Which banks are lifting savings rates after the September RBA rate rise?

The Reserve Bank of Australia has raised the official cash rate by 25 basis points to 4.60%, the fourth rate hike of 2026.

While it's not good news for mortgage holders, savers will welcome a boost to their savings account interest rates. But is your bank actually passing it on?

Savings.com.au will provide rolling updates on this page of savings account rate changes following the RBA rate hike on 29 September.

Which banks are passing on the September rate rise to savings accounts?

Rate rise announcements are current as at the date noted below.

• Article last updated: 12 October 2026
• Want to tip us off about savings account rate rise we've missed? Email us: enquiries@savings.com.au

Adelaide Bank savings account rate hike (pending)

AMP Bank Go savings account rate hike

ANZ savings account rate hike

Australian Military Bank savings account rate hike (pending)

Australian Mutual Bank savings account rate hike

Auswide Bank savings account rate hike

Bank Australia savings account rate hike

Bank First savings account rate hike

Bank of Melbourne savings account rate hike

Bank of Queensland (BOQ) savings account rate hike

Bank of Sydney savings account rate hike

Bank of Us savings account rate hike (pending)

Bank First savings account rate hike )

BankSA savings account rate hike

BankVic savings account rate hike

Bankwest savings account rate hike

BCU savings account rate hike (pending)

Bendigo Bank savings account rate hike (pending)

Beyond Bank savings account rate hike

Commonwealth Bank savings account rate hike

Credit Union SA savings account rate hike (pending)

Defence Bank savings account rate hike (pending)

G&C Mutual Bank savings account rate hike (pending)

Gateway Bank savings account rate hike

Goulburn Murray Credit Union savings account rate hike

Great Southern Bank savings account rate hike (pending)

Greater Bank savings account rate hike

Heartland Bank savings account rate hike (pending)

Heritage Bank savings account rate hike (pending)

Horizon Bank savings account rate hike (pending)

HSBC savings account rate hike (pending)

Hume Bank savings account rate hike (pending)

IMB Bank savings account rate hike

ING savings account rate hike

Judo Bank savings account rate hike 

Macquarie Bank savings account rate hike

ME Bank savings account rate hike

MOVE Bank savings account rate hike

MyState Bank savings account rate hike

NAB savings account rate hike

Newcastle Permanent savings account rate hike

P&N Bank savings account rate hike (pending)

People First Bank savings account rate hike

Police Credit Union savings account rate hike (pending)

QBANK savings account rate hike

Qudos Bank savings account rate hike

Rabobank savings account rate hike (pending)

RACQ Bank savings account rate hike

Revolut savings account rate hike

St George savings account rate hike

Summerland Bank savings account rate hike (pending)

Suncorp Bank savings account rate hike

Teachers Mutual Bank savings account rate hike

The Mutual Bank savings account rate hike

Ubank savings account rate hike

UniBank savings account rate hike

Up savings account rate hike

Virgin Money savings account rate hike (pending)

Westpac savings account rate hike

The Big Five

ANZ

ANZ has lifted the rates on savings accounts by 0.25%, effective 9 October 2026.

The new top rate on its highest interest savings account ANZ Plus Growth Saver is now 5.35% p.a. (up from 5.10% p.a.).

That's comprised of an unchanged standard rate of 0.10% and a bonus rate of 5.25% p.a. (up from 5.00% p.a.) when the Growth Saver balance is grown by $100 or more (on top of any interest earned) per month.

Other accounts seeing 0.25% increases to their best rates include:

• Flex Saver
• Online Saver
• Progress Saver
• Pensioner Advantage

See also: Quick Guide to ANZ Savings Accounts

Commonwealth Bank

CommBank is making changes to select products, effective 9 October 2026.

NetBank Saver

The NetBank Saver standard variable rate for new and existing customers is increasing from 2.10% p.a. to 2.30% p.a.

The fixed bonus margin for the first five months for new to NetBank Saver customers will increase from 3.10% p.a. to 3.20% p.a. This sees the total variable introductory rate jump from 5.20% p.a. to 5.50% p.a. (This rate is only available to new to NetBank Saver customers.)

GoalSaver

The GoalSaver total variable rate with bonus interest will increase from 5.00% p.a. to 5.25% p.a. when bonus conditions are met.

This will be made up of an unchanged standard variable rate of 0.10% p.a. and a bonus variable interest rate of 5.15% p.a. (up 25 bp from 4.90% p.a.). The standard rate of 0.10% p.a. will apply if bonus conditions aren't met.

See also: Quick Guide to Commonwealth Bank savings accounts

Macquarie Bank

Macquarie Bank was one of the first banks to announce its response to the cash rate hike. Effective 15 October, the following rate changes apply to its savings and transaction Accounts. 

Savings Account

• $0 - $250,000 - 5.25% p.a. (up 25 bp)
• $250,000.01 - $2m - 5.05% p.a. (up 5 bp)
• over $2m - 4.60% p.a. (up 185 bp)

Existing customers on welcome rate 

Account holders who opened a Macquarie Bank Savings Account under the previous welcome rate offer will now receive a 5.60% p.a. variable rate on balances up to $250,000 from 15 October until the end of their four-month introductory period (pending any future interest rate change).

Macquarie Bank ended its Savings Account welcome offer at 11:59 pm on 14 September. Customers who opened accounts prior to the deadline will have their variable welcome rates honoured until the expiry of their four-month introductory rate period.

See also: Quick Guide to Macquarie Savings Accounts

Transaction Account

• All balance tiers - 3.00% p.a. (up 25bp)

Cash Management Account

• All balance tiers - 3.00% p.a. (up 25 bp)

Cash Management Accelerator Account

• $0 - $1,999,999 - 4.90% p.a. (up 25 bp)
• $2m - under $10m - 4.40% p.a. (up 25 bp)
• $10m plus - 3.25% p.a. (up 25 bp)

National Australia Bank

NAB will increase personal savings rates by up to 0.25% p.a., effective Friday 9 October 2026.  

• NAB Reward Saver : The total rate will increase by 0.25% p.a. to 5.25% p.a. p.a., comprising a variable base rate of 0.01% p.a. and a variable bonus rate which will increase by 0.25% p.a. to 5.24% p.a.
  [Note: For former Citibank customers migrated to NAB Reward Saver accounts, the total interest earned remains unchanged at 5.40% p.a. However, the base rate has now dropped to 0.01% p.a. (down 0.99% from 1.00%) with a variable bonus rate of 5.39% p.a. (up 0.99% from 4.40% p.a.) when bonus conditions are met.]
• NAB iSaver : The total introductory rate will increase by 0.25% p.a. to 5.50% p.a., comprising a standard variable rate which will increase by 0.20% p.a. to 1.85% p.a. and a fixed bonus margin rate which will increase by 0.05% p.a. to 3.65% p.a. 

See also: Quick Guide to NAB Savings Accounts

Westpac

Westpac Life's total variable rate with bonus interest will increase by 0.25% p.a. to 5.25% p.a., effective 9 October.

This will consist of an unchanged base rate of 0.10% p.a. and a standard variable bonus rate of 5.15% p.a. (up from 4.90% p.a.) when bonus conditions are met.

The Spend&Save bonus rate for 18-40 year olds will drop 5 basis points to 0.70% p.a. (from 0.75% p.a.).

This will see the Spend&Save headline rate for 18-40 year olds increase by 20 basis points to 5.95% p.a. (from 5.75% p.a.).

The Spend&Save variable bonus rate is paid to Westpac Life and Westpac choice customers aged 18-40 when bonus conditions are met.

See also: Quick Guide to Westpac Savings Accounts

Other banks

(Alphabetical order)

AMP GO Save

AMP GO Save is raising interest rates from 6 October 2026 as follows:

• 5.50% p.a. (balance portions between $0 - $50,000)
• 5.00% p.a. (balance portions between  $50,000.01 - $250,000)
• 4.50% p.a. (balance portions between $250,000-$5 million
• 0% (balance portions above $5 million)

Australian Mutual Bank

Australian Mutual Bank Limited will increase interest rates by 0.25% p.a. across its variable savings products, effective Thursday, 1 October 2026.

Auswide Bank

At-call deposit accounts, including Cash Management, SMSF, Online Saver, and Business Access Account will see rate increases, effective 8 October 2026.

Interest rates for Bonus Plus Saver and Ziggy Kids Saver accounts will also see rate increases, effective 1 November 2026.

Bank Australia

Bank Australia will increase interest rates by 0.25% p.a. across its Bonus Saver, Online Saver, mySaver and Commercial Saver accounts, effective 15 October 2026.

Bank First

The interest rates on a range of at-call products including Online Saver, Pension Account, and Strong Start Saver will increase by 0.25% p.a., effective 16 October 2026.

The bonus interest rate on Bonus Saver and First Home Bonus Saver account will increase by 0.25% p.a. on 1 November 2026.

Bank of Queensland

Bank of Queensland has raised select savings account rates by up to 0.25% (some 0.20% p.a.), effective 9 October 2026. The new rates are as follows:

Future Saver (14-35 year olds)

Base rate - 0.05% p.a. (unchanged)
Bonus rates (when monthly criteria are met) - $0 - $50,000 - 5.95% p.a. (up 0.20% from 5.75% p.a.); $50,000 - $250,000 - 3.25% p.a. (up 0.20% from 3.05% p.a.); $250,000 and over - 0% (unchanged)
Highest rates (when monthly criteria are met) - 6.00% p.a. ($0 - $50,000); 3.30% p.a. ($50,000 - $250,000); 0.05% p.a. ($250,000 and over)

Smart Saver (36 year old plus)

Base rate - 0.05% p.a. (unchanged)
Bonus rates (when monthly criteria are met) - $0 - $250,000 - 5.60% p.a. (up 0.25% from 5.35% p.a.); $250,000 and over - 0.00% (unchanged)
Highest rates (when monthly criteria are met) - 5.65% p.a. ($0 - $250,000); 0.05% ($250,000 and over)

Simple Saver Account (no hoops)

Intro rate for first four months -5.55% p.a. (on all balances up to $5 million on accounts opened on or after 8 September 2026)
Standard variable rate - 5.00% p.a. on balances up to $5 million (up 0.20% from 4.80% p.a.)

Intro rate for first four months - 0.60% p.a. on all balances over $5 million
Standard variable rate - 0.05% p.a. on balances over $5 million (unchanged)

Bank of Sydney

Bank of Sydney will increase the interest rate on its savings accounts by 0.50% p.a. to 5.25% p.a., without conditions attached. This will be effective from 2 October 2026.

BankVic

BankVic will increase select savings rates from 1 October 2026, as follows:

• EasyInvest - 3.15% p.a. (+0.25% p.a.) balances up to $5 million; 0.01% on balances over $5 million (no change)
• Bonus Saver - standard rate 0.05% p.a. (no change); bonus rate for balances up to $5 million 5.30% p.a. (+0.25% p.a.); 0.01% p.a. for balances over $5 million (no change)
• SMSF Saver - 4.90% p.a. (+0.25% p.a.) balances up to $5 million; 0.01% p.a. (no change) balances over $5 million
• Pension Plus - 4.35% (+0.25% p.a.) on balances up to $51,800; 4.65% p.a. on balances over $51,800
• Little Copper Club - 4.95% p.a. (+0.25%) 

Bankwest

Bankwest will increase interest rates on a number of savings products from 9 October 2026, including its Easy Saver account.

For balances up to $250,000.99, the Easy Saver introductory variable rate will rise by 0.25% p.a. to 6.00% p.a. The account's ongoing standard variable rate will also increase by 0.25 p.a., taking it to 5.25% p.a.

Beyond Bank

Beyond Bank will be adjusting savings account interest rates from 13 October 2026, as follows:

• monEsaver accounts will see rates increase by 0.20% across all balance tiers
• Purple Bonus Saver will see the total rate increase by 0.25% p.a. to 4.90% p.a. on balances up to $199,999; no change to rates for balances $200,000 and over
• Community Reward Accounts will see rates increase by 0.50% p.a. across all balance tiers
• Retirement Account will see rates increase by 0.20% p.a. across all balance tiers
• BU Account will see the interest rate increase by 0.20% p.a.
• Community Account will see rates increase by 0.15% p.a. on balances over $5,000 and no change to rates for balances under $5,000
• Bank Guarantee Facility Account will see a 0.25% p.a. rate increase

Gateway Bank

Gateway Bank will increase rates by 0.25% on transaction and savings accounts, effective 13 October. Savings account increases will boost bonus rates (where they apply).

Products seeing rate increases include:

• Christmas Club
• Kids Dollaroo Savings
• eMax Saver Account
• Goal Saver
• Eco Advantage Transaction Account
• Edge Transaction Account
• SMSF Transaction Account
• Community Transaction Account

Goulburn Murray Credit Union

GMCU will lift the rate on its Advantage Saver Account by 0.25%, taking the total rate (base plus bonus interest) to 4.80% p.a. from 1 November 2026. That rate will apply when bonus conditions are met.

Greater Bank

Greater Bank is lifting rates by 0.25% p.a. on its Bonus Saver, Life Saver, and Retirement Plus savings accounts, effective 9 October 2026.

IMB 

ING

ING will increase interest rates across its savings portfolio by 0.25% p.a., from 9 October 2026.

Savings Booster

The Savings Booster will see its introductory offer rate increase to 6.25% p.a. (up from 6.00% p.a.) for the first four months for eligible new-to-ING Savings customers on balances up to $500,000. This includes base (2.50% p.a.), boost (3.15% p.a.), and welcome (0.60% p.a.) rates.

After the introductory period, an ongoing variable rate of 5.65% p.a. will apply (including base and boost rates).

The 0.25% increase applies to Savings Booster's base rate which will rise to 2.50% p.a. on balances up to $2 million. (0% p.a. applies to balance portions over $2 million.)

Customers who grow their balance by $100 by the end of each month (excluding interest earned) receive the additional 3.15% p.a. Boost Rate on balances of up to $500,000.

Savings Accelerator

ING is also increasing ongoing variable interest rates by 0.25% p.a. across all tiers of its Savings Accelerator account, as follows:

• $0 - $250,000 - 5.05% p.a. (up from 4.80% p.a.)
• $250,000.01 - $500,000 - 5.05% p.a. (up from 4.80% p.a.)
• $500,000.01 - $2 million - 5.05% p.a. (up from 4.80% p.a.)
• $2,000,000.01 - $5 million - 2.95% p.a. (up from 2.70% p.a.)

Savings Maximiser

Savings Maximiser customers will get a 0.25% p.a. increase to the total variable rate, available to eligible customers who meet monthly criteria.

This will take the total rate available for new and existing customers to 5.75% p.a. on balances up to $100,000. This is made up of the standard variable rate of 0.01% p.a. and a 5.74% p.a. (increased from 5.49% p.a.) additional variable rate when account holders meet certain criteria in a calendar month.

See also: Quick Guide to ING Savings Accounts

Judo Bank

Judo Bank will increase variable interest rates on its savings products by 0.25% p.a. for new and existing Savings Account customers, effective 7 October 2026.

See also: Guide to Judo Bank's savings account

ME Bank

ME Bank has announced interest rate changes for new and existing savings customers, effective Friday 9 October 2026.

SaveME total interest rate on deposit balances up to $500,000 will increase by 0.25% to 4.60% p.a. when bonus conditions are met.

HomeME total interest rate on deposit balances from $0 to $1 million will increase by 0.25% to 5.60% p.a. when bonus conditions are met.

MOVE Bank

The rate on MOVE's Online Saver account will increase by 0.10% to 4.80% p.a. from 14 October 2026.

There will be no change to rates on Growth Saver, Bonus Saver, and Express Saver accounts. 

MyState Bank 

New Hello Saver customers will receive an extra 0.25% p.a. on their welcome rate for the first four months, effective 8 October 2026. This will take the new rate to 5.65% p.a. (up from 5.40% p.a.).

The ongoing rate will also increase 0.25% to 5.25% p.a. for balances up to $500,000 and 3.00% p.a. for balances over $500,000.

The total Bonus Saver interest rate will increase to 5.25% p.a. on balances up to $500,000 when monthly criteria is met.

This will consist of a 0.05% p.a. base rate and a bonus interest rate of 5.20% p.a. on balances up to $500,000.

Newcastle Permanent

Newcastle Permanent has lifted rates on a range of its personal savings products, effective 9 October 2026.

New rates are as follows:

Transaction account

• $0 - $9,999 - 0.01% p.a. (unchanged)
• $10,000 - $49,999 - 1.65% p.a.
• $50,000 - $249,999 - 2.00% p.a.
• $250,000 plus - 2.00% p.a.

Online Savings Account

• Entire balance - 1.00% p.a. (unchanged)
• Introductory bonus - 4.25% p.a.
• Total rate (intro bonus + online) - 5.25% p.a.

Smart Saver

• Entire balance - 0.05% p.a. (unchanged)
• Bonus rates
  $0 - $50,000 - 4.95% p.a.
  $50,000 - $100,000 - 4.70% p.a.
  $100,000 - $250,000 - 4.70% p.a.
  $250,000 plus - 4.70% p.a.

Smart Saver Youth

• Entire balance - 0.05% p.a. (unchanged)
• Bonus rates
  $0 - $50,000 - 5.95% p.a.
  $50,000 - $100,000 - 5.20% p.a.
  $100,000 - $250,000 - 5.20% p.a.
  $250,000 plus - 4.95% p.a.

People First Bank

People First Bank will increase the interest rate on its Dream Fund account by 0.40% p.a. from 1 October 2026.

The rate will rise from 5.15% p.a. to 5.55% p.a. for balances of up to $100,000, giving savers a higher return on funds held in the account.

QBANK

QBank will be increasing rates on a range of deposit products from 1 October. Depositors are encouraged to check the QBANK website for details.

Qudos Bank

Qudos Bank will increase deposit rates by 0.25% p.a. on several savings products from 15 October 2026.

From the said date, the rates below will be available:

• Qantas Points Saver (4.50% p.a.)
• QSaver (up to 4.70% p.a.)
• Bonus Saver (up to 5.35% p.a.)
• DIY Super Saver (up to 4.95% p.a.)
• Cash Management Account (3.75% p.a.)

RACQ Bank

RACQ Bank will increase interest rates on select at-call savings accounts by up to 0.25% p.a., effective 13 October 2026. (Note: RACQ Bank's retail deposit and lending business is transitioning to Bendigo Bank.)

Revolut

Revolut is increasing its three-month introductory variable rate to 6.25% p.a. on balances up to $50,000 for new-to-Revolut customers, effective 6 October 2026. The new rate applies to those setting up a personal Instant Access savings account within one month of joining.

Revolut's 'Always On' Instant Access savings interest rates depend on the membership tier of account holders, as follows:

• Standard - 3.00% p.a. (unchanged)
• Plus - 3.00% p.a. (unchanged)
• Premium - 3.90% p.a. for balance portions up to $250,000 (up 0.25%); 3.00% p.a. for balance portions over $250,000 (unchanged)
• Metal - 4.60% p.a. for balance portions up to $250,000 (up 0.25%); 3.90% p.a. for balance portions over $250,000 (up 0.25%)
• Ultra - 5.30% p.a. for balance portions up to $250,000 (up 0.25%); 4.60% p.a. for balance portions over $250,000 (up 0.25%)

St George Bank (including Bank of Melbourne & BankSA)

The Westpac group banks will increase the bonus variable rate on Incentive Saver accounts from 9 October.

• Standard variable rate - 0.01% p.a. (unchanged)
• Bonus variable rate - 5.39% p.a. (up 0.25% p.a. from 5.14% p.a.)
• Total variable rate - 5.40% p.a. (up 0.25% from 5.15% p.a.)

Bonus interest is paid when account holders meet bonus interest conditions.

Suncorp Bank

The Growth Saver account will see a 0.25% p.a. increase, taking its top rate to 5.35% p.a. from 8 October 2026.

This will be made up of a base rate of 0.10% p.a. (unchanged) and a 5.25% p.a. bonus rate (up from 5.00% p.a.) when bonus conditions are met.

The Kids Savings Account will also see a 0.25% p.a. increase, taking its top rate to 4.55% p.a., also effective 8 October 2026.

This will be made up of a base rate of 0.35% p.a. (unchanged) and a bonus rate of 4.20% p.a. (up from 3.95% p.a.) when bonus conditions are met.

Teachers Mutual Bank

Teachers Mutual Bank Limited will increase interest rates by 0.25% p.a. across its variable savings products, effective Thursday, 1 October 2026.

The increase will be applied across Teachers Mutual Bank Limited’s five retail brands - Teachers Mutual Bank, Australian Mutual Bank, Firefighters Mutual Bank, Health Professionals Bank and UniBank.

The Mutual Bank

The Mutual Bank increase rates by 0.25% p.a. on its Internet Saver, Bonus Saver and Mighty Mutual savings accounts from 1 November 2026.

Ubank

Ubank's Save account welcome bonus rate will increase to 6.10% p.a. (up 25 basis points from 5.85% p.a.) from 6 October 2026 when bonus conditions are met. 

Customers joining from 9 October will receive an introductory rate of 6.25% p.a. for the first four months when bonus conditions are met.

The ongoing Save Everyday Bonus Rate rate will also increase to 5.35% p.a. (up 25 basis points from 5.10% p.a.) on balances up to $1 million if bonus conditions are met. 

See also: Quick Guide to Ubank Savings Accounts

UniBank

UniBank Limited will increase interest rates by 0.25% p.a. across its variable savings products, effective Thursday, 1 October 2026.

Up

Up Saver will see its total rate lift to 5.60% p.a. (up 0.25% from 5.35% p.a.) from 8 October 2026 if bonus conditions are met.

The Flow rate will remain at 2.00% p.a. with the Grow rate increasing to 5.60% (total rate with bonus) on balances up to $250,000 when bonus conditions are met. The rate on balances over $250,000 remains at 2.00% p.a. Achieving the Flow rate also comes with conditions attached. If they are not met, the rate is 0.00%.

Up Essentials Saver will retain its current rate of 2.00% p.a.

Advertisement

Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Time period

1 year

Deposit amount

Update resultsUpdate

Compare

Filters

Bank	Savings Account	Base Interest Rate	Max Interest Rate	Total Interest Earned	Introductory Term	Minimum Amount	Maximum Amount	Linked Account Required	Minimum Monthly Deposit	Minimum Opening Deposit	Account Keeping Fee	ATM Access	Joint Application	Tags	Features	Link	Compare	Promoted Product	Disclosure
Revolut	Revolut Instant Access Savings Account ($0 - $50,000)	3.00% p.a.	6.25% p.a. Intro rate for 3 months then 3.00% p.a.	$769	3 months	$0	$49,999		$0	$0	$0				Intro rate for 3 months up to $50k, then 5.30% p.a. on paid Ultra plan up to $250k No deposit or withdrawal conditions. New to Revolut customers for a limited time. Open savings account within 1 month of joining. Total Interest Earned shown is for illustrative purposes and is based on monthly compounding. Actual Interest Earned will be higher from interest compounding daily instead of monthly.	Go to site	Compare	Promoted	Disclosure
Judo Bank	Judo Bank Personal Savings Account	0.05% p.a. Bonus rate of 5.55% Rate varies on savings amount.	5.60% p.a.	$1,149	–	$0	$249,999		$0	$0	$0				Government backed protection. $0 monthly account keeping fees. 100% Australian-based support.	Go to site	Compare	Promoted	Disclosure
Easy Street Financial Services	Easy Street Financial Services Flex Saver	5.30% p.a.	5.30% p.a.	$1,086	–	$0	$99,999,999		$0	$0	$0				No account keeping fees There’s no interest or fee penalties when you need to withdraw your money Keep track of your savings goals with alerts and our mobile app	Go to site	Compare	Promoted	Disclosure
ING	ING Savings Booster (balance up to $500k)	2.50% p.a. Bonus rate of 3.15% Rate varies on savings amount.	6.25% p.a. Intro rate for 4 months then 5.65% p.a.	$1,186	4 months	$0	$499,999		$0	$0	$0					Go to site	Compare		Disclosure
Rabobank	Rabobank High Interest Savings Account (<$250k)	4.00% p.a.	5.90% p.a. Intro rate for 4 months then 4.00% p.a.	$936	4 months	$0	$249,999		$0	$1	$0					Go to site	Compare		Disclosure