Aussies smash 6pc savings ceiling for first time since 2011

For the first time since 2011, savings interest rates have smashed through 6 per cent. Australian savers have smashed the 6 per cent ceiling for the first time in 15 years – with a surprise bank cracking 6.25pc for deposits in a massive windfall for home buyers especially. Aussies trying to build a property deposit have been handed a sudden boost as ongoing savings rates reach heights not seen since the Manly Sea Eagles last lifted the NRL premiership trophy in late 2011. Digital lender Ubank escalated the surge on Friday, after jacking its welcome bonus rate to a heady 6.25 per cent a year for new customers who grow their balance by $1 a month – a move matched by ING’s introductory saver for 4 months. Major moves are underfoot with millions at stake in savings and repayment costs after the Reserve Bank hiked the cash rate. This comes as fresh analysis from Canstar confirms regional and digital lenders are aggressively bidding for cash deposits, with the highest ongoing savings rate hitting 6pc on Friday – a level not seen in over a decade. BOQ’s future saver rose 0.20pc to 6pc for those aged 14 to 35, while Newcastle Permanent’s smart saver under 25s jumped by 0.25 to 6pc – with b...