Australian banks passed interest rate hikes on to mortgage holders – so why haven’t they done so for savings accounts?
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
33 Comments
Cos wankers
/Thread
Because you can’t do shit about it.
Macquarie bank actually has. I was surprised how quick they did it.
Skip reading the article and just join one of the many banks that have… Ubank, Up, Macquarie and plenty of others are…
Because they actually have
https://www.google.com/amp/s/amp.9news.com.au/article/311ddc18-3726-47f5-a818-706b71b040e3
UBank did by 5pm the same day as the RBA announcement.
Because fuck you
Because “banks”.
My bank has, I got a text yesterday. BankSA (Westpac)
They’ll get there eventually, probably.
Westpac did
Ours passed it on pretty quickly (Macquarie), which was nice
Wait a second… You don’t think maybe… No, surely not… Banks want to make… Money??
Fuck-arses at Westpac told me within 24 hours my home loan rate increase would be applied in a weeks time. Meanwhile any rate reduction has historically taken 6+ weeks
Most major banks are cunts, and most people are dumb enough to keep giving them money even after the royal commission into how big a bunch of cunts they actually are.
You must be new here.
Westpac emailed me within 24hrs for my savings accounts.
Westpac did too. They emailed me the next day about it. I’m so happy that I left shitty NAB
🤔……..greed?
Remember when we had a royal commission into banks …. Then nothing happened
St George has
Westpac did it for me
Back when COVID was a thing and rates hit rock bottom, they were complaining bitterly about margins being squeezed because savings rates got close to mortgage rates.
Now they are trying to renormalise a profitable gap.
Coz they’re cnts
Slow to cut, quick to raise, that’s the Australian bank motto.
Also why do banks take like a month to pass on rate decreases but like 7-14 days for an increase
the main purpose of a bank, and the statutory duty of its directors, is to make as much profit for shareholders as possible.
Arbitrage
Same reason a bomb landing in the middle East affects the price of fuel at the pump, but an excess in oil needs to flow through the system for consumers to notice the relief.
They are trying to protect their net interest margin for as long as possible, Since nearly 60% of bank funding is reliant on saving deposits, increasing those rates would have a immediate impact to their cost of borrowing. They would rather wait and see how the more aggressive banks (that are trying to win customers) react before passing n a portion of the rate rise to savers.
I don’t know how ANZ is still in business
oh look, some mild complaining about the system..
They will. It’s just not announced.
Up bank is increasing their rate from Feb 11th