SavingsAccount Watch @savingsacwatch

Great competition when there are two players keen for business to lead with high savings rates. Hopefully it's sustainable competition.

A great time to find any 'lazy' cash sitting in low rate a/cs, enjoy the high interest from online a/cs with now 2 contenders for high rates

That is @UBank weighing up what effect the new competition from Virgin may have on their deposits.

Hi @stevenanderson_ , we review our rates regularly to try to provide the best value & we'll be sure to let you know of any rate changes ^ET

1 follow goes to @UBank for having a dedicated Twitter account. Do you know of other savings accounts with their own Twitter account?

And another, very new bonus rate is Virgin Money's Virgin Saver, 6.75% for 1st 4 mths, normally 5.35%.

…normally it's 5%.

Other, more fuss free bonus rates include: RaboDirect's High Interest Savings Account, 6.40% until 31 Dec 2010.

UBank is 6.01%, 6.51% with a $200/mth regular deposit.

Active account: UBank's USaver. They do a relatively good job to stay at the top of the savings accounts interest rate 'chart'.

Current accounts w/zero balance: ING Direct Savings Maximiser, BOQ WebSavings - linked to online full service transaction account.

CBA = Commonwealth Bank, BWA = BankWest (now owned by CBA), SUN = Suncorp.

Savings account in the past: CBA Dollarmite, Award Saver, Netbank Saver, BWA TeleNet Saver, Smart eSaver, SUN eOptions, E'day Option sub a/c

So make sure you have a fee free 'normal' bank account to link it to that you can withdraw from with no fees (they do exist!).

More often than not, the best savings account, will be a no-frills, online only, linked account.

We all need a high performing savings account, because whether we want to admit it or not, we all need more money.

Savings Account Watch, finding the best saving account rate in Australia.