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

The Guardian - World NewsCenter-LeftEN 1 min read 100% complete by Jonathan BarrettFebruary 6, 2026 at 02:28 AM

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Following the Reserve Bank of Australia's recent cash rate increase, major Australian lenders quickly raised mortgage interest rates. However, these same banks have been slow to increase interest rates on savings accounts, either keeping them "under review" or applying increases selectively. The article suggests the delay is due to banks needing to compete on savings rates to finance their operations. The article implies that banks are prioritizing passing on costs to borrowers while delaying benefits to savers. The article does not specify a timeline for when savings rates might increase more broadly.

Key Entities & Roles

Key Player Opposition Context

Australia 70% Reserve Bank 80% Australian banks 90%

Keywords

interest rates 100% mortgage rates 80% savings accounts 80% banks 70% cash rate 60% lenders 50% finance 40%

Sentiment Analysis

Negative

Score: -0.30

Source Transparency

Source

The Guardian - World News

Political Lean

Center-Left (-0.40)

Far LeftCenterFar Right

Classification Confidence

85%

Geographic Perspective

Australia

This article was automatically classified using rule-based analysis. The political bias score ranges from -1 (far left) to +1 (far right).

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interest rates mortgage rates savings accounts banks cash rate lenders finance

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