Major banks Westpac and NAB were the first to move rates up in-line with the RBA's cash rate increase of 25 basis points.
The cash rate is now 3.10%, the highest since October 2012.
Both the major banks moved within three hours - longer than NAB's November announcement, which took 90 minutes.
Westpac
For deposits, Westpac Life customers will see their variable rate increase by 25 basis points up to 3.75% p.a. effective 16 December.
For under-30s, the rate is up to 4.35% p.a. which represents an increase of 35 basis points, also effective 16 December.
Bonus criteria conditions apply to attain the maximum interest rates.
For variable-rate home loan customers, from 20 December their home loan rate will increase by 25 basis points.
"We know our customers are paying extra attention to their household budget in the lead-up to Christmas and looking at ways to manage their money into the New Year in the changing economic environment,” said Chris de Bruin, Westpac consumer and business banking chief executive.
NAB
Once again, NAB declined to make any concrete announcements for deposit holders directly after the RBA announcement.
However, for variable-rate mortgage holders, rates will increase by 25 basis points effective 16 December.
"It's important for anyone finding the increasing interest rates a challenge to lean on their bank for support," said Rachel Slade, NAB group executive for personal banking.
"When a customer gets in touch with NAB Assist at the early stages of their concerns about their finances, we're able to get more than 90% back on their feet within 90 days.”
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