Cash boost: Where to find the best savings rates right now

ING customers will enjoy the top savings rate on the market, with the bank announcing increases to its popular Savings Maximiser account.

·2-min read
Australians walking. Australian money notes. Savings concept.
Banks have announced savings hikes following the Reserve Bank's decision on Tuesday. (Source Getty)

Aussies will soon receive a welcome cash boost, as a number of banks hike their savings rates in the wake of the latest cash rate increase.

ING will offer the new highest ongoing savings rate on the market, with the bank passing on the Reserve Bank’s 0.25 per cent increase to its popular Savings Maximiser account. From February 14, the new maximum rate will be a whopping 4.80 per cent.

Meanwhile, NAB has backflipped on its savings decision, announcing it will increase rates for its savings customers - two days after it announced its home loan increases.

NAB will match Commonwealth Bank and Westpac by lifting the maximum ongoing rate on its bonus rate account, Reward Saver, to 4 per cent - an increase of 0.75 per cent. The major bank will also increase its iSaver account by 0.25 per cent for new and existing customers.

ANZ has also increased its online Plus Save account to 4 per cent, but left Aussies with its popular Progress Saver and Online Saver in the cold.

RateCity research director Sally Tindall said Aussie savings accounts may soon keep pace with inflation, and even surpass it.

“At 7.80 per cent, inflation is still streaks ahead of even the highest savings rates, however, the gap between the two is finally starting to close,” Tindall said.

“If the Reserve Bank issues at least two more cash rate hikes and inflation comes back down, as expected, we could see the highest savings rates surpass inflation within the year.

Top savings accounts

So, what are the best accounts to boost your savings? Next week, the top rate will be ING’s Savings Maximiser at 4.80 per cent. This will be followed by BOQ’s Future Saver at 4.75 per cent for customers aged between 14 and 35.

RateCity top savings rates
(Source: RateCity)

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