Following the RBA's cash rate announcement on Tuesday , Macquarie increased its four-month intro savings account rate by 15 basis points.
From next week the rate will be 1.50% p.a. - an increase of a further 25 basis points.
There are no conditions like minimum deposits or five card transactions that need to be completed to attain the rate.
Before the RBA announcement, Macquarie also increased its term deposit rates by between 25 and 145 basis points.
Its one-year term deposit rate is now 2.50% p.a., while four and five year rates are now 3.50% p.a. - competing alongside Judo Bank's rates which have breached the 4% barrier.
ANZ increases, CBA still holding the bag
At the time of writing Commonwealth Bank was the only major bank to not increase savings account rates.
Westpac and NAB increased by 25 basis points after the RBA announcement, while ANZ followed shortly after.
ANZ will increase the Progress Saver by 25 basis points effective from 13 May.
Police Bank also announced it's introducing a 2.00% p.a. savings account rate for under-30s.
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Provider
$ 980 4 $ 0 $ 250,000 0 0 0 $product[$field["value"]] $product[$field["value"]] $product[$field["value"]] More details
FEATURED Bonus rate for the first 4 months from account opening No account keeping fees No minimum balance
$ 1,128 $ 0 $ 100,000 0 1000 0 $product[$field["value"]] $product[$field["value"]] $product[$field["value"]] More details
FEATURED Deposit at least $1,000 + each month from an external source Make 5 or more eligible transactions Grow your savings balance each month
$ 1,065 $ 0 $ 250,000 0 1000 0 $product[$field["value"]] $product[$field["value"]] $product[$field["value"]] More details
FEATURED No account fees Total ongoing variable rate of up to 5.20% pa by depositing $1,000 in the previous month Easy access to your money
$ 1,011 4 $ 0 $ 249,999 0 0 0 $product[$field["value"]] $product[$field["value"]] $product[$field["value"]] More details
A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking A great base interest rate of 4.75%
$ 1,097 $ 1 $ 50,000 0 500 1 $product[$field["value"]] $product[$field["value"]] $product[$field["value"]] More details
Maximum Age - 24 $0 monthly account fee Earn bonus interest
$ 1,044 $ 0 $ 250,000 0 200 0 $product[$field["value"]] $product[$field["value"]] $product[$field["value"]] More details
No monthly fees Download the App to open your account Get better visibility of your spending within App! Deposit $200 per month to activate bonus interest
$ 1,023 $ 1 $ 250,000 0 20 0 $product[$field["value"]] $product[$field["value"]] $product[$field["value"]] More details
No fees or penalties for withdrawing money Savings guaranteed up to $250,000 Maximise your savings and reach your goals faster with Auto-Savings
$ 1,107 $ 0 $ 50,000 0 1000 0 $product[$field["value"]] $product[$field["value"]] $product[$field["value"]] More details
For customers aged 14-35 years
$ 1,097 $ 0 $ 250,000 0 1000 0 $product[$field["value"]] $product[$field["value"]] $product[$field["value"]] More details
Important Information and Comparison Rate Warning
All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product.
By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here . Rates correct as of December 10, 2023. View disclaimer.
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