Savers benefit from RBA rate rise

Some of the major banks are raising interest rates on savings accounts by 25 basis points, suggesting the Reserve Bank’s latest rate hike will bring benefits for certain customers.

The RBA’s decision to increase the official cash rate by 0.25 per cent to 4.25 per cent means further debt pain for home loan and credit card customers, with Commonwealth, ANZ and Westpac all raising their standard variable mortgage rates by 25 basis points.

However, Commonwealth has said it will also raise interest rates on its NetBank Saver deposit account by 25 basis points.

In addition, Westpac is passing on the RBA rate rise to its online savings accounts including the Westpac Reward Saver and eSaver accounts in a move that will encourage Aussies to compare savings accounts in search of the best returns for their money.

Announcing the interest rate rise today (April 6th), RBA governor Glenn Stevens said the move would help to return Australia to a "normalised" rate.

This article is brought to you by Mozo – Helping you compare savings accountsADNFCR-1761-ID-19705343-ADNFCR