The frequency-dependent nature of hearing loss poses many challenges for hearing aid design. In order to compensate for a hearing aid user’s unique hearing loss pattern, an input signal often needs to be separated into frequency bands, or channels, through a process called sub-band decomposition. In this paper, we present a real-time filter bank for hearing aids. Our filter bank features 10 channels uniformly distributed on the logarithmic scale, located at the standard audiometric frequencies used for the characterization and fitting of hearing aids. We obtained filters with very narrow passbands in the lower frequencies by employing multi-rate signal processing. Our filter bank offers a 9.1× reduction in complexity as compared to conventional signal processing. We implemented our filter bank on Open Speech Platform, an open-source hearing aid, and confirmed real-time operation.