Australian banks passed interest rate hikes on to mortgage holders – so why haven’t they done so for savings accounts?

<p>There’s an obvious reason for the delay. But the banks still need to compete on savings rates to finance their operations</p><ul><li><p><a href="https://www.theguardian.com/australia-news/live/2026/feb/06/anthony-albanese-indonesia-security-pact-sussan-ley-coalition-liberals-nationals-leadership-rba-interest-rates-inflation-ntwnfb">Follow our Australia news live blog for latest updates</a></p></li><li><p>Get our <a href="https://www.theguardian.com/email-newsletters?CMP=cvau_sfl">breaking news email</a>, <a href="https://app.adjust.com/w4u7jx3">free app</a> or <a href="https://www.theguardian.com/australia-news/series/full-story?CMP=cvau_sfl">daily news podcast</a></p></li></ul><p>Shortly after the Reserve Bank <a href="https://www.theguardian.com/australia-news/2026/feb/03/rba-interest-rate-decision-reserve-bank-australia-inflation">lifted the official cash rate by a quarter of a percentage point</a>, major lenders announced interest rates on mortgages would rise by the same amount.</p><p>Yet the interest rates that can grow their customer’s savings accounts are still “under review” – or the increases are being applied selectively – days after Tuesday’s announcement.</p> <a href="https://www.theguardian.com/australia-news/2026/feb/06/australian-banks-have-passed-interest-rate-hikes-on-to-mortgage-holders-so-why-havent-they-done-so-for-savings-accounts">Continue reading...</a>

Read the full article at: The Guardian World →