High Interest Savings Account November Update

high interest savings accounts

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.

ProductSavings rate riseHome Loan rate riseCurrent interest rate
ANZ Online Saver0.25%0.39%4.75%
CBA NetBank Saver0.25%0.45%6.25%
NAB iSaver0.25%0.43%6.25%
Westpac eSaver0.25%0.35%5.25%

Here are some other banks that offer quite a bit more on their savings accounts than the big four banks.

ProductCurrent interest rate
Citibank Online Saver6.45%
ING Direct Savings Maximiser6.25%
RaboDirect High Interest Savings Account6.40%
UBank USaver6.51%
Virgin Money Virgin Saver6.75%

Compare Savings Accounts

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.