Remember to compare savings accounts before you consider jumping ship. ![]() Some savings accounts have specific eligibility criteria, such as age restrictions or maximum deposit amounts, which may make them better suited to some savers than others. ME Bank also raised the rate on its Online Savings Account by 50 points on 8 March 2023 up to 3.75%. Savings accountsĪt the time of publishing, the following banks and mortgage lenders had announced increases to their savings account interest rates of the back of the RBA’s decision: BankĪs well as announcing hikes to saving account interest rates following the RBA announcements, some Australian banks raised rates for savers prior to the update.įor example, BOQ is now offering up to 5.15% on its Future Saver account, while Virgin money raised the rate on its Boost Saver account up to 4.85%. With several Australian banks and Authorised Deposit-taking Institutions (ADIs) passing this rate rise on to savers, more Australian savings account interest rates are starting to hit the 5.00% mark. ![]() The Reserve Bank of Australia’s (RBA’s) mission to bring down high inflation has seen the national cash rate increase for the 10th straight monthly meeting as of March 2023.
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