Haven't had a notification from a bank for a while stating that interest rates on savings account have increased for a while.
Just got an email from My State, advising interest rate has increased to 1.20%
Long way to go, but at least in the right direction.
Usually it is the other way around, with an interest rate decrease and no notification.
From the email below:
great news for your Bonus Saver Account…
We’re excited to let you know that MyState Bank have increased the interest rate on the following Savings Account effective 5 May 2021.
What this means for you
You'll earn a total variable rate of 1.20% p.a. (that's the variable base rate of 0.10% p.a. plus a variable 1.10% p.a. bonus) when the Bonus Saver Account eligibility criteria is met. This is a very competitive rate for a banking savings product in Australia, helping you to reach your saving goals faster!
How to earn bonus interest
Get base interest every month and receive bonus interest1 on balances up to $250,000 when you:
• Make an eligible deposit1 of $20 or more in to your Bonus Saver Account each month; and
• Make five or more settled (not pending) eligible1 Visa Debit card transactions each month from your linked account (excludes ATM withdrawals, transfers, balance enquiries and EFTPOS cash-out only transactions).
A whole 0.10% increase!!! WOW!! Whoppie!!