The Mutual Bank will make changes to its deposit and lending interest rates following the Reserve Bank of Australia’s decision on 5 May 2026 to increase the official cash rate by 0.25% to 4.35%.
Importantly for savers, The Mutual Bank will increase the base interest rate on its Internet Saver account by 0.50%, effective 20 May 2026.
“The Mutual Bank’s interest rates remain under regular review, to ensure we remain both competitive and sustainable,” said Chief Member Officer, Matthew Dunnill.
“We seek to balance the needs of both our depositor Members and borrower Members, by delivering consistently competitive rates across our range of products,” he said.
Deposit changes
Internet Saver
The base interest rate on The Mutual Bank’s Internet Saver will increase by 0.50%, effective 20 May 2026.
Other deposit products
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Interest rates on most deposit accounts will increase by 0.25%, effective 20 May 2026
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Trust Accounts, Mighty Mutual and Bonus Saver rate changes will be effective 1 June 2026.
Home Loan and business lending changes
Advertised rates
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Fixed rate Home Loans and Business & Commercial Loans: effective 12 May 2026.
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Variable rate Home Loans and Business & Commercial Loans: effective 20 May 2026.
For existing borrowers
Variable Home Loan interest rates – including Owner Occupied, Investment, Business, and Commercial loans (for P&I and Interest only) will increase by 0.25% p.a. from 20 May 2026.
Members will receive written notification outlining their new repayments.
Matthew encourages Members affected by the rising cost of living to discuss their loan with our friendly team.
“Please reach out to your Lending Manager, visit a branch or phone our Hunter-based Contact Centre Team on 1300 688 825,” he said.
“Based on your circumstances, our team can assess your eligibility for a range of support options that may be available to you, such as loan deferrals, interest-only periods, or other appropriate relief.”
You can see the full list of our current interest rates across our product range here.
