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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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000 + each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000 + each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • 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

Saver Account (<$250k)

  • No account fees
  • Total ongoing variable rate of up to 5.20% pa by depositing $1,000 in the previous month
  • Easy access to your money
4000$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%

Savings Account (Amounts < $250k)

  • 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%
05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Maximum Age - 24
  • $0 monthly account fee
  • Earn bonus interest

Goal Saver

  • Maximum Age - 24
  • $0 monthly account fee
  • Earn bonus interest
02000$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
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
0200$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

Bonus Saver Account (Amounts < $250k)

  • No fees or penalties for withdrawing money
  • Savings guaranteed up to $250,000
  • Maximise your savings and reach your goals faster with Auto-Savings
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
For customers aged 14-35 years
For customers aged 14-35 years

Future Saver Account ( < $50k)

    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Boost Saver

      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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