Aussies less satisfied with their bank accounts

A growing number of Aussies are becoming disillusioned with their banks, new figures have shown.

According to Roy Morgan Research, satisfaction levels with the nation's major financial institutions dipped by 0.4 per cent to 76.5 per cent in April.

This follows on from a 0.4 per cent decline in March, which suggests that more people are looking to compare bank accounts in order to get a more suitable package.

A lot of people were angry that the vast majority of the country's lenders increased the rates attached to their mortgages and personal loans during the month.

Norman Morris – industry communications director at Roy Morgan Research – said that smaller, less established banks can often provide excellent deals that sometimes fly under the radar.

It will be interesting to see the results for May, as most banks have introduced interest rate cuts. However, very few have actually passed on the Reserve Bank of Australia's 0.5 per cent rate cut in its entirety, which could affect the satisfaction index.

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