High interest savings accounts? Is there still such a thing?

To my horror, this was the email I just received from Raboplus below;

Does anyone have any solid suggestions on some other better options out there? I remember seeing one some time ago on here for Arab bank, but there were issues with having to get to a branch etc…

Any suggestions are greatly appreciated :)


You may be aware that Australia's Reserve Bank decided to cut the Official Cash Rate (OCR) by 1.00%pa to 3.25%pa on Tuesday, 3rd February.
At RaboPlus we want to be open and transparent with our customers. We will always email you when our on call savings rate changes - so you know where you stand.

From today, Monday 9th February 2009, our standard variable rate will change from 5.00%pa to 4.00%pa. This rate applies to all RaboPlus on call savings accounts - including personal, trust, business and self managed super fund accounts.

Long term value

Our savings rate remains significantly higher than the OCR and we will do what we can to limit the impact of further interest rate reductions. Our policy is to offer consistent long term value to our customers, with accounts that don't come with strings or catches buried in the small print.