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Rising rates good news for savers with interest as high as 4.75%

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The December cash rate announcement might be more bad news for homeowners but it's good news for savers.

Rising interest rates might be putting more pressure on households, but there is one silver lining: savings rates are also going up.

While it can take a little longer for banks to announce savings rate changes after the Reserve Bank of Australia (RBA) cash rate decision, some have started to come through and one bank will soon offer a whopping 4.75% interest.

The Bank of Queensland (BOQ) has announced a 0.40% p.a. increase to its Future Saver account. The new 4.75% rate will be effective from 9 December for balances up to $50,000.

It has also announced a 0.15% increase to its Smart Saver account, meaning a 4% rate for balances up to $250,000.

BOQ's subsidiary brands Virgin Money and ME have also announced savings rate increases. Virgin's Boost Saver is going up by 0.45% to 4.30% (as long as you meet the monthly criteria). When customers enable the lender's new Lock Saver Feature, that interest rate will go up further to 4.60%.

Here are all the latest updated savings rates:

Bank accountInterest rate changeNew interest rateDate effectiveOther information
ME Bank - Online Savings Account+0.253.25%9 December
Macquarie - Savings Account+0.253.70%16 DecemberBalances up to $250,000. Welcome rate for new borrowers is 4.25% for the first 4 months.
Westpac - Spend and Save+0.354.35%16 DecemberSpend and save offer for 18- to 29-year-olds.
Westpac - Life+0.253.75%16 December
BOQ - Future Saver+0.404.75%9 DecemberAvailable for balances up to $50,000.
BOQ - Smart Saver+0.154.00%9 DecemberAvailable for balances between $1 and $250,000.
BOQ - Simple Saver+0.504.10%9 December4 month introductory special for balances up to $5,000,000.
Virgin Money - Boost Saver+0.454.30%9 DecemberWhen customers enable the new Lock Saver Feature, the interest rate will increase up to 4.60%.

If you haven't checked your rate in a while, it could be time to compare savings accounts and see if you can earn more interest on your cash.

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