Here are the changes the main banks have made to retail interest rates on Thursday, May 28, 2026

Here are the changes the main banks have made to retail interest rates on Thursday, May 28, 2026, so far.

For home loans:

There have been no changes to the top fifteen banks we follow.

For savings accounts:

There are no changes today for these either.

For term deposit accounts:

ANZ has added +5 bps to its 18 month term deposit, taking its new offer rate to 5.30% for deposits less than $2 mln. This matches their one year offer. (For reference, Macbank offers 5.35% for one year, but only for deposits to $1 mln.)

And ANZ has upped its two year TD rate by +25 bps to 5.25%, again only to $2 mln, and this new rate matches Commbank for this term.

Meanwhile Westpac has launched a new "special offer" after its two year one expired. The new offer is for an eight month term at 5.10%. This is higher than any other bank for an eight month TD. It is 'on-line only' so engaging bank staff is not an option

Saving investors should engage bank staff if you can. Many front line staff have a small amount of discretion to offer a premium above carded rates to either retain a customer who may be at risk of leaving, or to attract a new customer. "Welcome" rates are common for savings accounts and are well signaled. But for term deposits, it pays to ask. What is the worst that can happen? Banks are defensive about the challenge from Macquarie - you should use this to your advantage.