Top savings account rates after the RBA’s cash rate increase
The RBA increasing the cash rate is good news for savers as we can expect to see banks begin to lift their savings account rates.
There's a lot of doom and gloom in the media when the RBA increases the cash rate, as it did today.
But while a higher cash rate is bad news for home owners as mortgage rates will also increase, it's not so bad for people with cash in the bank.
This is because when home loan rates rise, often we see savings account and term deposit rates rise too (meaning more interest on your cash!).
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Check out these savings accounts with no conditions to meet.
Top savings rates in February
We'll be keeping a close eye on savings account rates to see which banks do increase their offers in the coming days and weeks. In the meantime, here are 5 of the top offers available right now.
1. Ubank Save: 5.10% p.a.
Earn 5.10% p.a. for the first 4 months (for new customers), then 4.35% p.a. These bonus rates are availale on balances up to $1 million, when you grow your balance each month.
2. Westpac Life - 5.00% p.a.
Earn an ongoing bonus rate of 5.00% p.a. for customers aged 18-34, on balances up to $30,000. To earn the bonus interest rate you need to make a deposit each month, grow your balance and make 20 transactions from the linked Westpac Choice account.
3. ING Savings Accelerator - 5.00% p.a.
Earn 5.00% p.a. for the first 4 months on balances between $150k - $500k, followed by an ongoing rate of 3.95% p.a.
4. Bank of Queensland Future Saver account 4.85% p.a.
Earn an ongoing bonus rate of 4.85% p.a. on balances up to $50,000 for customers aged 14-35. You need to deposit $1,000 a month and make 5 transactions from the Bank of Queensland bank account.
5. ING Savings Maximiser - 4.75% p.a.
Earn an ongoing bonus rate of 4.75% p.a. on balances up to $100,000 when you deposit $1,000 a month, grow your balance and make 5 transactions from the ING Orange Everyday account each month.
If these accounts aren't right for you, you can compare 100+ savings accounts to find one that suits.
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