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A new rate leader in the deposit market

Move Bank, the former Railways Credit Union, has emerged as the rate leader in the at-call savings account market, with the launch of an account that offers an ongoing bonus rate of 2.9 per cent.

Move Bank Bonus Saver account holders receive the bonus rate each month if they deposit a minimum of $200 and do not make any withdrawals. The base rate is 1.7 per cent.

According to the latest Mozo Banking Roundup, this is the best ongoing bonus rate in the market.

Other high-interest ongoing bonus saver accounts include UBank’s USaver, which pays 2.87 per cent if the account holder deposits a minimum of $200 a month and makes no withdrawals. The base rate of 1.8 per cent.

The ME Online Savings account (linked to an ME Everyday transaction account) is paying 2.85 per cent if weekly payments are made using the transaction account. The base rate is 1.3 per cent.

ING’s Savings Maximiser (linked to an Orange Everyday transaction account) pays 2.8 per cent if $1000 is deposited into any ING account and at least five ING debit card purchases are made each month.

In other changes to at-call savings rates, Bank First added 55 basis points to its ongoing Bonus Saver rate for new member only. With a minimum deposit of $1 a month and no withdrawals, account holders receive 2.85 per cent. The base rate of 0.05 per cent.

For introductory rates, Mozo says the best offer is HSBC’s Serious Saver, which pays 3.1 per cent for four months before reverting to an ongoing rate of 1.4 per cent.

Bank of Us launched a new account, Stash ‘n’ Splash, which requires a minimum opening deposit of $50,000. It pays interest of 3 per cent for four months on amounts up to $1 million. At the end of the intro period (or if the balance drops below $50,000 before then) the rate drops to 2 per cent. If the balance drops below $25,000 the rate is reduced to 1 per cent.

Defence Bank increased the intro rate on its iSaver account from 2.4 per cent to 2.6 per cent. The intro period is three months and the ongoing rate is 0.85 per cent.

Commonwealth Bank increased the intro rate on its NetBank Saver account. The intro rate went up from 2.51 per cent to 2.55 per cent and the intro period went from three to five months. The ongoing rate is unchanged at 0.5 per cent.