RBA rate hike: the top savings account rates right now
Another rate hike is actually good news for people trying to earn more interest on their savings.
Key takeaways
- The RBA increased the cash rate by 25 basis points.
- Banks are already beginning to pass this increase on to savers.
- What's next: Banks will continue to announce savings rates in the days and weeks ahead.
May's cash rate hike is bad news for borrowers, who now face higher interest rates and more expensive loans. But savers are in a great position to earn more interest.
Here are the top rates on the market right now. Some of these rates may go even higher as banks continue to announce rate increases off the back of the RBA.
Want a savings account with no hoops to jump through?
Check out these savings accounts with no conditions to meet.
May's top savings rates
1. Ubank Save Account
Another 4-month intro rate, Ubank was offering 5.60% for four months with its welcome bonus rate. After today's RBA rate decision this will increase to 5.85% on 12 May.
This rate is for new accounts and you must have a Spend account and grow your balance by at least $1 each month to qualify.
And if you keep meeting the conditions after the first four months you'll get an ongoing 5.10% rate.
2. Bankwest Easy Saver
This account gives you 5.50% for the first four months if you open a new account. There are no deposit or withdrawal conditions, and it's available on balances up to $250,000.
The ongoing rate is also quite high at 4.75% and could go even higher soon.
3. ING Savings Accelerator
A savings rate of 5.65% is as very high, and there are no conditions to get this rate either. It's only for the first four months though.
After that, it falls to an ongoing rate of 4.60%, which is still quite high. This is for new accounts only.
This rate may go even higher after the RBA's rate move.
4. Rabobank High Interest Savings Account
Rabobank also offers a rate of 5.65% for the first four months. But it's only on balances up to $250,000. It's also for new accounts.
If you have a decent chunk of savings a higher rate can be beneficial even for just a few months. And this rate will likely go up after the RBA's rate hike.
5. Westpac Life (18-34 year olds only)
If you're on the younger side of life, Westpac will give you up to 5.50%. This is a very high ongoing rate.
To get it, aside from being 18 to 34, you'll need to make a deposit and grow your balance each month, and make 20 debit card purchases.
It's also only available on balances of up to $30,000.
Sources
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