The Reserve Bank of Australia's interest rate rise could benefit people with online savings accounts, according to one expert.
People with online savings accounts could be set to benefit after the Reserve Bank of Australia's (RBA)
interest rate hike, according to one writer.
The Sydney Morning Herald's Chris Zappone said banks are trying to encourage people to do their accounting online instead of visiting branches.
He added: "Competition for deposits is on the rise as commercial banks attempt to reduce their dependence on volatile - and increasingly more costly - funding sources overseas."
This knock-on effect is down to the global financial crisis and he noted there have also been increases on term deposits for children.
National Australia Bank has brought the rate of its Junior Saver Bonus account - for those under 18 – up to four per cent and the organisation is also putting 0.25 per cent on the
NAB iSaver account.
Since the RBA's rate rise earlier this week, the Commonwealth Bank has followed suit and upped its interest rates across a number of products.
By Bret Clement
