Ubank ups savings rate to 4.60%, Rabobank leaps forward with 5%
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Update: As of Friday 15th March, the following savings rate moves were announced:
Rabobank:
- Rabobank's four month introductionary rate for their High Interest Savings Account has been increased to 5% per annum.
*Rabobank rate effective 15th March
Commonwealth Bank:
- NetBank Saver will increase its 5 month introductory rate by 0.25% up to 4.25% p.a.
- Goalsaver bonus interest rate increased by 0.15% to 4.25%
*All CBA rates effective 17th March
MyState Bank:
- MyState Bonus Saver account rate will increase for new and existing customers to 4.50%.
*MyState rates effective 1st April
Ubank ups savings rate to 4.60% following latest rate hike
The RBA isn’t letting up on its interest rate hikes, but this phase of rate raising can also see savers benefit.
Ubank is the latest to increase its savings rate, moving the maximum 4.35% on its Save Account to 4.60% p.a, which equals out to a base rate of 0.10% with the bonus rate sitting at 4.50%. These changes are slated to take effect on April 1.
Keep in mind that to get the full bonus rate from a Ubank savings account you’ll need to make a deposit of $200 a month in any spend or save account.
Alongside Ubank, more banks are likely to follow suit and continue to bring up their savings and term deposit interest rates.
On top of this, interest rate hikes are expected to continue, so savers may find it prudent to continue to look out for and compare between savings account providers to get the best rate possible. Some of the other top rates on offer at the time of writing are MyState Bank’s Bonus Saver Account at 4.35%, Macquarie’s Savings Account at 4.50% and BOQ’s 5.15% for younger savers (ages 14-35).
Keep in mind that each savings account comes with its own set of requirements before a saver receives the top rate. Be sure to check the details of each.
Are you looking to find a high interest savings account? Mozo can help you compare between providers and help you to find the interest rate and bonus rate conditions that work for your situation.
^See information about the Mozo Experts Choice Savings Account Awards
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