It also shows the average rate is only up 17 basis points from 0.33 per cent to 0.50 per cent since the start of May, well below the 25 basis point cash rate increase. Month, with the big four bank average ongoing at-call savings rate still just 0.26 per cent, 114 basis points below the leading rate. Mozo’s database shows there has been 144 increases to at-call savings rates in the past This week, analysis by Mozo revealed interest rates for at-call savings accounts – those that allow customers to access their cash at any time – were falling short, with banks holding back some of last month’s official interest increase from savers. “Customers sick of earning peanuts on their hard-earned cash would do well to shop around now the competition in the savings market is finally picking up.” This will put pressure on other banks, in particular, Westpac, NAB and ANZ, to pass on this RBA hike to their savings customers. “CBA, Macquarie and ING have now all made significant increases on some of their most popular accounts. “ING and Macquarie have reset the battlefield for savings rates in what is ultimately a win for savers. The RBA stunned mortgage holders with a double rate rise on Tuesday.
