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
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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.
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Brooke Cooper
Emma Duffy
