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 0.25% increase by the RBA, most of the other banks have tried to avoid any associated bad publicity by holding back their own 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).
|SMSF Savings Account Product Name||Old Promotional Rate||New Promotional Rate|
|Bankwest Business TeleNet Saver||5.00%||5.20%|
|Citibank Ultimate Business Saver||5.50%||5.50%|
|ING Direct DIY Super||6.15%||6.15%|
|RaboDirect DIY Super High Interest Savings Account||6.40%||6.40%|
|RaboPlus DIY Super PremiumSaver||6.00%||6.00%|
|St George DIY Super Direct Saver Account||4.60%||4.85%|
|UBank USaver SMSF||6.16%||6.16%|
|Westpac Self Super Online||4.55%||4.80%|
Compare DIY Super savings accounts
Warning: Product features such as interest rates and fees can change without notice. Please check all details with the product provider prior to taking any action.