.

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