AI agents challenge CBA and the other banks in a fight for $300 billion sitting in Australian bank accounts

The Reserve Bank of Australia’s move to raise the cash rate to 4.6 per cent will push major banks to pay depositors more by lifting bonus or base rates on savings accounts, but not on daily transaction accounts that pay no interest.

The big four banks hold over $300 billion of deposits in these non-interest-bearing transaction accounts. Commonwealth Bank accounts for $120 billion of that total. However, savings in these accounts could become the next target of artificial intelligence agents as consumers increasingly use the technology to find accounts offering better returns.

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