Of the financial institutions that have moved to lift their savings interest rates, some have chosen to keep a portion of the official half-a-percentage-point rate increase for themselves.
A clutch of financial institutions surprised savers on Friday by raising their interest rates on deposit accounts on the same day as lifting mortgage rates.
As at midday, according to data house Mozo , the top-paying bonus savings account available to all ages is the ING Savings Maximiser, with a potential interest rate of 2.1 per cent. It is happy days if you are aged under 35. You can earn more in Bank of Queensland’s Future Saver Account, available from age 14.
Mozo says if you sign up for a term deposit of even 12 months today, you can do better than all of the above with a rate of 3.15 per cent. On Friday, this rate was available from minor banks firstmac, Gateway Bank, Goldfields Money and Judo Bank.
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