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 Bonus rate for the first 4 months from account opening No account keeping fees No minimum balance $ 1,001 4 $ 0 $ 249,999 0 0 0 $product[$field["value"]] $product[$field["value"]] $product[$field["value"]] More details FEATURED A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking No withdrawal notice periods or interest rate penalties Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace – $ 1,128 $ 0 $ 100,000 0 0 0 $product[$field["value"]] $product[$field["value"]] $product[$field["value"]] More details FEATURED *Rate varies on savings amount Deposit $500 per month to get bonus interest 5.50% p.a. available on total savings up to $100k. 5.00% p.a. applies to savings between $100k-250K. Tiered bonus rates apply. (TMDs at ubank.com.au) $ 1,128 $ 0 $ 100,000 0 1000 0 $product[$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 – $ 790 4 $ 0 $ 1,000,000 0 50 1 $product[$field["value"]] $product[$field["value"]] $product[$field["value"]] More details Earn up to 5.25% p.a. interest on balances up to $1M. T&Cs apply. $ 1,097 $ 1 $ 50,000 0 500 1 $product[$field["value"]] $product[$field["value"]] $product[$field["value"]] More details $ 1,023 $ 1 $ 250,000 0 20 0 $product[$field["value"]] $product[$field["value"]] $product[$field["value"]] More details $ 1,128 $ 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.
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Harry O'Sullivan
Harrison Astbury
Staff Writers
