The Reserve Bank lifted the cash rate 0.25 to 4.60% on 29 September 2026, its fourth rise this year. The Board pointed to higher energy prices and inflation running above its forecasts, and said further rises remain possible (statement).
4.35%Who has moved so far
Banks set their own savings rates, on their own timetable. We read every bank's rates from its Open Banking feed each night, and this list updates with them.
Updated every morning from the banks’ Open Banking feeds.
Macquarie raises its Savings Account from 15 October, but not evenly: up 0.25 to 5.25% on the first $250,000, up 0.05 to 5.05% from $250,000 to $2 million, and up 1.85 to 4.60% above that. Its welcome rate closed to new accounts on 14 September. (Macquarie)
ubank raises its Everyday Bonus Rate 0.25 to 5.35% from 6 October, on up to $1 million, in any month the combined balance grows by at least $1. That's from ubank's email to customers; its website still showed 5.10% on 29 September.
How long the rest took last time
After the May rise, the big four moved within 10 days, the typical bank within two weeks, and 52 banks within six weeks.
- Day 7ubank1
- Day 9CommBankWestpacANZING+9 more20
- Day 10NAB+1 more22
- Day 16MacquarieUp+2 more33
- Day 30BOQ+1 more51
- Day 37AMP52
Days after 5 May 2026 until a bank’s new savings rate first showed in its feed. 52 banks moved within six weeks.
What a rise doesn't change
- Bonus conditions. In a month the conditions aren't met, most bonus accounts pay only their base rate, often under 1%.
- Intro rates. A bank can raise its ongoing rate and leave its intro rate where it is, or close the offer.
- Term deposits already open. Their rate is fixed until they mature.
- Fixed-rate home loans. Variable rates usually rise within a few weeks; fixed rates hold until the term ends.
Checked 29 September 2026. Macquarie's rates are from its website and ubank's from its email to customers. The May figures are from our nightly readings of each bank's Open Banking feed.
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