Savings rates are up again: Who has the best rate?

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Alison Banney
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You can now get up to 4.8% p.a. on your savings.

Last week, the RBA increased the cash rate for the first time this year, after 8 consecutive rate increases in 2022.

This means home loan rates are going up, but so are some savings account rates.

Here are some of the best rates on offer right now:

  1. ING Savings Maximiser: 4.8%
  2. Great Southern Bank Goal Saver: 4.75%
  3. Westpac Life: 4.60%
  4. MyState Bonus Saver: 4.35%

Read on to see what you'll need to do to qualify for these rates.

ING Savings Maximiser

ING announced it will be increasing the total bonus rate on its Savings Maximiser account from 4.55% p.a. to 4.80% p.a. as of 14 February, making it the highest rate in the market.

To earn this rate, you need to link to an ING Orange Everyday account, deposit $1000 a month, make 5 purchases a month and grow your balance monthly.

Great Southern Bank Goal Saver

Great Southern Bank is still offering a competitive 4.75% p.a. to customers aged 18-24 who deposit at least $500 a month into their account, and make at least 5 transactions from the account each month.

Westpac Life

Westpac announced it will be increasing the total bonus rate on its Westpac Life account for people aged 18–29 from 4.35% p.a. to 4.60% p.a. as of 21 February.

As well as meet the age criteria, you need to link to a Westpac Choice transaction account, make 5 purchases a month and grow your savings monthly to earn this rate. If you don't fit into this age bracket, you can still earn up to 4.00% p.a. with this account.

MyState Bonus Saver

MyState will be lifting the total bonus rate on its Bonus Saver account from 4.00% p.a. to 4.35% p.a. as of 14 February.

To earn this rate, you need to deposit just $20 each month and make 5 purchases.

The bank is also offering a cashback deal at the moment, where you can get a bonus $20 when you open a new account and make 3 purchases within the first 30 days.

Many savings accounts are still reviewing their interest rates and more may increase their rates over the coming week or 2.

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