Complacent savers are still missing out as the big four banks continue to offer the best rates to new customers or on bonus accounts that come with strings attached.
All four of Australia's major banks - Commonwealth Bank, NAB, Westpac and ANZ - have passed on the full 0.25 percentage point hike to their variable rate mortgage customers but the coverage across their deposit products remains hit and miss.
That's despite mounting political pressure on the banks to pass rates on to both savers and mortgage holders, with the Australian Competition and Consumer Commission launching an investigation into the matter this year.
But RateCity research director Sally Tindall said the big banks had already sharpened their game before the ACCC investigation was flagged in January, with market competition, customer churn and a growing appetite for new deposits likely spurring the banks to offer better rates.
But she told AAP there was still a tendency to "pick and choose" which products to lift rates across, with new customers and conditional accounts enjoying the best deals.
After the last 0.25 percentage point hike on Tuesday, Westpac and NAB both passed on the full increase to their main savings accounts.
But ANZ only passed on the full increase to their relatively new "Plus Save" account, leaving their other main accounts unchanged.
Commonwealth Bank passed the full hike to their online saver and its kids saver accounts but only lifted rates on its popular bonus saver account by 0.15 per cent.
Ms Tindall said it was now possible to source an ongoing rate on a savings account above four per cent from the major banks - above the RBA's official rate - but customers would likely need to meet the terms and conditions on these bonus accounts.
These conditions aren't necessarily onerous, and may just ask customers to grow their balances each month and make no withdrawals.
But Ms Tindall said the higher rate accounts tend to have more complex conditions attached.
"We recommend picking one that suits you - don't pick a deposit account that doesn't have terms and conditions you can't easily meet," she said.
On their standard online saver accounts, banks are also offering competitive rates to new customers but rates for existing customers can be less than half the official cash rate.
