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Savings account rates increase in February: Who’s got the best rate?

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ING, UBank, Westpac, ANZ, Bendigo and more announce increases to their savings account rates following the RBA's cash rate increase.

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 6 savings accounts that have announced rate increases this week.

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.

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.

UBank Save

UBank will increase the total bonus rate on its Save account from 4.10% p.a. to 4.35% p.a. as of 1 March.

To earn this rate, you need to link to a UBank Spend account and deposit at least $200 a 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.

ANZ Plus

ANZ will increase the total bonus rate on its ANZ Save account from 3.75% p.a. to 4.00% p.a. as of 14 February.

There are no monthly deposit conditions or spend requirements to meet to earn this rate. All you need to do is keep your balance below $250,000.

CommBank Goal Saver

CommBank lifted the total bonus rate on its Goal Saver account from 3.25% p.a. to 4.00% p.a. as of 10 February.

To earn this rate, you need to grow your balance by any amount during the month.

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

Image: Getty Images

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