Banks continue to increase saving rates with BOQ now offering over 5%

Some banks are continuing to increase interest rates in the wake of inflationary pressures and RBA cash rate hikes, and Bank of Queensland is the latest to do so.

Bank of Queensland (BoQ) is currently sitting at the top of the savings pedestal with a competitive special interest rate of 5.15% for its future saver account (which is limited to balances of up to $50,000). 

However, while BoQ sits at the top at the moment, other banks are following. 

For example, ING currently offers a special interest rate of 4.80% for its savings maximiser. Following on we find banks like Ubank and Westpac offering a special interest rate of 4.35%. 

Bear in mind that—even though special interest rates tend to be the highest on offer—they do come with conditions that need to be met so always read the fine print.

With the potential for the RBA to continue with its rate hike spree alongside higher savings rates, consumers could be encouraged to stash more of their money with these types of moves. 

Certainly some savers could be in a much better position to let their cash grow in a high interest savings account or indeed a term deposit.

Interested in seeing the full list of savings accounts and their rates? At mozo we offer comparisons from all the most competitive providers to give you the best bang for your buck—compare savings accounts today.

*Rates correct as of 3 March, 2023