Here are the changes the main banks have made to retail interest rates on Wednesday, May 20, 2026

Here are the changes the main banks have made to retail interest rates on Wednesday, May 20, 2026, so far.

For home loans:

Qudos Bank has pushed through its +25 bps hike to all its variable rate mortgages. Bank Australia has done the same. Neither changed any fixed rates today.

For savings accounts:

Qudos Bank has added +25 bps to its Qantas Points saver, making the new rate 4.25% for all balances. It has also added +25 bps to its Bonus Saver, except for the $100,000 to $2 mln tier (which seems odd to us). And the  have added +25 bps to their Q-saver account rate, except for balances over $2 mln.

Bank Australia has added +25 bps to all its savings accounts (without the exceptions Qudos has).

For term deposits:

Today, banking giant Commbank has updated its 'special' by adding +5 bps to the prior effort, taking its one year rate to 5.25%. (It's standard rate is up +5 bps too to 4.75%.)

And Commbank has also added +10 bps to its one month and 2 month TD rates, but these remain very low, well under 2%.

Qudos Bank raised its three month TD rate by +20 bps to 5.00%, and its six month TD rate by +56 bps to 5.20%.

Don't forget AMP, Great Southern, and ING all have higher one year TD rates. See our tables