In comparison, the lowest ongoing rate offered by the Big Four is Westpac’s eSaver at just 1.10 per cent. MOVE Bank’s Growth Saver is now the highest ongoing savings rate at 5.70 per cent. In some cases, the increase has only been to an account’s introductory - not ongoing - rate, meaning they expire after a few months. Just 40 per cent of all savings accounts have increased rates following the RBA’s latest hike. Surprising amount Aussies have in savings $1,838 boost: Savings accounts now beating inflation “Hopefully, this will be the nudge other banks offering high-interest savings accounts need.” Finally, we’ve now got one bank willing to pass on the majority of this latest rate hike,” Tindall said. “The market leaders in the savings sector have been deathly quiet over the last three weeks. RateCity research director Sally Tindall said MOVE Bank was the first of the market leaders to increase its highest ongoing savings rate following the Reserve Bank’s (RBA) November cash rate hike. (Source: Getty)ĭo you have a story to share? Contact 5.70 per cent, the top savings rate is now higher than the lowest variable home loan rate on the market, which is currently 5.49 per cent, according to Canstar. Savings account interest rates have hit a new market high.